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China's service sector has been contributing more to the country's economic growth, as the country taps the service sector's huge growth potential.

China’s constant pursuit of opening-up, quality and sustainability serves as a vote of confidence for Volvo Cars to deepen its presence in China, according to a senior company executive. The China International Import Expo is an exemplary event for globalization and creating a sound business environment for foreign enterprises, said Michel Zhao, vice president of corporate communications at Volvo Cars Asia Pacific. Globalization goes hand-in-hand with deepened localization. Thanks to its deep roots in China, the company is flexible in resource integration and coordination and is poised to deal with changes caused by external environment and market demand, Zhao said on the sidelines of the second CIIE, which ends on Sunday.“The Volvo S90 from China’s Daqing plant supplied across the globe, as well as the Volvo XC60 from the Chengdu plant serving European, South American and Asian markets, are the best examples of how localization serves global strategies,” she said, adding the Belt and Road Initiative lends the company extra momentum for growth. China’s constant pursuit of quality also redefines “luxury offering”. During the CIIE, the company showcased three new imported vehicle models featuring integrated air purification and filtration technologies, which have become a major draw for spectators. “A premium car is more than having a ‘glittering’ appearance. Instead, we aim to provide passengers with secure and healthy driving experiences and in-car environments,” she said.The carmaker’s commitment to going green resonates with the nation’s sustainability pledge. It is targeting a 40 percent reduction in the carbon footprint of each car it manufactures by 2025, as it bids to become fully climate-neutral by 2040.Zhao pointed out China has a key role to play toward that goal, exemplified by the launch of a dedicated lab in Shanghai for its global battery-related research, the only one outside of its headquarters in Sweden. “The business environment is constantly improving in China and in Shanghai,” Zhao said. “Cutting red tape, a digital one-stop solution for all administrative processes and tax cuts are just some of the things promising us a better future here.”

China's three major telecom operators are scheduled to officially launch their 5G data package plans on Thursday, which is expected to give a big push to 5G smartphones. China Mobile, China Unicom and China Telecom have already pushed 5G preregistration with plentiful discounts and free 5G data allowance and managed to attract interest from more than 10 million subscribers.

China's top banking and insurance regulator issued draft rules on commercial banks' online lending business in May. The regulator affirmed the cooperation between banks and third-party institutions on offering online lending services to small businesses and gave specific instructions on how to promote sound development of this business model. Now that the policy is clear, banks and third-party institutions will make long-term arrangements accordingly, Bai said.

Chinese President Xi Jinping (R) holds talks with Chilean President Michelle Bachelet at the Great Hall of the People in Beijing, capital of China, May 13, 2017.[Photo/Xinhua]