The Ministry of Commerce on November 28 released a five-year development plan for the country's service trade sector.

As part of the plan, the government pledged greater efforts to propel 30 service sectors, including tourism, air transportation, insurance, banking, securities and information services. Policymakers also vowed to hand out generous policy incentives, such as favorable taxes and financial assistance.

The goal is to help service trade grow at least 11 percent annually to reach $600 billion in 2015.

China's service trade totaled $362.4 billion in 2010, jumping 89 percent from $191.7 billion in 2006, and making the country the world's fourth largest service trader. But China still reported a $21.93-billion service trade deficit last year, shrinking 25.7 percent from 2009.

"While China boasts strong traditional service businesses like tourism and transport, it remains less competitive in capital-intensive and knowledge-based sectors like finance," said Li Fangting, an analyst with the Shenzhen-based research firm CIConsulting.

In 2010, services accounted for only 9.7 percent of China's overall trade volume, less than half of the global average level of 21 percent.

Zhang Jianping, a researcher at the Academy of Macroeconomic Research under the National Development and Reform Commission, said the support measures will inject fresh steam into the service businesses, and accelerate the economic rebalancing toward more sustainable growth.