China's annual trade in services has surpassed the $1 trillion threshold for the first time in 2024, signaling robust growth and immense potential in the sector.
According to the latest data from the Ministry of Commerce, the total value of services imports and exports reached a record high of 7.5 trillion yuan (approximately $1.05 trillion), marking a 14.4 percent increase year on year.
Exports saw an impressive growth of 18.2 percent, while imports increased by 11.8 percent, showcasing China's strengthened position in the global services trade arena.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the ministry, attributed this growth to global trends such as digitization, advancements in smart technology, and green development. \"China's trade in services has not only grown in scale but also seen an optimized structure and enhanced international competitiveness in 2024,\" Li remarked.
He also noted that the comprehensive relaxation and optimization of China's visa-free transit policy have played a significant role in boosting inbound tourism over the past year. This policy change has contributed to the dynamic development of the tourism sector, further propelling the services trade.
The remarkable milestone reflects China's commitment to integrating into the global economy and underscores the potential for continued growth in the services sector. As the world leans towards a digital and green future, China's services trade is poised to maintain its upward trajectory.
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China's annual trade in services exceeds $1 trillion for first time
cgtn.com
