China to Boost High-Quality Service Trade Development
China will intensify efforts to promote innovation and high-quality growth in its service trade sector, said Wang Dongtang, an official with the Ministry of Commerce, in a recent interview.
The 2024 China International Fair for Trade in Services (CIFTIS) opened in Beijing on Thursday, underscoring China's rapid growth in the sector, marked by expanding trade volume, improved structure, and enhanced global competitiveness.
Wang highlighted that over the past decade, China's service trade grew at an average annual rate of 6.2% in U.S. dollar terms, outpacing global averages and China's goods trade growth. In 2023, total services import and export volume hit a record 6.6 trillion yuan (about 927 billion U.S. dollars).
Knowledge-intensive services surged to 41.4% of total service trade, with exports reaching 57.5% of total service exports. "This shows the rising value of China's service trade exports," Wang noted.
From January to July 2024, service trade grew 14.7% year-on-year, totaling 4.2 trillion yuan, with imports and exports both registering double-digit growth.
Wang stressed that global service trade is advancing, driven by trends in digitalization, intelligence, and green development, positioning it as a key force in economic globalization. China is expanding high-quality service imports and promoting knowledge-intensive service exports, offering new opportunities for the global market.
China has also aligned its service trade rules with international standards, introducing negative lists for cross-border trade to boost openness. "We'll keep refining policies and systems to enhance service trade liberalization and facilitation," Wang said.
Looking ahead, China will embrace digital and green trends in service trade and deepen cooperation with Belt and Road countries, fostering new growth points for collaboration.
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