During the 13th Five-Year Plan (2016-2020), China's trade in services are expected to enter a "golden era" and imports and exports will exceed $ 1 trillion by 2020, which will bring huge business opportunities to the world’s service enterprises, said Gao Hucheng, minister of China's Ministry of Commerce.

Thanks to governmental support, the Chinese service industry has witnessed rapid development in recent years and demand for services continues to expand, Gao said this when delivering a speech at the China Beijing International Fair for Trade in Services which kicked off on May 28.

The world economy is recovering amid in-depth adjustment and the status of the service sector is rising. This will lead products and services all over the world to better integrate into the global value chain and become the major area to obtain added value and boosters of economic growth, Gao also noted this during his speech.

During the 12th Five-Year Plan, China's trade services saw an average annual growth of 14.5 percent, twice the world's average. In 2015, service trade reached $713 billion, 14.6 percent up from 2014, ranking second in the world.

Development of trade in services has played a significant role in promoting transformation and upgrading of China's foreign trade, as well as in catalyzing economic restructuring and enhancing innovation amongst ordinary people, according to Gao.

In recent years, the consumption structure of households has upgraded from material consumption to services and demands for life services such as tourism, culture, entertainment and health have also risen rapidly.