China's service sector import to hit $2.5t in 5 years

10:35, November 06, 2020

• 

  Services sector recovery gains speed

  Food deliverymen wait for orders on a street in Shanghai. (Photo: China Daily)New orders accelerate in October on back of strong domestic demandThe recovery in Chinas services sector activity continued for a sixth straight month in October, thanks to the countrys effective containment of the COVID-19 epidemic and supportive policies to help the countrys smaller companies, a private survey showed on Wednesday.Driven by stronger domestic demand, Chinas services sector continued to recover with the Caixin China General Services Purchasing Managers Index, which gauges business activities of the sector and surveys mostly smaller business, rising to 56.8 in October from 54.8 in September.The reading was above market expectation of 55 and showed the services sector stayed in expansionary territory for six consecutive months. The index was also in line with the uptick in the official services PMI released by the National Bureau of Statistics over the weekend which rose to 55.5 in October from 55.2 in September."The rise in the Caixin services PMI points to a continued recovery in the services sector thanks to the successful containment of COVID-19, the associated relaxation of social distancing requirements and Beijings continued policy support for small and medium-sized enterprises," Lu Ting, chief China economist at Nomura Securities, said in a research note.Economists expect Chinas services sector to recover further in the coming months despite lingering uncertainties and risks such as weakening external demand due to the resurgence of the COVID-19 cases."The services sector took the lead in Chinas economic recovery in the third quarter and we expect a continued improvement in the sector in the coming months. However, we believe sporadic local outbreaks remain a risk, as the rest of the world is still tackling the pandemic, which should constrain the pace of recovery in the services sector, especially the catering, h...

• 

  US becomes China's largest source of service imports

  File Photo: AgenciesSHANGHAI, Nov. 6 (Xinhua) -- The United States has become Chinas largest source of service imports, contributing the most to Chinas deficit in service trade in 2019, according to the Ministry of Commerce.Chinas service imports from the United States amounted to 257.45 billion U.S. dollars since the 19th National Congress of the Communist Party of China in 2017, the ministry said Friday in a report released on the sidelines of the ongoing third China International Import Expo.The defining feature of China-U.S. trade-in-services cooperation is mutually beneficial, said the report, noting that U.S. companies have played an active role in the development of Chinas service trade.Meanwhile, Chinas service imports have substantially met the needs of U.S. service exporters, which have gained substantial profits and returns, thus promoting the development of the U.S. economy, it said.However, the economic and trade frictions between China and the United States have significantly affected Chinas import of services from the United States, the report noted.In 2019, Chinas service imports from the United States dropped by 4 percent year on year to 83.47 billion U.S. dollars, which accounted for 16.6 percent of Chinas total service imports, data from the ministry showed.

• 

  China to further loosen foreign ownership restrictions on service sectors

  AerialphototakenonMay23,2018showstheLuohuDistrictofShenzhen,southChina'sGuangdongProvince.Knownasaparagonofopening-upanddevelopment,ShenzheninGuangdongProvinceisoneofChina'searliestspecialeconomiczones.Startingfromasmalltown,ithasdevelopedintoakeyeconomichubinthepast40years.。AmidChina'sunswervingpro