China’s foreign service trade continue to grow

Xinhua, BEIJING: China’s foreign service trade maintained rapid growth in the first eight months of the year, with an expanding deficit, the Ministry of Commerce (MOC) said Tuesday.
Service trade rose 24 per cent year on year to 3.5 trillion yuan (515.2 billion U.S. dollars) in the January-August period, extending the trend of double-digit growth seen since the beginning of the year, MOC spokesperson Shen Danyang told a press conference.
Services accounted for 18.1 per cent of China’s overall foreign trade as of the end of August, up 2.7 per centage points from a year earlier, Shen said.
Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting.
China is endeavoring to shift its economic structure so that it is more consumption and service driven, instead of relying on investment and industrial production. The service sector now accounts for more than half of the national economy.
In the first eight months, service exports climbed 11.2 per cent year on year to 1.2 trillion yuan, while imports soared 31.9 per cent to 2.3 trillion yuan, Shen said.

Chinas foreign service trade continue to grow

Xinhua, BEIJING: Chinas foreign service trade maintained rapid growth in the first eight months of the year, with an expanding deficit, the Ministry of Commerce (MOC) said Tuesday. Service trade rose 24 per cent year on year to 3.5 trillion yuan (515.2 billion U.S. dollars) in the January-August period, extending the trend of double-digit growth seen since the beginning of the year, MOC spokesperson Shen Danyang told a press conference. Services accounted for 18.1 per cent of Chinas overall foreign trade as of the end of August, up 2.7 per centage points from a year earlier, Shen said. Distinct from merchandise trade, trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting. China is endeavoring to shift its economic structure so that it is more consumption and service driven, instead of relying on investment and industrial production. The service sector now accounts for more than half of the national economy. In the first eight months, service exports climbed 11.2 per cent year on year to 1.2 trillion yuan, while imports soared 31.9 per cent to 2.3 trillion yuan, Shen said.