China's Service Sector Booms With Travel Leading Recovery
China's service trade recorded robust growth in Q1 2024, reaching 1.97 trillion yuan (approximately $270 billion), a 8.7% year-on-year increase. The sector's expansion highlights recovering economic momentum, with exports jumping 12.2% to 835.15 billion yuan and imports rising 6.2% to 1.139 trillion yuan.
Travel Services Rebound Sharply
Travel services emerged as the fastest-growing segment, surging 21.8% to 584.9 billion yuan. Export revenues nearly doubled at 97.5%, signaling resurgent global tourism demand, while import growth of 14.9% reflects increased domestic travel activity.
Knowledge-Intensive Trade Maintains Steady Growth
Knowledge-intensive services, a focal point for investors eyeing innovation-driven sectors, grew 2.6% to 752.49 billion yuan. Exports rose 2.1% to 436.34 billion yuan, while imports expanded 3.4% to 316.15 billion yuan, underscoring China's evolving role in high-value industries.
