Think Tank

Why does China's service trade go against the trend and break through the trillion yuan mark

2025-02-26   

Trade in services and trade in goods complement and promote each other, making China's foreign trade structure better, with higher quality and stronger resilience, and better able to withstand the impact of risks. The dance drama "Wing Chun" captures the interest of foreign people in Chinese Kung Fu and has performed in London multiple times, receiving praise from British audiences; Scenic spots such as the Forbidden City, the Terra Cotta Warriors of the the Mausoleum of the First Qin Emperor, Zhangjiajie, Jiuzhaigou Valley Scenic and Historic Interest Area, etc. have attracted many international tourists... In recent years, with the prosperity and development of the service industry, China's service import and export have maintained a rapid growth rate, and the development dividend of service trade has been emerging. Data is the most persuasive. According to data recently released by the Ministry of Commerce, the total import and export volume of services in China exceeded 1 trillion US dollars for the first time in 2024, achieving a significant increase of 14.4% year-on-year and setting a new historical high. Against the backdrop of slowing global economic growth and rising international trade protectionism, how can China's service trade achieve extraordinary success against the trend? From the perspective of productive services, the rapid development of service trade has favorable supporting conditions. China's manufacturing system is complete. In the era of increasingly refined professional division of labor, productive service industries such as research and development, design consulting, finance and insurance, modern logistics, and technology services that were previously hidden behind Chinese manufacturing have achieved specialized development, giving rise to more new demands for service trade. For example, Chongqing Liangjiang New Area has launched a high-tech enterprise cross-border financing product - "Technology Cross border Loan", which provides financing services for enterprises to borrow foreign debt from overseas banks, to some extent solving the problem of difficult and expensive financing for high-tech service trade enterprises. In the field of lifestyle services, there is also significant room for development in service trade. China is steadily moving towards becoming a high-income country. Referring to international experience, during this stage, the consumption ability and level of residents will continue to improve, and the proportion of service consumption will increase, which will create more demand for life service trade. At the same time, new demands will force traditional service industries to accelerate their upgrading, stimulate the growth of new industries, and create more attractive consumer markets. The rise of the "China Travel" craze worldwide is the best example. The expansion of trade surplus in knowledge intensive service trade and the fastest growth in travel service trade not only reflect the improvement of China's international competitiveness in the service industry, but also serve as a microcosm of China's economic transformation and upgrading. Digitization has become an important driving force for promoting knowledge intensive service trade. For example, the international trade logistics digital service platform can connect freight forwarders, logistics service providers, and various data services worldwide; The digital music platform provides a "one click overseas" distribution service, which can quickly upload music works to various parts of the world. Going global in culture has also become a major feature of service trade, and in recent years, the "new three" achievements of online literature, web dramas, and online game culture going global have been remarkable. China's services provide more high-quality consumption choices for foreign people, which not only promotes the growth of world trade, but also allows the world to better understand China and deepen mutual learning of civilizations. It should be noted that in the face of rising protectionism and unilateralism, China's service trade has risen against the trend, thanks to China's unwavering commitment to expanding its opening-up to the outside world and accelerating the opening up of the service industry and the development of service trade through a series of policy measures. Fully implement the negative list management system for cross-border service trade, orderly relax the access restrictions for the service industry, accelerate the development of open platforms such as the Service Trade Fair, Import Expo, Free Trade Pilot Zone (Free Trade Port), and comprehensive pilot projects for expanding the opening up of the service industry... Establish systems, smooth channels, and build platforms to create a favorable environment for the growth of service trade. Practice has shown that in the face of changes in the external development environment, trade in services and trade in goods complement and promote each other, making China's foreign trade structure better, quality higher, resilience stronger, and better able to withstand risk shocks. General Secretary Xi Jinping emphasized the need to promote the integration and compatibility of rules, regulations, management, and standards in the service sector, orderly expand the opening up of the service market to the outside world, and enhance the functions of the service industry and service trade open platform. Further promoting institutional openness, enhancing the breadth and depth of service trade openness, polishing China's service brand name card, will surely promote the high-quality development of China's service trade, accelerate the process of building a strong trading nation, and make greater contributions to the development of global service trade. (New Society)

Edit:Luo yu Responsible editor:Jia jia

Source:people.cn

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