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Economy, Services

beverage catering, Pizza Hut, economic reform, Big cities, notary

China's service sector includes commerce, food and beverage catering, retail trade, banking and financial services, insurance, real estate, security, cultural and health services, and legal services.

Before economic reform, China’s service sector was largely underdeveloped, and some services were even nonexistent. However, economic and social development in the 1980s and 1990s created a huge demand for services. Retail trade used to be conducted only in state-owned shops, but today privately owned shops and vendors' stalls line streets in cities and towns. Big cities have huge department stores and shopping centers. Foreign investors also are entering China's retail trade, and Western fast-food companies such as McDonald’s, Pizza Hut, and Kentucky Fried Chicken now have many restaurants in China.

The demand for banking, insurance, legal, notary, and accounting services has grown with the success of the economic reforms. The government used to assume full responsibility for paying pensions after employees' retirement. Now financial institutions and insurance companies are stepping in to provide financial management.

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beverage catering, Pizza Hut, economic reform, Big cities, notary, pensions, banking, legal services, retail trade, accounting services, social development, insurance companies, Kentucky, financial management, Chicken, shopping centers, towns, financial institutions, Foreign investors, restaurants, financial services, health services, food, responsibility, success, services


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