INP
\nBEIJING
\nChina\u2019s service trade hit a historic high in the first ten months of this year with optimized structure and stable progress, said the Ministry of Commerce (MOC) Wednesday.
\nThe country\u2019s service trade grew 11.1 percent year on year to stand over 4.3 trillion yuan (nearly 624 billion U.S. dollars) from January to October, MOC data showed.
\nService exports increased 14.3 percent to 1.42 trillion yuan, while imports gained 9.6 percent to 2.88 trillion yuan, resulting in a deficit of over 1.4 trillion yuan.
\nThe rapid growth of emerging services has pushed the high-quality development of the service trade, the MOC said.
\nTrade of emerging services rose 20.4 percent year on year in the Jan.-Oct. period, 9.3 percentage points higher than the overall growth rate.
\nHowever, the traditional service sector, including tourism, transportation and construction industries, takes up 64 percent of the whole trade volume, still remaining a large part of the industry.
\nIn terms of service imports, China\u2019s demand for high-value-added service continues to grow as supply-side structural reform advances and the manufacturing industry upgrades.
\nChina has paid 194.86 billion yuan for imported intellectual property in the first ten months this year, up 22.5 percent.
\nTrade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing, and accounting.
\nChina has taken steps to improve the development of trade in services, including gradually opening up the finance, education, culture, and medical treatment sectors.
\nIn Oct. this year, the Shanghai Pilot Free Trade Zone issued the country\u2019s first negative list in the service trade field.<\/p>\n","protected":false},"excerpt":{"rendered":"
INP BEIJING China\u2019s service trade hit a historic high in the first ten months of this year with optimized structure and stable progress, said the Ministry of Commerce (MOC) Wednesday. The country\u2019s service trade grew 11.1 percent year on year to stand over 4.3 trillion yuan (nearly 624 billion U.S. dollars) from January to October, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-38732","post","type-post","status-publish","format-standard","category-world"],"yoast_head":"\n