2011-02-14 22:33

GUANGZHOU - World business leaders gathering in South China Monday vowed to promote the service sector among the APEC (Asia-Pacific Economic Cooperation) members.

Business leaders at the Asia Pacific Service Sector Conference in Guangzhou, capital of Guangdong province, called for closer communication, better cooperation in logistics, finance, e-commerce, sharing of technologies and talent training.

"We hope these actions can speed up the service sector's growth in the Asia-Pacific region, narrowing regional gaps and promoting shared economic growth," said the Guangzhou Statement released during the conference, at the start of a five-day APEC Business Advisory Council (ABAC) meeting.

Asian-Pacific countries and regions are striving to boost the development of a service sector that is inclusive, clean and environment-friendly, and knowledge and labor intensive.

Business leaders offered advice on developing services across the Asia-Pacific region based on their own experiences.

Mark Johnson, chairman of Australia Financial Center Forum, urged Asia-Pacific countries and regions to build better financial industries.

He said Australia's success in the service market was partly the result of a mature financial system that "really caters to the market demand."

Vincent Lo, chairman of Hong Kong-based Shui On Group, a building materials and construction firm, said governments are vital to the sector's future.

"The Hong Kong government provides proper supervision, a just and fair legal system and an optimized market system. As a result, the service sector has attracted investors worldwide," said Lo.

The sector had become "a key driver of economic recovery worldwide," said Yu Ping, vice chairman of China Council for the Promotion of International Trade (CCPIT).

In China, the service sector had great potential as it only accounted for 41 percent of GDP compared with 70 percent of the global GDP, Jiang said.

"The Chinese market will have the most robust growth of demand in the foreseeable future. It is providing a most desirable environment for the growth of the service sector," said Zhang Yansheng, head of the Research Institute of Foreign Economic Relations with the National Development and Reform Commission.

ABAC, chaired by Deb Henretta, group president of Asia Procter & Gamble, is an entity of business people that gives advice to APEC leaders. Henretta called the meeting the "voice of the private sector" and said it would focus on talent and creativity.