Qingdao's service sector started off well in the first quarter of this year, with its added value reaching 200.99 billion yuan ($31.26 billion), up 17.4 percent over the previous year and accounting for 66.2 percent of the city's GDP, according to official data.

The coastal city of Qingdao boasts a vibrant economy. [Photo provided to chinadaily.com.cn]

From January to February this year, the operating income of service enterprises above designated size in the city reached 44.05 billion yuan, up 48.4 percent year-on-year.

Emerging industries have injected new impetus into the development of the city's service sector. In the first two months of the year, the operating income of enterprises in high-tech services, strategic emerging services and science and technology services above designated size in Qingdao increased by 31.3 percent, 30.2 percent and 32.4 percent year-on-year respectively.

Due to favorable policies such as tax and fee cuts, business performance continued to improve in Qingdao. The total profit of service enterprises above designated size in the city reached 1.57 billion yuan, up 112 percent year-on-year over the January-February period.

According to the Qingdao municipal bureau of statistics, the city's service industry is expected to continue to maintain a stable and sound momentum and provide a more powerful engine for sustainable development of the economy.