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China's Import and Export of Trade in Services Hit a New High in the First Half of the Year

According to the speech of a principal from the Department of Trade in Services and Commercial Services of the Ministry of Commerce on China's import and export in the first half of this year, China's trade in services maintained a steady and rapid growth in the first half of the year, the import and export scale attained a new historic peak, the structure kept optimizing, the quality and benefits were further improved and thus the industry saw further enhanced steady and good momentum.

 

According to this principal's speech, China's emerging trade in services is facing both opportunities and challenges and thus China should take the initiative to open wider to the outside world and further optimize the structure of trade in services in the development course to achieve higher-quality development.

 

According to statistics, China's service import and export amounted to RMB 2.53133 trillion in the first half of this year, marking a year-on-year increase of 8.5%. The further optimized structure has become a distinctive characteristic of the development of China's trade in services.

 

WANG Tuo, Ph.D graduate of the Institute of International Trade in Services of Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce, said that the increased proportion of the emerging trade in services and accelerated growth of the export of emerging services represent two outstanding features of the further optimized structure of trade in services.

 

According to data, China's import and export of emerging services amounted to RMB 846.67 billion, up 19% and 10.5% higher than the overall growth. As a result, it stimulated the emerging services up 3%.  The proportion of the traditional tourism, transportation and building dropped by 2.5%. Among them, tourism fell by 3.1%.

 

WANG Tuo believed that the further optimization of the structure of China's trade in services is credited to the following: First, the endogenous power of economic development keeps strengthening along with the obvious trend from investment-driven to consumption-driven development, which is the internal impetus key to the optimization and rapid development of the structure of trade in services. Second, the relevant systems and mechanisms of trade in services are constantly improved, an institutional factor for the optimized structure of trade in services. Third, the rapid development and application of digital technology improve the tradability of services, which is the technology factor facilitating the development of trade in services.

 

At present, both opening up of China's service industry and innovative development of trade in services are speeding up. A few days ago, the State Council ratified the Overall Program to Deepen Innovative Development Pilots of Trade in Services. According to the Program, the deepening task will last for two years and their experience has been replicated and promoted, thus promoting high-quality development of China's trade in services.

 

Besides, the digital technologies represented by cloud computing, big data, mobile Internet and AI are developing vigorously and driving China's digital economy to the fast track of development. WANG Tuo said that the development of the digital economy has improved the tradability of services, changed the provision mode of services, improved the international competitiveness of China's service industry and evolved to be an important factor for rapid development of export of emerging trade in services.