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“服务业开放”系列之一:服务业开放:新蓝海、新征程
Shenwan Hongyuan Securities·2025-08-28 11:14

Group 1: Importance of Service Industry Opening - The service industry is expected to play a crucial role in economic development, with its share of GDP typically increasing as economies grow[1] - In major economies, such as France and South Korea, service sector share increased by 17.8 and 8.4 percentage points respectively when per capita GDP rose from $10,000 to $30,000[1] - Service consumption is projected to rise by approximately 0.6 percentage points annually when per capita GDP is between $10,000 and $30,000 and urbanization reaches 70%[1] Group 2: Current State of China's Service Industry - From 2017 to 2024, the growth rate of China's service industry has slowed, with the share of GDP increasing at a reduced pace[2] - The service consumption share of residents is expected to exceed 2019 levels only by 2024, with a gap of 1,923 yuan in per capita service consumption compared to pre-pandemic trends[2] - In 2024, the service trade's share of GDP is projected to remain below the 2014 level[2] Group 3: Phases of Service Industry Opening in China - China's service industry opening has gone through three phases: exploration (2001-2012), innovation (2013-2020), and deepening (2021-present)[3] - During the exploration phase, foreign direct investment (FDI) in the service sector increased significantly, with real estate, wholesale, and rental services seeing increases of 190 billion yuan, 82.9 billion yuan, and 82.1 billion yuan respectively[3] - The innovation phase saw the establishment of free trade zones and the introduction of negative lists for foreign investment, enhancing market access[3] Group 4: Future Focus Areas for Service Industry Opening - Future service industry opening in China is likely to concentrate on telecommunications, healthcare, and finance sectors[4] - The government aims to align with international high-standard trade rules, potentially referencing the CPTPP service opening rules[4] - The OECD Service Trade Restrictiveness Index indicates low openness in accounting, culture, and telecommunications sectors, highlighting areas for improvement[5]