The Chinese mainland has reached a significant milestone in its economic journey, with annual trade in services surpassing $1 trillion for the first time in 2024. This achievement highlights the nation's robust potential for continued expansion in the global marketplace.
According to the latest data from the Ministry of Commerce (MOFCOM), the value of China's services imports and exports soared to a record-high of 7.5 trillion yuan, approximately $1.05 trillion, marking a 14.4 percent increase compared to the previous year.
Breaking down the figures, exports of services grew by an impressive 18.2 percent year on year, while imports expanded by 11.8 percent. These growth rates reflect the dynamic nature of China's service sector and its ability to adapt to evolving global trends.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under MOFCOM, attributes this surge to the global shift towards digitization, advancements in smart technology, and a focus on green development. \"China's trade in services not only grew in scale but also optimized its structure, enhancing its international competitiveness,\" said Jun.
Moreover, the comprehensive relaxation and optimization of the Chinese mainland's visa-free transit policy has significantly boosted inbound tourism over the past year, further contributing to the growth in service trade.
This remarkable growth underscores opportunities for entrepreneurs, business enthusiasts, and global citizens to engage with China's expanding service sector, which is increasingly driven by innovation and sustainability.
Reference(s):
cgtn.com
