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China's fast-growing trade in services projected at US$660 billion next year
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CHINA'S trade of services is expected to reach US$660 billion by 2015 and US$1.2 trillion by 2020, becoming a main ingredient in China's trade and an important source for job creation, according to the Ministry of Commerce.
In the first five months of this year, the value of service trade amounted to US$237.6 billion, up 14.5 percent year on year, a much faster rise than the average trade growth of 0.2 percent in the same period. Its value accounted for 12.4 percent of China's total trade in the first five months, 1.4 percentage points higher than a year earlier thanks to more deals in cross-border cultural, financial, information and licensing services.
"Trade of services has been expanding quickly," the ministry said. "It has become a new growth point for China's trade and is expected to continue outpacing the growth of traditional commodity trade."
Service trade has become a key channel in job creation, especially for college graduates. By the end of May, service outsourcing alone produced jobs for 5.61 million people, among which two-thirds were college graduates.
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