China's Trade in Services Sees Significant Growth Amid Global Uncertainties
Trade in services expands by 8.2% in early 2023, driven by tourism and knowledge-intensive sectors.
China's trade in services has experienced notable growth during the first four months of 2023, primarily due to a surge in inbound tourism and a solid performance in the knowledge-intensive service sector.
According to the Ministry of Commerce, the total import and export value of services reached 2.63 trillion yuan (approximately $366 billion), which represents an increase of 8.2% year-on-year.
A standout feature of this growth has been the trade in knowledge-intensive services, which saw a total value exceeding 1 trillion yuan, marking a year-on-year increase of 5.5%.
Notably, the export of travel services outpaced other subsectors, soaring by 79.9% in the same period.
The increase in travel services is largely attributed to China's initiatives aimed at enhancing its attractiveness to foreign tourists.
These include the unilateral visa exemption for citizens of 43 countries and a 144-hour visa-free transit policy for nationals from 54 countries.
These measures are designed to create a more inviting environment for international visitors to China.
Experts highlight that China's commitment to openness is particularly significant amidst rising global protectionism.
By improving its tax refund systems for foreign tourists and lowering the minimum tax refund threshold from 500 yuan to 200 yuan, China aims to bolster its consumer market and maintain its relevance in global supply chains.
Meng Pu, chairman of Qualcomm China, emphasized the efficiency and innovative potential unlocked by technology in service sectors, underscoring the value of cooperation within an open ecosystem.
In a broader context, upcoming economic and trade consultations between China and the United States, coinciding with Vice-Premier He Lifeng's visit to the UK, signal ongoing dialogues regarding trade relations.
This follows previous economic discussions in Geneva, where both nations agreed to pause certain tariffs to facilitate further negotiations.
In light of the uncertainties surrounding U.S. tariffs on goods, experts such as Zhao Jinping, vice-president of the China Association of Trade in Services, stress the importance of developing and diversifying trade in services to provide a buffer against potential economic challenges.
He noted that China is dedicated to aligning its services trade policies with international standards while implementing a negative list approach for cross-border trade in services.
According to the Ministry of Commerce, the total import and export value of services reached 2.63 trillion yuan (approximately $366 billion), which represents an increase of 8.2% year-on-year.
A standout feature of this growth has been the trade in knowledge-intensive services, which saw a total value exceeding 1 trillion yuan, marking a year-on-year increase of 5.5%.
Notably, the export of travel services outpaced other subsectors, soaring by 79.9% in the same period.
The increase in travel services is largely attributed to China's initiatives aimed at enhancing its attractiveness to foreign tourists.
These include the unilateral visa exemption for citizens of 43 countries and a 144-hour visa-free transit policy for nationals from 54 countries.
These measures are designed to create a more inviting environment for international visitors to China.
Experts highlight that China's commitment to openness is particularly significant amidst rising global protectionism.
By improving its tax refund systems for foreign tourists and lowering the minimum tax refund threshold from 500 yuan to 200 yuan, China aims to bolster its consumer market and maintain its relevance in global supply chains.
Meng Pu, chairman of Qualcomm China, emphasized the efficiency and innovative potential unlocked by technology in service sectors, underscoring the value of cooperation within an open ecosystem.
In a broader context, upcoming economic and trade consultations between China and the United States, coinciding with Vice-Premier He Lifeng's visit to the UK, signal ongoing dialogues regarding trade relations.
This follows previous economic discussions in Geneva, where both nations agreed to pause certain tariffs to facilitate further negotiations.
In light of the uncertainties surrounding U.S. tariffs on goods, experts such as Zhao Jinping, vice-president of the China Association of Trade in Services, stress the importance of developing and diversifying trade in services to provide a buffer against potential economic challenges.
He noted that China is dedicated to aligning its services trade policies with international standards while implementing a negative list approach for cross-border trade in services.
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