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November 18, 2016

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Trade in services booming

CHINA’S foreign services trade continued to post double-digit growth in the first nine months of the year amid government supportive measures, official data showed yesterday.

Services trade rose 21.4 percent year on year to 3.8 trillion yuan (US$553 billion) in the January-September period, accounting for 18 percent of total foreign trade, compared with 15.4 percent for 2015, said Ministry of Commerce spokesperson Sun Jiwen.

China’s services trade has seen double-digit growth since the beginning of the year as the government boosts the industry to upgrade the economic structure and increase employment. The services sector now accounts for more than half of the national economy.

In the first nine months, service imports jumped 29.1 percent year on year, driven by growth in overseas travel services, while exports climbed 8.7 percent, Sun said.

The country saw a service trade deficit of 1.2 trillion yuan in the period, up 295 billion yuan from a year earlier.

Exports of high value-added services posted rapid growth, with technology rising 18.4 percent year on year.

China’s foreign services trade volume grew from US$362.4 billion in 2011 to US$713 billion in 2015, doubling the average international growth rate. The country has set a target to increase its service trade to more than US$1 trillion by 2020.


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