China's annual trade in services exceeded $1 trillion for the first time in 2024, showcasing significant potential for further growth in the sector.
According to the latest data from the Ministry of Commerce (MOFCOM), China's services import and export value reached a record-high of 7.5 trillion yuan (approximately $1.05 trillion) in 2024, marking a 14.4 percent increase year on year.
Service exports grew by 18.2 percent, while imports expanded by 11.8 percent during the same period, as reported by MOFCOM.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under MOFCOM, noted that global trends such as digitization, advancements in smart technology, and green development have driven China's trade in services to new heights. \"In 2024, the scale of our trade in services expanded, the structure was further optimized, and international competitiveness was enhanced,\" Li said.
Li also highlighted that the comprehensive relaxation and optimization of China's visa-free transit policy played a significant role in boosting inbound tourism over the last year.
The remarkable growth in China's trade in services underscores the country's ongoing commitment to opening up its economy and integrating with global markets, offering promising opportunities for international partners and investors.
Reference(s):
cgtn.com
