September 1, 2022
According to Xinhua, China’s service trade would experience strong growth between 2012 and 2021.
From 2012 through 2021, the imports and exports of China’s service sector grew by an average of 6.1 percent per year, 3.1 percentage points faster than the global average.
The value added of the services industry in China expanded by 1.49 times, and the amount of services imported reached $4 trillion, further enhancing the nation’s competitive advantage in a very sizable market.
In the last ten years, the import and export of knowledge-intensive services have grown at an average annual pace of 10.3 percent and 9.3 percent, respectively.
The size of offshore service outsourcing expanded 2.9 times, and over the past ten years, the sector has cumulatively produced 11.27 million employment.
With a growth rate of 21.4 percent year over year, China’s total import and export of services surpassed $800 billion for the first time in 2021, reaching a record high.
The nation’s service trade imbalance dropped last year by 67 percent from the year before to $32.75 billion, the lowest amount since 2011. The service trade imbalance decreased even further in the first half of this year, to $12.2 billion.
There are already more than 200 nations and areas doing business with China in the service sector.
Source: China Daily
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