Thriving service trade fuels China’s high-quality development

Thriving service trade fuels China’s high-quality development showcasing China’s commitment towards openness.

Amid growing anti-globalization and trade protectionism, the 2024 China International Fair for Trade in Services (CIFTIS) underscores China’s strong commitment to high-quality development and continued openness.

The event, covering sectors like telecommunications, financial services, and cultural and travel services, attracted participants from over 80 countries and international organizations to Beijing. China’s advancements in e-commerce, digital finance, and the sharing economy have significantly transformed everyday life, with new productive forces driving the growth of the service trade.

One notable example is the global success of the video game “Black Myth: Wukong,” which blends technology and culture, selling over 18 million copies and captivating gamers with China’s rich mythology.

Digital-driven, smart, and green growth is accelerating in the service trade, with new technologies and business models, such as short videos and online literature, offering a wide range of consumer choices. Big data, computing power, and low-carbon technologies are further integrating various industries within the service trade. Innovations like digital cultural tourism and smart education are unlocking the potential for service consumption.

Over the past decade, China’s service trade has grown at an annual rate of 6.2% in U.S. dollar terms, surpassing the global average and its own trade in goods. In 2023, China’s service trade reached a record high of 6.6 trillion yuan (about 927 billion U.S. dollars).

Travel services, a key part of China’s service trade, have seen rapid growth, with exports rising by 131.9% and imports by 41.5% in the first half of the year. Travel services now account for 26.7% of the country’s overall service trade, a significant increase from the previous year.

Earlier this month, China introduced guidelines to promote high-quality service trade development, with a focus on digital, intelligent, and green growth. The guidelines aim to enhance institutional openness, manage cross-border trade, and standardize service trade operations.