Industry News

China's service exports resumed growth

China News Service, Beijing, September 1,the latest data released by the Ministry of Commerce of China on September 1 shows that China’s service exports in July were 172.5 billion yuan (RMB, the same below), a year-on-year increase of 3.3%. Positive growth is restored for the first time.

From January to July, China's total import and export of services was 2,619.3 billion yuan, a year-on-year decrease of 15.2%. Among them, exports fell by 1.4%, imports fell by 22.8%; the service trade deficit fell to 448.77 billion yuan, about half of the same period last year.

In terms of industries, the proportion of China's knowledge-intensive service trade continued to increase in the first seven months. From January to July, China's knowledge-intensive services accounted for 44.0% of total service imports and exports, an increase of 9.7%. Among them, intellectual property royalties increased the fastest, reaching 31.9%; the export growth of insurance services, telecommunications computers and information services also exceeded 10%. The areas with faster import growth were telecommunications, computer and information services, and financial services, which increased by 28.5% and 16.6% respectively.

However, due to the strict measures adopted by various countries to restrict the cross-border movement of people, tourism, one of the main components of trade in services, has dropped significantly. Official data show that from January to July, China’s import and export of travel services fell 44.6% year-on-year, of which exports fell 43.4% and imports fell 44.8%. If travel services are excluded, China's service trade has resumed growth in the first seven months.

The head of the Department of Trade in Services of the Ministry of Commerce said that the current COVID-19 pandemic is still spreading globally, the world economy is in severe recession, international demand has shrunk sharply, and the development of China's service trade is facing a severe situation. In the future, we will speed up the formulation of a national negative list of cross-border service trade, vigorously develop new service trade such as digital trade and online exhibitions, and promote the high-quality development of service trade.

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