BEIJING: China’s annual trade in services exceeded $1 trillion for the first time last year, demonstrating significant potential for further growth.
The services import and export value amounted to a record high of 7.5 trillion yuan (about $1.05 trillion) in 2024, expanding 14.4 percent year on year, according to the latest data from the Ministry of Commerce.
Exports grew 18.2 percent year on year, while imports grew 11.8 percent, according to the ministry.
Driven by global trends of digitization, smart technology advancement and green development, China’s trade in services grew in scale, its structure was further optimized, and its international competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the ministry.
He noted that the comprehensive relaxation and optimization of China’s visa-free transit policy have played a role in boosting inbound tourism over the past year.
The broadly welcomed new policy has sparked the rise of “China Travel,” a popular hashtag on social media where many travelers share their experiences in China. Increasing numbers of international tourists are being drawn to the country’s cultural landmarks, nature and city walks.
“’China Travel’ is booming rapidly, and this growth is expected to boost the country’s services trade further, while helping to drive the global travel industry towards continued recovery and prosperity,” Li said.
China’s digital cultural platforms and content have been gaining significant traction overseas, Li said, noting the popularity of the Chinese video game “Black Myth: Wukong,” the distribution of high-quality Chinese films and TV dramas on overseas streaming platforms such as Netflix and YouTube, and the growing influence of Chinese internet literature on international readers.
The Chinese government released a guideline in August last year on promoting the high-quality development of trade in services through high-standard opening-up.
The document offered robust policy support for the development of China’s services trade, Li said, calling for more efforts to advance opening-up, innovation and international cooperation in the sector.
Noting that China established a nationwide negative list management system for cross-border trade in services last year, Li suggested that the level of institutional opening-up should be continuously improved, the negative list should be gradually shortened as appropriate, and high-standard international economic and trade rules should be actively aligned.
He urged the launch of national demonstration zones for the innovative development of trade in services as soon as possible.
To facilitate innovation, Li called for unlocking the potential of industrial digitization and digital transformation, supporting professional organizations offering services in finance, consulting, design and certification to enhance their ability to provide international services, and accelerating the development of green services.
Bilateral, multilateral and regional collaboration in digital trade and trade in services should be expanded, Li said, suggesting that the role of major exhibition platforms should continue to be leveraged and that international services trade cooperation parks should be developed. –The Daily Mail-CGTN news exchange item
