Trade of services expected to accelerate
Print Edition
CHINA’S trade of services is expected to reach US$660 billion by 2015 and US$1.2 trillion by 2020, becoming an important sector for job generation, according to the Ministry of Commerce.
In the first five months of this year, the service trade was worth US$237.6 billion, up 14.5 percent year on year with exports jumping 15.9 percent and imports rising 13.6 percent. The rate compared with overall trade growth of 0.2 percent in the January-May period.
By value, it accounted for 12.4 percent of China’s total trade in the first five months, 1.4 percentage points higher than a year earlier as more deals in cross-border cultural, financial, information and licensing services were signed.
“Trade of services has been expanding quickly,” the ministry said yesterday.
“It has become a new growth point and is expected to continue outpacing trade in commodities.”
The ministry said it will treat trade of services as a core asset. In an earlier document, it released a set of accommodative measures including streamlined administrative management and lower taxes to facilitate trade of services.
Last month’s 3rd China (Beijing) International Fair for Trade in Services attracted 153,000 visitors from 117 countries and regions. Contracts worth US$81.8 billion were signed.
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