Graphics: China revives services trade in its opening-up endeavors

China is increasing its efforts to open up its services trade in order to revive it, despite facing a challenging and difficult external situation. In the first six months of this year, the total value of China's services trade grew by 8.5 percent compared to the previous year, reaching 3.14 trillion yuan, which is approximately $430 billion.

The rate at which trade in services is expanding is quicker than that of trade in goods and surpasses the growth of services trade among the leading economies worldwide.

During the initial six months of 2023, services that require specialized knowledge accounted for 43.5 percent of the overall services trade. Additionally, the trade of travel services has experienced a swift recovery, witnessing a remarkable 65.4 percent increase in trade value compared to the previous year, reaching an impressive 650.94 billion yuan.

The structure of China's services trade has experienced a shift as a result of the COVID-19 pandemic. Starting from 2020, the transportation services trade has surpassed the travel services trade to become the dominant sector in this area. During the initial half of the year, the value of transportation services trade reached an all-time high of 1.05 trillion yuan, making up 36.2 percent of the overall services trade.

According to the Chinese Ministry of Commerce (MOFCOM), the overall worth of China's services trade has rebounded and surged by 12.9 percent compared to the previous year, reaching a staggering 5.98 trillion yuan in 2022. This achievement solidifies China's position as the second-largest contributor to global services trade for nine consecutive years, despite experiencing a setback in 2020 due to the COVID-19 pandemic.

The upcoming China International Fair for Trade in Services in 2023 is set to take place in Beijing from September 2 to 6. This event will feature extensive exhibition spaces covering a vast area of 155,000 square meters. Over 2,200 companies from all around the globe have already confirmed their attendance, making it an international affair not to be missed.

China engages in services trade with over 200 countries and regions, fostering strengthened global collaboration. The Ministry of Commerce (MOFCOM) reveals that China has inked agreements on services trade with a total of 15 nations.