China’s trade in services has provided new momentum into world economic growth.
With the deepening of economic globalization, trade in services has increasingly become an important part of international trade and a key field of economic and trade cooperation between countries.
At present, trade in services is becoming a new growth point for China’s economic and trade cooperation with other countries along the Belt & Road
In 2019, China’s trade in services with countries along the Belt & Road reached 117.88 billion U.S. dollars, accounting for 15 percent of China’s total service trade. The proportion of service trade in China’s foreign trade has increased to 14.6 percent, ranking second in the world for six consecutive years.
“With the acceleration of manufacturing service, service digitization, and outsourcing, the focus of China’s participation in the global value chain has gradually expanded from the processing link to the high value-added links such as research and development and design,” said Xian Guoyi, Director of the Department of Trade in Services and Commercial Services of the Ministry of Commerce.
From 2012 to 2019, China contributed 16.8 percent to the growth of global service import, making it the largest contributor to the growth of global service import.
“China introduces international high-quality service providers to meet people’s desire for a better life. At the same time, it has brought a huge market opportunity to countries all over the world,” said Li Jun, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.
China has entered a new era with a service economy as the mainstay. It is estimated that China’s imported services will exceed 10 trillion U.S. dollars in the next 15 years, which will inject a steady stream of new momentum into world economic growth.