Na­tion’s ser­vice trade deficit widens

China Daily (Hong Kong) - - BUSINESS -

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.

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