China's service trade deficit widens in July

BEIJING, Aug. 27 (Xinhua) -- China continued to see a deficit in foreign service trade in July, data from the State Administration of Foreign Exchange (SAFE) showed Friday.

Income from trade in services stood at 27.8 billion U.S. dollars last month, while expenditure was 34.5 billion dollars, resulting in a deficit of 6.7 billion dollars.

The deficit widened from the 6.2 billion dollars a month earlier.

In contrast to merchandise trade, trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing, and accounting.

China has taken steps to improve the development of trade in services, including gradually opening up the finance, education, culture, and medical treatment sectors.

The SAFE began issuing monthly data on the service trade in January 2014 to improve the transparency of balance of payments statistics. Since the start of 2015, it has also included monthly data on merchandise trade in its reports.

Last month, China saw a surplus of 44.9 billion U.S. dollars in foreign merchandise trade.