BUSINESS China's service trade hits record high in January-October


China's service trade hits record high in January-October


21:33, December 04, 2018

BEIJING, Dec. 4 (Xinhua) -- China's service trade hit a historic high in the first ten months of this year with optimized structure and stable progress, said the Ministry of Commerce (MOC) Tuesday.


File photo: VCG

The country's service trade grew 11.1 percent year on year to stand over 4.3 trillion yuan (nearly 624 billion U.S. dollars) from January to October, MOC data showed.

Service exports increased 14.3 percent to 1.42 trillion yuan, while imports gained 9.6 percent to 2.88 trillion yuan, resulting in a deficit of over 1.4 trillion yuan.

The rapid growth of emerging services has pushed the high-quality development of the service trade, the MOC said.

Trade of emerging services rose 20.4 percent year on year in the Jan.-Oct. period, 9.3 percentage points higher than the overall growth rate.

However, the traditional service sector, including tourism, transportation and construction industries, takes up 64 percent of the whole trade volume, still remaining a large part of the industry.

In terms of service imports, China's demand for high-value-added service continues to grow as supply-side structural reform advances and the manufacturing industry upgrades.

China has paid 194.86 billion yuan for imported intellectual property in the first ten months this year, up 22.5 percent.

Trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing, and accounting.

China has taken steps to improve the development of trade in services, including gradually opening up the finance, education, culture, and medical treatment sectors.

In Oct. this year, the Shanghai Pilot Free Trade Zone issued the country's first negative list in the service trade field.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue