A night view of Wenzhou in East China's Zhejiang province. [Photo by Lin Richu/WeChat account: wenzhoufabu]
Wenzhou in East China's Zhejiang province recently released a development plan for the local service industry in the 14th Five-Year Plan (2021-25) period.
The city is expected to see the added value of its service sector surpass 555 billion yuan ($87.47 billion) by 2025, accounting for around 55.5 percent of its GDP.
To achieve this, Wenzhou will spare no effort to develop three key industries – modern trade, logistics, and finance. The plan states that by 2025, Wenzhou should see the total retail sales of consumer goods reach 500 billion yuan and the added value of logistics and financial industries reach 80 billion yuan respectively.
Wenzhou will also cultivate and strengthen five emerging industries – science and technology services, information services, commercial exhibitions, creative design, and digital trade. It will strive to help the science and technology service industry realize added value of 10 billion yuan and cultivate 50 related service agencies by 2025, help the software and information service industry achieve 15-percent year-on-year growth in added value to 12 billion yuan, and help online retail sales and cross-border e-commerce exports reach values of 298 billion yuan and 34 billion yuan, respectively.
Culture and tourism and healthcare services, two industries that are closely related to the emotional wellbeing of local residents, will also be enhanced during the 14th Five-Year Plan (2021-25) period.
The plan states that by 2025, Wenzhou will see the added value of the cultural tourism industry exceed 160 billion yuan, along with the establishment of more than 10 key provincial cultural industrial parks or cultural creative blocks and two national and three provincial tourism resorts.
The health industry will also be improved with a more complete system that boasts not only an industrial added value of 55 billion yuan but also an annual business revenue of 90 billion yuan.
A bird's-eye view of Wenzhou in East China's Zhejiang province. [Photo by Zhang Pinjin/WeChat account: wenzhoufabu]
