The State Council has recently issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." The document sets a target for the total scale of the service industry to exceed 100 trillion yuan by 2030. It aims to cultivate more "China Service" brands, significantly enhance the global competitiveness and influence of the sector, and continuously improve public satisfaction.
According to data from the National Bureau of Statistics, in 2025, the value-added of China's service industry (tertiary industry) reached 80.8879 trillion yuan (approximately 80.9 trillion yuan), a year-on-year increase of 5.4%. It accounted for 57.7% of GDP and contributed 61.4% to economic growth. Over the five-year period from 80 trillion to 100 trillion yuan, the calculated average annual compound growth rate is only 4.33%, indicating the target is highly achievable. This suggests that while the overall scale target may not be particularly striking, the focus should shift to structural improvements within the sector.
The document outlines 20 measures. The most substantial point is the third one: accelerating the innovative development of software and information services. This is explicitly stated as an area for "accelerated development." The wording for the other 19 measures is generally more qualitative, using terms like strengthen, increase, enhance, actively promote, and build up. Only "accelerate" conveys the clearest and strongest directive.
Which areas are targeted for "accelerated development"? 1) Software, including AI integration, AI programming, large models, intelligent agents, industrial software, and basic software. 2) Information transmission, covering 5G, 5G-Advanced, 6G, mobile Internet of Things, and satellite internet. 3) Data and information technology, encompassing industrial internet, data as a factor of production, data labeling, data rights confirmation, computing power, and intelligent computing cloud.
The push for accelerated development in these areas aligns directly with the national strategy of全力发展科技 (developing technology with full effort) and cultivating new quality productive forces. Current policy signals clearly indicate a strong focus on technological advancement. This is both a historical opportunity for China presented by the new global technological revolution, led by AI, and an inevitable choice for China's ongoing economic transformation and upgrading.
As the nation全力发展科技 (develops technology with full effort), the capital markets must serve technological development. A primary role is to provide funding for tech companies, meaning facilitating conditions for IPOs and refinancing. In this context, a "tech bull market" is needed to support the growth of technology firms. From a regulatory perspective, a "tech bull market" is unlikely to be allowed to conclude before major technology giants complete their IPO fundraising processes. Therefore, the outlook for a sustained "tech bull market" remains positive.