In recent years, Tianjin took great lengths to enhance modern service industry. Services for production and services for people were equally treated. City functions were strengthened on a daily basis.

In the “12th Five-Year Plan” period, Tianjin insisted on the importance of structural adjustment as the key to restructuring. Service sector has become an important force for steady growth. Tianjin Bureau of Statistics data shows that in 2014, the service sector accounted for 49.3 percent of the city’s GDP, 4.3 percent ahead of the industrial sector, contributing 46.1 percent of the total economic growth. In the first three quarters of 2015, value added services grew by 9.7 percent, 0.4 percent ahead of the industrial sector, accounting for 51.8 percent of the city’s GDP. In the “12th Five-Year Plan” period, the service sector accounted for more than 50 percent of the city’s GDP, meeting the objectives of the “12th Five-Year Plan”.

In 2015, for the first time, service industry accounted for more than 50% of the GDP, ahead of the secondary industry, forming a “3-2-1” industrial structure. Technology services, financing and leasing mushroomed and characterized Tianjin’s growth. 143,200 new enterprises in the service sector were registered, among which 124,800, or 87.1 percent, were in the service sector. Workers in the service industry accounted for 57% of the total workforce, 3.6 percent more than that of 2014. Tax revenue from the service industry achieved.

103.928 billion yuan, or 65.9 percent of overall revenue, becoming the major source of Tianjin’s income.

In the “13th Five-Year Plan” period, Tianjin will continue to accelerate the pace of financial innovation, build a financial service system that fits Tianjin’s position in the nation. Tianjin will accelerate the building of a financing and leasing center, center for financial factor markets, equity fund management center, and financial settlement center. Tianjin will encourage private financial institutions, foster Internet finance, international RMB settlement, insurance and offshore finance. Tianjin will also accelerate the construction of the financial district called Yujiapu.

Tianjin has also been actively promoting the use of e-business to help transforming trades, speeding up the construction of national international e-commerce model city pilot area, introducing well-known e-commerce businesses, encouraging the use of Internet for entrepreneurship, and creating a number of local brands. Tianjin encourages traditional industries to use e-commerce or Internet to help with its transformation. Developments of online payment system, security authentication, express delivery and logistics were accelerated. Tianjin strived to develop international e-commerce and lure more trades. Tianjin enhanced its transfer function in international trades and built a national demonstration area for imports. We’ll also enhance the flow of commercial distribution as another of the city’s functions and develop commodity trading markets and regional commodity trading.