Share of services hits record high in China 2016 GDP

BEIJING - China's service sector accounted for 51.6 percent of GDP in 2016, up 1.4 percentage points year-on-year, National Bureau of Statistics (NBS) data showed Friday.

The service sector ratio exceeded 50 percent for the first time in 2015. Value added in the service sector increased 7.8 percent year-on-year to 38.4 trillion yuan ($5.6 trillion), while growth was 3.3 percent for the primary sector and 6.1 percent for the secondary sector.

Investment in the service sector increased 10.9 percent year-on-year in 2016 to 34.6 trillion yuan.

China's economy grew 6.7 percent year-on-year in 2016, the slowest pace of growth in 26 years, but well within the government's target range of 6.5 to 7 percent. Growth in the fourth quarter came in at 6.8 percent, accelerating from 6.7 percent in the third quarter.