Isaac Scientific Publishing
Journal of Advances in Economics and Finance
JAEF > Volume 1, Number 1, November 2016

International Comparisons of the Service Industry— What Can China Learn from Other Countries?

Download PDF  (903.3 KB)PP. 53-71,  Pub. Date:December 23, 2016
DOI: 10.22606/jaef.2016.11005

Author(s)
Yueyun(Bill) Chen
Affiliation(s)
Department of Business Administration, University of the West, Los Angeles, USA
Abstract
This paper focuses on analyses of the service industry in different countries over the years. Through this comprehensive study and international comparisons, developing countries like China can learn from others and better develop its service industry. When an economy advances, its service industry will be increasingly important in terms of shares of GDPs and employment. But fast-shrinking of the manufacturing industry and rapid expansion of the service industry may cause serious problems such as being weightless, lowering productivity and suffering from the mid-income trap. To sustain its economic growth, China needs to better expand and develop its service industry, particularly improve and develop social, professional and manufacturing/production services and improve and increase its service export.
Keywords
Service industry, economic structure, economic development, China’s economy
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