China ranks 5th in world services exports

15:37, October 27, 2010      

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The service trade has maintained steady growth, with the scale increasing rapidly and structure constantly being optimized. China has become an important service trade provider.

From 2005 to 2009, the total volume of China's service trade increased 1.8 times from 157.1 billion dollars to 287 billion dollars. Service exports rose by 14.9 percent annually, two times higher than the import increase.

China’s ranking grew from the eighth to the fifth in the world in terms of service exports. In the first half of 2010, the service export surged 31.7 percent to reach 166 billion dollars.

The structure of the service trade has continued to be optimized. Since the 11th Five Year Plan, the proportion of traditional industries like tourism and transportation has decreased year by year. By contrast, the emerging industries, such as insurance, IT services and consultation, have maintained steady growth. In recent years, the emerging industries are coming close to accounting for half of the total volume of service exports.

Notable achievements have been made in key areas. Taking the growing trend of global trade services and the outlook of the internal demand into account, China has promoted service exports. The advantages in traditional industries have been further consolidated, and the profit has grown gradually.

Service exports with Chinese characteristics, such as culture, video, film, education and traditional mediation services, have been further cultivated. More efforts have been given to fostering the modern service industries, including telecommunication, finance, computers and IT.

Export of computer and information services rose at an annual rate of 37.1 percent from 1.84 billion to 6.5 billion dollars from 2005 to 2009.

The opening of the service industry is carried out in an orderly fashion. China has become a hot destination of the global service trade. China has already realized its commitments in opening transportation, tourism, computer and information services, advertisement, culture etc, under the framework of the World Trade Organization and General Agreement on Trade in Services. Its financial sector and insurance industry have basically been opened to the outside world.

The strategy of "going out" has been further implemented. The commercial presence overseas saw a fast increase, and its ratio of outbound investment is surging. Though it has just started, the Chinese commercial presence overseas has grown at a fast pace. From 2005 to 2009, the emerging service industry witnessed a high growth rate. In 2009, leasing and business service industry contributed foreign direct investment worth 20.5 billion dollars, representing 36.2 percent of all the industry’s outbound direct investment.

China has initially established the management mechanism for the service trade.

By People's Daily Online


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