Nation’s service trade deficit widens
China’s service trade deficit rose 17.9 percent year-on-year in the first five months of the year to 688.75 billion yuan ($101 billion), official data showed on Tuesday. The Ministry of Commerce said the deficit came mainly from tourism, transportation and the use of intellectual property rights, while the consulting, information, and processing service sectors saw a surplus. Exports of services rose 4.6 percent to 567.94 billion yuan and imports rose 11.5 percent to 1.26 trillion yuan in the first five months. “Although the service trade deficit widened, China still saw an overall surplus when taking into consideration both goods and services,” said Xian Guoyi, head of the service trade department at the ministry. “[We] should have a correct attitude toward a larger service trade deficit,” Xian said. A deficit from production-related services will help improve China’s manufacturing capability, while a deficit for services related to daily life can encourage the upgrading of consumption and improve people’s lives, he said. on Tuesday night the establishment of the China-Russia RMB Investment Cooperation Fund. The memorandum of understanding was signed by the two sides in Moscow. The ChinaRussia RMB Investment Cooperation Fund is expected to facilitate the establishment of a simplified framework for direct investments with settlements in national currencies. The investments will total 68 billion yuan ($10 billion). The investment activities will focus on Russian and Chinese projects, including the Belt and Road Initiative. RDIF will implement the project via the Russia-China Investment Fund created jointly by RDIF and China Investment Corp, while CDB will implement the project via its wholly owned subsidiary China Development Bank Capital. new pipeline, dubbed the “Power of Siberia”, has a planned annual capacity of 38 billion cubic meters. ees in 120 countries, by creating the new BHGE. The new company will have four divisions: Oilfield Services, Oilfield Equipment, Digital Solutions, and Turbomachinery and Process Solutions.