The Chinese mainland's annual trade in services surpassed $1 trillion for the first time in 2024, showcasing significant potential for future growth.
According to the latest data from the Ministry of Commerce, the value of services imports and exports reached a record high of 7.5 trillion yuan (approximately $1.05 trillion), marking a 14.4 percent increase year-on-year.
Exports saw an impressive growth of 18.2 percent, while imports grew by 11.8 percent compared to the previous year.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the ministry, highlighted that advancements in digitization, smart technology, and green development have been key drivers. These factors not only expanded the scale of China's services trade but also optimized its structure and enhanced its international competitiveness in 2024.
Additionally, Li Jun noted that the comprehensive relaxation and optimization of the mainland's visa-free transit policy significantly boosted inbound tourism over the past year.
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China's annual trade in services exceeds $1 trillion for first time
cgtn.com
