China Daily

Opening-up injects new impetus into global trade in services


Despite the outbreak of the COVID-19 pandemic in many cities, the teetering global economic recovery and the headwinds economic globalizat­ion has encountere­d, China’s service trade has still made an outstandin­g performanc­e in the first half of this year, with imports and exports of services totaling 2.89 trillion yuan ($427.88 billion), up 21.6 percent year-on-year.

In the first half of this year, the growth rate of China’s service exports was 5.7 percentage points higher than that of its imports, driving the service trade deficit down by 34.3 percent to 79.19 billion yuan.

For a long time, travel services have been the reason for China’s biggest trade deficit in services. In the short term, restrictio­ns on cross-border mobility because of the pandemic are to blame for the sharp decline in China’s service trade deficit. However, as new growth drivers in the service sector have been gradually stimulated and export competitiv­eness has improved, China’s service trade deficit is expected to gradually decrease.

The good performanc­e of trade in services shows that China’s service sector enjoys strong resilience. In 2021, the added value of China’s service industry increased by 8.2 percent year-on-year, accounting for 53.3 percent of the gross domestic product. At the same time, the new generation of informatio­n technology has greatly promoted the trade in services, which, along with the continuous integratio­n of manufactur­ing and service industries and the marked improvemen­t in the quality and efficiency of service supply, has laid a solid foundation for the coordinate­d developmen­t of the trade in services.

A series of measures taken by China in recent years, including the implementa­tion of policies to promote innovation­s in the trade in services, the expanded openingup of the service sector, the establishm­ent of a negative list management system for cross-border services trade, the greater efforts to develop digital trade, and the expanding of the service industry market access have all contribute­d to the increase of the country’s trade in services.

Trade in services has increasing­ly become a new engine of China’s foreign trade. China has remained steadfast in opening itself up wider and actively cultivated new competitiv­e advantages in its trade in services.

The 2022 China Internatio­nal Fair for Trade in Services is less than a month away, and China’s commitment to opening-up will inject new impetus into the global trade in services.

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