Huang Qifan: The productive service industry is the soil for cultivating new productive forces.

The 8th West Lake Conference with the theme of "Building a Strong Capital Engine, Empowering New Productivity" was held in Hangzhou on May 21st. Huang Qifan, the academic advisor of China Finance 40 Forum and former mayor of Chongqing, said in his keynote speech that productive services are the soil and ecological environment for nurturing new productivity, and are also an important support for the progress of industrial manufacturing technology. Productive services are an important sector for GDP growth, as well as the foundation for unicorn companies and high value-added industries. Currently, productive services account for about 27% of China's GDP, half of the amount of lifestyle services. With economic structural adjustments, productive services are expected to further increase their share. In the future, productive services will see a trend of clustered development, combined with manufacturing clusters, and will form economies of scale and synergistic innovation.