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March 10, 2017

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Home » Business » Finance

Service trade set for boost over 5 years

CHINA yesterday issued a plan to boost the development of its service trade and ease the service trade deficit by 2020.

The country expects the service sector to contribute 56 percent of GDP by 2020, and the average annual growth of service trade to outpace the global average rate during the 2016-2020 period, according to a plan jointly issued by 13 ministries and departments.

China will further open up its finance, telecommunication, education and culture industries and ease restrictions on foreign shareholding in domestic securities and futures management companies.

The country will continue to improve the yuan exchange rate mechanism and realize an orderly yuan convertibility under the capital account.

China registered a service trade deficit of US$260 billion in 2016, widening from US$206 billion in 2015 and US$198 billion in 2014, according to statistics from the State Administration of Foreign Exchange.


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