Current location:Global Gateway news portal > business
China making its mark in global services trade
Global Gateway news portal2024-05-21 09:27:07【business】9People have gathered around
IntroductionA view of Beijing's CBD area on Aug 19, 2022. [Photo/VCG]China has expanded its share of global comm
A view of Beijing's CBD area on Aug 19, 2022. [Photo/VCG]
China has expanded its share of global commercial services exports from 3 percent in 2005 to 5.4 percent in 2022, according to a report jointly released by the World Bank Group and World Trade Organization earlier this week.
Titled Trade in Services for Development, the report stated that the growth of commercial services trade has been driven by advancements in information and communications technologies. The global expansion of the internet, in particular, has significantly enhanced opportunities for the remote provision of various services, including professional, business, audiovisual, education, distribution, financial and health-related services.
It also found that India, another Asian country proficient in commercial services, has more than doubled its share of such exports in this category to 4.4 percent of the global total in 2022 from 2 percent in 2005.
In contrast to goods trade, trade in services refers to the sale and delivery of intangible services such as transportation, finance, tourism, telecommunications, construction, advertising, computing and accounting.
Despite a weakening demand for goods and geoeconomic fragmentation, China's trade in services flourished on the back of continuous opening-up, stable recovery of the services sector and ongoing digitalization. The value of the country's trade in services grew by 9.1 percent on a yearly basis to 2.08 trillion yuan ($287.56 billion) in the first four months, said the Ministry of Commerce.
Experts said that segments like human capital-intensive services, knowledge-intensive services and travel services — education, tourism, aircraft and vessel maintenance, TV and film production — have been particularly active in China in recent years.
Zhang Wei, chief expert of the Shanghai-based China Association of Trade in Services, said that future economic growth in China can be driven by growing exports of human capital-intensive services, which demand a higher level of expertise and skill. These services encompass areas such as technology consulting, research and development, and engineering.
China's trade in knowledge-intensive services expanded 13.1 percent year-on-year to 905.79 billion yuan between January and April. The figure accounted for 43.5 percent of the country's total volume of services trade, up 1.5 percentage points from the same period in 2022, said the Ministry of Commerce.
"Another contributing factor to the national economy will be growing demand for high-quality foreign services from the expanding middle-income population in China," Zhang said, adding that these services may cover domains such as education, logistics, tourism, healthcare and entertainment.
Foreign service trade providers said that they remain optimistic about the outlook for the industry this year and beyond in the Chinese market.
The zero and low tariff rates brought by the Regional Comprehensive Economic Partnership pact and other free trade deals will boost consumers' purchasing power and enable small and medium-sized enterprises to ship more products to other signatory countries, said Eddy Chan, senior vice-president of United States-based FedEx Express and president of FedEx China.
This trend will definitely generate more growth points for cross-border service trade providers, he said.
Dekra Group, a German testing, inspection and certification group with more than 48,000 employees globally, will expand its laboratory space in Hefei, Anhui province this year, to serve the fast-growing information technology, household appliances and electric vehicle industries in China's eastern region.
Many opportunities come from China's pursuit of sustainable growth and rapid industrial upgrading pace, said Mike Walsh, executive vice-president of Dekra and the group's head of the Asia-Pacific region.
Address of this article:http://northernmarianaislands.barryexit.org/content-09f799944.html
Very good!(5)
Related articles
- Kevin Pillar gets 1,000th career hit in Angels' win at Texas
- Advocates push states to save foster children's federal benefits, not spend them
- Chinese comedy 'The Last Frenzy' still tops Chinese box office
- Rossi has goal, assist in Crew's 3
- 'The Apprentice,' about a young Donald Trump, premieres in Cannes
- British father
- States with abortion bans saw greater drops in medical school graduates applying for residencies
- Pregnant Lea Michele, 37, walks arm
- Six killed in a 'foiled coup' in Congo, the army says
- Mbappe confirms PSG exit at end of season
Popular articles
- Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
- Top Hunk! Tom Cruise, 61, proved he's still got it with THAT shirtless snap
- Taylor Swift and Travis Kelce's Lake Como trip revealed! Inside their five
- Fans joke Eddie Howe's Newcastle assistant Jason Tindall 'needs to LEARN' from Kevin Nolan
Recommended
Four people killed in a house explosion in southwestern Missouri
Rossi has goal, assist in Crew's 3
Mariners get fine start from Luis Castillo, use late charge to rally past Orioles 4
Copper has career
Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
Bruno Fernandes hints at 'thinking about' leaving Man United after Euro 2024
Leicester City are CHAMPIONS! Foxes secure Championship title after they beat Preston 3
Mbappe confirms PSG exit at end of season
Links
- Queen Maxima's rainbow wardrobe is 'a statement of confidence and strength,' says expert stylist
- China overcapacity narrative to impact global recovery, green transition: commerce ministry
- Iran helicopter crash: Rescuers say 'No sign of life' at chopper crash site
- Miranda Lambert, 40, looks loved
- Candidates begin registering in complicated process to select Thailand's new Senate
- Iran Foreign Minister Hossein Amirabdollahian dies in helicopter crash
- General Hospital's Brook Lynn and Chase tie the knot on Thursday in the second episode of a three
- Taiwan elections: Lai Ching
- Botanists are scouring the US
- Iraqi parliament fails to elect new speaker