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Wan LixinOpinion deputy editor of Shanghai Daily
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Country’s services at all time high
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China’s service trade hit a historic high in the first 10 months of this year with optimized structure and stable progress, said the Ministry of Commerce.
The country’s service trade grew 11.1 percent year on year to stand over 4.3 trillion yuan (US$629 billion) from January to October, MOC data showed.
Service exports increased 14.3 percent to 1.42 trillion yuan, while imports gained 9.6 percent to 2.88 trillion yuan, resulting in a deficit of over 1.4 trillion yuan.
Trade of emerging services rose 20.4 percent year on year in the January-October period, 9.3 percentage points higher than the overall growth rate.
However, the traditional service sector, including tourism, transportation and construction industries, takes up 64 percent of the whole trade volume, still a large part of the industry.
China’s demand for high-value-added service continues to grow as supply-side structural reform advances and the manufacturing industry upgrades.
China has paid 194.86 billion yuan for imported intellectual property in the first 10 months this year, up 22.5 percent.
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