BUSINESS China's service exports see surging growth in Jan-Nov

BUSINESS

China's service exports see surging growth in Jan-Nov

CGTN

02:52, December 28, 2018

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(Photo: CGTN)

China's service exports accounted for a historic high of 33.3 percent of the total service trade from January to November, data from the Ministry of Commerce (MOFCOM) showed on Thursday.

For the first 11 months, the country's service trade climbed 11.5 percent year-on-year to 4.74 trillion yuan (about 690.7 billion U.S. dollars).

In breakdown, service exports grew 14.7 percent year-on-year to 1.58 trillion yuan, while service imports reached 3.16 trillion yuan, increasing 10 percent from a year earlier, the MOFCOM said.

The rapid growth of service imports and exports reflected the robust momentum of China's service trade and the rising influence of "Chinese service" as a national brand also boosted the growth of service exports, said Gao Feng, a spokesperson for MOFCOM, during a press conference.

China saw balanced development of imports and exports of knowledge-intensive services in the January-November period, with fast trade growth in sectors including telecommunication, computing and information service, technology service, and personal entertainment service, the ministry said.

High-end service trade related to intellectual property was another bright spot in Thursday's data.

In the past 11 months, the imports and exports of intellectual property royalties reached 246.5 billion yuan, with an increase of 20.9 percent.

Gao said the rapid increase of service trade related to intellectual property showed China's rising demand for high-end production service and the improvement of the country's technological innovation.

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