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Wan LixinOpinion deputy editor of Shanghai Daily
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Deficit grows slower
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CHINA’S service trade deficit grew slower last year, as more Chinese people traveled overseas. The service trade deficit was US$242 billion at the end of 2016, up 33 percent year on year and mainly driven by tourist spending overseas, according to the State Administration of Foreign Exchange. China’s goods trade surplus shrank 14 percent in 2016 to US$485 billion. The surplus is still much higher than 2014 and before, indicating competitiveness in foreign trade, SAFE said yesterday. China’s current account continued to generate a surplus, at US$210 billion.
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