China recorded a substantial reduction in the trade deficit in services last year, with new progress in structural reform and high-quality trade development, the Ministry of Commerce announced on Monday (10.02.2020).
Service trade totaled 5,41 trillion yuan (about 775.600 billion U.S. dollars) in 2019. Exports rose 8,9 percent year on year to 1,96 trillion yuan, while imports fell 0,4 percent year on year to about 3,46 trillion yuan, ministry spokesman Gao Feng said at a press conference.
The services trade deficit stood at 1,5 trillion yuan in 2019, down 176.000 billion yuan from 2018The spokesman attributed the turnaround to a strong domestic services sector and growth-friendly policies in the area of innovation.
Gao also highlighted the rapid and continued expansion of trade in knowledge-intensive services in the country, which rose 10,8 percent year on year to exceed 1,87 trillion yuan.
Exports of knowledge-intensive services grew 13,4 percent to 991.600 billion yuan, while imports rose 8 percent to 886.000 billion yuan.
Unlike trade in goods, trade in services refers to the sale and delivery of intangible products, such as Transport, tourism, telecommunications, construction, advertising, IT and accounting.
Source: Xinhua
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