Online Reporter
China’s annual trade in services exceeded IS$1 trillion for the first time last year, demonstrating significant potential for further growth.
China’s services import and export value amounted to a record-high of 7,5 trillion yuan (about US$1,05 trillion in 2024, expanding 14.4 percent year on year, according to the latest data from the Ministry of Commerce (MOC).
Exports grew 18.2 percent year on year and imports grew 11.8 percent, according to the MOC.
Driven by the global trends of digitization, smart technology advancement and green development, China’s trade in services grew in scale, its structure was optimised further and its international competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOC.
He noted that the comprehensive relaxation and optimisation of China’s visa-free transit policy has played a role in boosting inbound tourism over the last year.
The broadly welcomed new policy has sparked the rise of “China Travel,” a popular hashtag on social media where many travellers share their experiences in China, with increasing numbers of international tourists being drawn by the country’s cultural landmarks, nature and city walks.
“‘China Travel’ is booming rapidly, and this growth is expected to boost the country’s services trade further, while helping to drive the global travel industry toward continued recovery and prosperity,” Li said.
China’s digital cultural platforms and content have been gaining significant traction overseas, Li said, noting the popularity of Chinese video game ‘‘Black Myth: Wukong,” the distribution of high-quality Chinese films and TV dramas on overseas streaming platforms such as Netflix and YouTube, and the fact that Chinese internet literature is influencing an increasing number of international readers.
The Chinese government released a guideline on promoting the high-quality development of trade in services through high-standard opening-up in August last year. — Xinhua
