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The Scale Of China's Trade In Services Creates New Highlights

- Dec 07, 2018 -

Reporters learned from the Ministry of Commerce on the 4th that from January to October, China's total import and export of services exceeded 4.3 trillion yuan, and the scale reached a new high again, with the growth rate reaching 11.1%, which is expected to maintain an overall growth of about 10% throughout the year.


According to the data released by the Ministry of Commerce on the same day, the total import and export of services in China amounted to 4302.24 billion yuan from January to October, of which 1421.18 billion yuan was exported, an increase of 14.3%; 2881.06 billion yuan was imported, an increase of 9.6%; and the deficit was 1459.89 billion yuan.


From the total import and export volume, the scale and growth rate of trade in services continue to improve. Li Yuan, deputy director of the Department of Trade in Services of the Ministry of Commerce, said that the successive innovative development policies for trade in services have effectively enhanced economic vitality, improved the quality of development and enhanced the endogenous driving force for the development of trade in services.


Rapid growth of emerging services has strongly promoted the high-quality development of trade in services. Data from the Ministry of Commerce show that from January to October, the total import and export volume of emerging services was 14181.16 billion yuan, an increase of 20.4%, higher than the overall growth rate of 9.3 percentage points and 13.6 percentage points higher than that of traditional services. However, in terms of scale, the import and export of traditional services still occupies the dominant position.


From the point of view of service import, the accelerated upgrading of service consumption promotes the continuous expansion of import demand for high value-added services. From January to October, the import of intellectual property rights royalties increased by 22.5%, the import of financial services increased by 22.1%, and the import of computer and information services increased by 24.3%.