In the first half of the year, Jiangsu's service sector maintained a steady recovery trend while gaining new development momentum.

Preliminary calculations show that the added value of the service sector during the period amounted to over 3.21 trillion yuan, a year-on-year increase of 6.3%. The sector's contribution to Jiangsu's GDP expansion reached 50.8%.

In the January-May period, the combined business revenue of service enterprises above the designated size increased by 9.9% year-on-year. Notably, all 13 cities that have subordinate districts reported positive growth in service sector.

In the first six months, the province's financial industry kept stable and healthy operations. By the end of June, the balance of deposits and loans in both RMB and foreign currencies at financial institutions jumped by 14.3% year-on-year. The stock trading volume went up by 8.8% compared to the same period last year.

Jiangsu has also made progress in fostering innovation-driven growth and upgrading. The added value of the information transmission, software and IT services expanded by 12.2%, 1.6 percentage points higher than the same period last year.

Tourists visit the China Grand Canal Museum in Yangzhou City, Jiangsu Province, July 5, 2023. (CFP Photo)

In the first five months, the business income of Internet and related service companies above designated size in the province increased by 16.6% year-on-year. Meanwhile, the added value of tourism and entertainment services soared by 122%, while cultural services and sports services also increased by 27.7% and 34.6%, respectively.

Among the service sector's development highlights, Suzhou emerged as a new leading city in coffee consumption in China's second-tier cities, receiving 90,000 tonnes of coffee from April 2022 to April 2023, 20,000 tonnes more than the second place, according to a ranking of Full Truck Alliance, one of China's leading digital freight platforms. The city has become home to roasting bases for some well-known brands. In addition, in response to the needs of local communities, Suzhou's coffee culture often combines elements of Kunqu opera, bookstores and flower stores. Data shows the city has more than 1,600 cafés with more than 10,000 people employed in the sector.

Tourists are seen at a beach in the sunrise in Lianyungang City, Jiangsu Province, July 10, 2023. (CFP Photo)

Jiangsu's tourism market made a strong recovery in the summer season amid various programs designed to attract students or offer night-time tours and water experiences. In the first half of the year, Jiangsu received a total of 478 million domestic and foreign tourists, generating a total tourism revenue of 610 billion yuan.

In promoting the deep integration of culture, tourism and various business formats, Professor Gu Jiang from Nanjing University Business School called for efforts to optimize products and services, such as improving the convenience of public transportation, the coverage of 5G network, and the quality of public facilities.