Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China's service trade hits new high in H1

August 08, 2018


Abstract : China's service trade mounted to a new high in the first half (H1) of this year as the government has made more efforts to further bolster and open up the service sector.

服务

BEIJING, Aug. 8 (Xinhua) -- China's service trade mounted to a new high in the first half (H1) of this year as the government has made more efforts to further bolster and open up the service sector.

The Ministry of Commerce (MOC) said Tuesday the country's service trade rose 8.5 percent year on year to stand at 2.53 trillion yuan (nearly 370 billion U.S. dollars) in H1.

Service exports increased 13.6 percent to 841.57 billion yuan, while imports gained 6.1 percent to 1.69 trillion yuan, which resulted in a deficit of nearly 848.18 billion yuan, down by 2.66 billion yuan from the same period a year ago.

It was the first time in eight years China has seen a decrease in service trade deficit in half-year data.

MOC official Li Yuan attributed the shrinking deficit to a rapidly-growing service sector, policy support from the government, and increasing exports of emerging services, such as telecom and insurance.

Despite the retreat, Li predicts the deficit will continue to grow in the coming years, as the Chinese continue to have a huge demand for overseas trips and education, and will finally cap in 2025.

Trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing, and accounting.

China has taken steps to improve the development of trade in services, including gradually opening up the finance, education, culture, and medical treatment sectors.

The service trade expansion has outpaced the growth rates in goods trade, the value added in the service sector, and GDP in the same period. Service trade accounted for 15.2 percent of China's total foreign trade in the first six months, up 0.1 percentage point year on year.

Exports of emerging services jumped 23.6 percent in H1 to 440.2 billion yuan and accounted for more than half of the total service exports.

Scan the QR code and push it to your mobile phone

Keyword: China-service Foreign-service-trade

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial