Journal of Advances in Economics and Finance
Volume 1, Number 1, November 2016
International Comparisons of the Service Industry— What Can China Learn from Other Countries?
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53-71, Pub. Date:December 23, 2016
Department of Business Administration, University of the West, Los Angeles, USA
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.
Service industry, economic structure, economic development, China’s economy
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