China's services trade surpasses $1 trillion annually for the first time
China's trade in services surpassed $1 trillion for the first time last year, highlighting considerable potential for continued expansion.
TroibNews 
China's annual trade in services surpassed $1 trillion for the first time last year, highlighting substantial growth potential.
In 2024, the total value of services imports and exports reached a record 7.5 trillion yuan, marking a 14.4 percent increase compared to the previous year, according to the latest figures from the Ministry of Commerce.
Exports saw an 18.2 percent year-on-year increase, while imports rose by 11.8 percent, as reported by the ministry.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation within the Ministry of Commerce, noted that the growth of China's services trade in 2024 was driven by global trends such as digitization, advancements in smart technology, and green development. He pointed out that "the comprehensive relaxation and optimization of China's visa-free transit policy have played a role in boosting inbound tourism over the past year."
The new visa policy has led to the emergence of "China Travel," a trending hashtag on social media where travelers share their experiences. The increase in international tourists is evident as they are drawn to China's cultural landmarks, natural beauty, and urban experiences.
"'China Travel' is booming rapidly, and this growth is expected to boost the country's services trade further, while helping to drive the global travel industry towards continued recovery and prosperity," Li said.
Li also mentioned that China's digital cultural platforms and content have gained significant traction internationally. He pointed to the popularity of the Chinese video game "Black Myth: Wukong," the spread of high-quality Chinese films and TV dramas on global streaming platforms like Netflix and YouTube, and the increasing influence of Chinese internet literature among international audiences.
In August of last year, the Chinese government issued guidelines aimed at promoting high-quality development in trade in services through high-standard opening-up. According to Li, the document provides robust policy support for the sector's growth and advocates for enhanced opening-up, innovation, and international collaboration.
He highlighted the introduction of a nationwide negative list management system for cross-border trade in services and suggested that improving institutional opening-up levels and gradually shortening the negative list is essential. Moreover, he emphasized the need to actively align with high-standard international economic and trade rules and to establish national demonstration zones for the innovative development of trade in services promptly.
For innovation facilitation, Li called for the unlocking of industrial digitization and digital transformation potential. He urged support for professional organizations in finance, consulting, design, and certification to improve their international service offerings and endorsed the acceleration of green services development.
Li stressed the importance of expanding bilateral, multilateral, and regional collaboration in digital trade and services. He suggested leveraging major exhibition platforms and developing parks dedicated to international services trade cooperation.
Frederick R Cook for TROIB News
In 2024, the total value of services imports and exports reached a record 7.5 trillion yuan, marking a 14.4 percent increase compared to the previous year, according to the latest figures from the Ministry of Commerce.
Exports saw an 18.2 percent year-on-year increase, while imports rose by 11.8 percent, as reported by the ministry.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation within the Ministry of Commerce, noted that the growth of China's services trade in 2024 was driven by global trends such as digitization, advancements in smart technology, and green development. He pointed out that "the comprehensive relaxation and optimization of China's visa-free transit policy have played a role in boosting inbound tourism over the past year."
The new visa policy has led to the emergence of "China Travel," a trending hashtag on social media where travelers share their experiences. The increase in international tourists is evident as they are drawn to China's cultural landmarks, natural beauty, and urban experiences.
"'China Travel' is booming rapidly, and this growth is expected to boost the country's services trade further, while helping to drive the global travel industry towards continued recovery and prosperity," Li said.
Li also mentioned that China's digital cultural platforms and content have gained significant traction internationally. He pointed to the popularity of the Chinese video game "Black Myth: Wukong," the spread of high-quality Chinese films and TV dramas on global streaming platforms like Netflix and YouTube, and the increasing influence of Chinese internet literature among international audiences.
In August of last year, the Chinese government issued guidelines aimed at promoting high-quality development in trade in services through high-standard opening-up. According to Li, the document provides robust policy support for the sector's growth and advocates for enhanced opening-up, innovation, and international collaboration.
He highlighted the introduction of a nationwide negative list management system for cross-border trade in services and suggested that improving institutional opening-up levels and gradually shortening the negative list is essential. Moreover, he emphasized the need to actively align with high-standard international economic and trade rules and to establish national demonstration zones for the innovative development of trade in services promptly.
For innovation facilitation, Li called for the unlocking of industrial digitization and digital transformation potential. He urged support for professional organizations in finance, consulting, design, and certification to improve their international service offerings and endorsed the acceleration of green services development.
Li stressed the importance of expanding bilateral, multilateral, and regional collaboration in digital trade and services. He suggested leveraging major exhibition platforms and developing parks dedicated to international services trade cooperation.
Frederick R Cook for TROIB News
