The Situations and Considerations on the Development of the Service Economy in China

Abstract: The service economy is an essential part of the national economy, thus the acceleration of the development of the service economy has become a hot topic in the field of economic research and a consensus all over the world. Since the adoption of reform and opening policies, China's service economy has entered a new era of rapid development, especially in recent years. Notwithstanding, there are several domestic scholars considering that China’s service economy not only lag behind the developed countries but also many developing countries. Through the comparison of several developed countries and developing countries, this paper analyses the real level of the development of China’s service economy. This paper finds out that China’s service economy is not simply backward and slow, which means that the promotion of service economy should not simply focus on the development of the quantity but the acceleration of the optimization and upgrading of the structure, which is called the improvement of the quality. We should pay more attention to the structural adjustment of the service economy, especially in the context of the global financial crisis which blocks the development of China’s service economy. Place undu