Trade in services experiencing exponential growth(3)

A visitor experiences a passenger-carrying autonomous aerial vehicle during the 2024 CIFTIS in Beijing on Sept 13. (TANG KE/FOR CHINA DAILY)

The value of China's trade in services grew by 10 percent year-on-year to 6.57 trillion yuan in 2023, said the Ministry of Commerce.

This momentum has continued in the first seven months, with China's total value of services trade growing 14.7 percent on a yearly basis to 4.23 trillion yuan.

To further open up its services sector and facilitate convenient cross-border flow of various innovation elements, the State Council, China's Cabinet, released a policy document in early September regarding promotion of the development of trade in services through high-standard opening-up. They are crucial to supporting the expansion of companies like FedEx and Shenyang North Aircraft Maintenance.

The guideline addressed key points in supporting the development of trade in services and is expected to encourage an innovative environment for the growth of the sector.

Since joining the World Trade Organization in 2001, China has been fulfilling its commitments, accelerating the opening-up of its services sector to the outside world, and successfully boosting trade in services, said Tang Wenhong, assistant minister of commerce.

Tang said that the government will fully implement the negative list for cross-border services trade, establish and improve the management system for the list, and strengthen links between various administrative approvals, licenses, filings and negative list adjustments.

A negative list refers to specific areas of industry where foreign investors are not allowed to operate. They can operate in areas not appearing on the list.

"Since China's manufacturing investment and goods trade have remained at a high level, trade in services plays an even more important role to drive high-quality economic growth and new quality productive forces," said Jiang Hao, a partner at global management consultancy Roland Berger.