This article points out that although the growth of the service industry was a highlight of last year's economy, there is still a certain gap compared to the growth level before the epidemic. Therefore, the service industry is the main industry that truly hinders China's economy from returning to the normal pre-epidemic growth level. Firstly, the service industry has a wide range and can flexibly adapt to economic fluctuations, especially when the market uncertainty increases. Its diversity can help resist economic risks and smooth economic fluctuations, thereby providing stability for economic expectations. Secondly, the expansion of the service industry usually brings more employment opportunities, higher income, and higher prices, which in turn will prevent deflation, increase consumer demand, and form a positive economic growth cycle. Finally, productive service industry can create higher value compared to product manufacturing and raw material processing.
This article proposes three suggestions for optimizing industrial policies and revitalizing the service industry.
1. Correct historical discrimination in the service industry, and revitalize the service industry to promote youth employment, stabilize growth, and enhance social creativity.
2. Accelerate the digital transformation of the service industry, and address concerns about growth efficiency and security issues in the service industry.
3. Improve the environment and scenarios for the development of the service industry.
