China's yearly services trade surpasses $1 trillion
China's trade in services reached over $1 trillion for the first time last year, showcasing substantial opportunities for continued expansion.
TroibNews 
In 2024, China's annual trade in services surpassed $1 trillion for the first time, highlighting substantial potential for growth. The Ministry of Commerce reported that the total import and export value of services reached a record 7.5 trillion yuan, representing an annual increase of 14.4 percent.
According to the MOFCOM, service exports rose by 18.2 percent year on year, while imports saw an 11.8 percent increase.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOFCOM, attributed the growth in China's trade in services to global trends such as digitization, advancements in smart technology, and green development. He mentioned that these factors have contributed not only to the expansion of trade but also to optimization within its structure and improvements in international competitiveness throughout 2024.
Li highlighted that the comprehensive relaxation and optimization of China's visa-free transit policy has significantly boosted inbound tourism over the past year. This new, well-received policy has led to the popularity of "China Travel," a trending hashtag on social media platforms where travelers share their experiences in China. As a result, an increasing number of international tourists are attracted to the nation’s rich cultural landmarks, nature, and urban explorations.
"'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 toward continued recovery and prosperity," Li stated.
He also observed that Chinese digital cultural platforms and content have gained notable popularity overseas. Li pointed out the success of the Chinese video game "Black Myth: Wukong," the distribution of quality Chinese films and TV dramas on global streaming services like Netflix and YouTube, and the rising influence of Chinese internet literature among international readers.
Last August, the Chinese government issued a guideline aimed at promoting the high-quality development of trade in services through high-standard opening-up. Li emphasized that this document provides essential policy support for developing China's services trade by encouraging greater efforts towards opening up, innovation, and international collaboration in the sector.
Additionally, he noted the establishment of a nationwide negative list management system for cross-border trade in services last year and suggested that institutional opening-up levels should be continuously improved, with a gradual reduction of the negative list as deemed appropriate. He also advocated for the alignment of China’s practices with high-standard international economic and trade regulations.
Li urged for the prompt initiation of national demonstration zones to foster innovative development in services trade. To support innovation, he stressed the importance of unlocking the potential of industrial digitization and digital transformation, enhancing the capacity of professional organizations in finance, consulting, design, and certification to provide international services, and accelerating the growth of green services.
He further suggested expanding bilateral, multilateral, and regional cooperation in both digital trade and trade in services. He recommended leveraging major exhibition platforms while also developing international services trade cooperation parks.
Frederick R Cook for TROIB News
According to the MOFCOM, service exports rose by 18.2 percent year on year, while imports saw an 11.8 percent increase.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOFCOM, attributed the growth in China's trade in services to global trends such as digitization, advancements in smart technology, and green development. He mentioned that these factors have contributed not only to the expansion of trade but also to optimization within its structure and improvements in international competitiveness throughout 2024.
Li highlighted that the comprehensive relaxation and optimization of China's visa-free transit policy has significantly boosted inbound tourism over the past year. This new, well-received policy has led to the popularity of "China Travel," a trending hashtag on social media platforms where travelers share their experiences in China. As a result, an increasing number of international tourists are attracted to the nation’s rich cultural landmarks, nature, and urban explorations.
"'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 toward continued recovery and prosperity," Li stated.
He also observed that Chinese digital cultural platforms and content have gained notable popularity overseas. Li pointed out the success of the Chinese video game "Black Myth: Wukong," the distribution of quality Chinese films and TV dramas on global streaming services like Netflix and YouTube, and the rising influence of Chinese internet literature among international readers.
Last August, the Chinese government issued a guideline aimed at promoting the high-quality development of trade in services through high-standard opening-up. Li emphasized that this document provides essential policy support for developing China's services trade by encouraging greater efforts towards opening up, innovation, and international collaboration in the sector.
Additionally, he noted the establishment of a nationwide negative list management system for cross-border trade in services last year and suggested that institutional opening-up levels should be continuously improved, with a gradual reduction of the negative list as deemed appropriate. He also advocated for the alignment of China’s practices with high-standard international economic and trade regulations.
Li urged for the prompt initiation of national demonstration zones to foster innovative development in services trade. To support innovation, he stressed the importance of unlocking the potential of industrial digitization and digital transformation, enhancing the capacity of professional organizations in finance, consulting, design, and certification to provide international services, and accelerating the growth of green services.
He further suggested expanding bilateral, multilateral, and regional cooperation in both digital trade and trade in services. He recommended leveraging major exhibition platforms while also developing international services trade cooperation parks.
Frederick R Cook for TROIB News
