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Business / Economy

Ministry: Trade in services a key priority this year

By Li Jiabao (China Daily) Updated: 2014-05-06 11:00

China pledged to step up support measures for trade in services as the world's second-largest economy tries to shift its economic growth model toward consumption and away from heavy reliance on investment and exports, senior officials said on Monday.

"The near future will be a very important period," said Zhou Liujun, director-general of the department of trade in services and commercial services at the Ministry of Commerce.

Ministry: Trade in services a key priority this year

Ministry: Trade in services a key priority this year
While foreign trade in goods refers to shipment of commodities, trade in services points to the export and import of intangible products, such as tourism, financial services and telecommunications services. China was the world's biggest goods trader and third-largest trader in services in 2013, with goods trade accounting for 11 percent of the world's total and that of services 6 percent of the world's total. Trade in services have outstripped goods trade in recent years.

"The economic recovery in developed economies strongly drove up China's trade in services this year. At home, services last year surpassed the manufacturing sector for the first time and accounted for the lion's share of GDP," Zhou said.

"Foreign direct investment into services sector keeps outpacing that of manufacturing. This will provide robust momentum for the country's trade in services," he added.

In the first quarter of 2014, China's services exports rose 14 percent year-on-year to $53 billion, while the country's services imports increased 16.6 percent to $85.8 billion, leaving a deficit of $32.8 billion. In the same period, combined exports and imports of services gained 15.6 percent to $138.8 billion, about 12.8 percent of the country's total trade in goods and services, according to the Ministry of Commerce.

"Expanding services exports is a key task this year, and the ministry will study the drafting of a catalog for guidance. A special fund will be set up, while new financial products will be innovated to support key projects. The release of services data also will be more timely," Zhou said.

Ministry: Trade in services a key priority this year Ministry: Trade in services a key priority this year
 Service sector shines in February, while manufacturing moseys along Services trade growth outpaces that of goods 

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