Affected by the epidemic, the development of catering and tourism industries has slowed down. However, Hunan Province has promptly launched measures to help the service industry tide over difficulties. According to the latest data released by the Hunan Provincial Bureau of Statistics, these measures have delivered solid results. From January to May, service enterprises above designated size in Hunan Province have registered stable performance with good momentum for growth. A total of 7,293 enterprises in the sector generated an operating income of more than 220 billion yuan, a year-on-year increase of 9.6%. The growth rate was faster than that of the January-April period.

The service industry maintained a sounder growth in the first five months under the support of stimulus policies. The revenue growth rate of the software and information technology service industry, multimodal transportation and freight agent industry, technology promotion and application service industry has exceeded 30%. There is still a revenue decline in highway transportation and radio, TV, movie, and recording production industry, but the decline rate is smaller than that in the previous four months. Residential services, repair services, hygiene, sports, and entertainment have continued to maintain a good momentum of development.

In the first five months, an increasing number of money-losing businesses in the services sector turned into profitable ones. Service enterprises above designated size generated a total profit of more than 16 billion yuan, and 27 sectors achieved profitability. Profitability in both sectors and enterprises continued to improve.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Xiao Juan

Chinese source: hunan.gov.cn