The provincial government of Jiangsu held a press conference on November 11 to shed light on the development planning of the modern service industry during the 14th Five-Year Plan period (2021-2025).

Gao Qing, deputy director of the provincial Development and Reform Commission, said added value of service industry reached over 5.39 trillion yuan in 2020, accounting for 9.7% of the country’s GDP, second highest in the country. It is estimated to hit 7 trillion yuan by 2025, and 53% of the total tax revenue will come from the service industry.

Jiangsu plans to incubate 300 leading enterprises and 300 industry clusters in the modern service industry and also support 100 exemplary firms in terms of promoting the sector’s integrated growth with modern manufacturing industry.

The province’s guideline of modern service industry highlights seven fields including the S&T service and the software and IT service. It also makes clear to support seven high-growth sectors such as healthcare, elderly care, education and training. Jiangsu also aims to make a breakthrough in five service fields including Big Data and industrial Internet application.

Jiangsu’s goals also include forming world-class industrial S&T innovation centers, improving the software and IT service industry to be in the nation’s top tier, building Nanjing, Suzhou, Xuzhou and Wuxi into international consumption hubs, and becoming a domestic tourism powerhouse.

In the elderly care sector, the province will promote the integration of medical treatment and healthcare, encourage cities to experiment with programs of “household senior care beds” and "time bank," which makes every hour people spend advancing public welfare exchangeable for services for seniors, and support property management to play a more important role in helping the aged.

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