China's service trade totaled 4,02 trillion yuan (571.000 billion U.S. dollars) in the first three quarters of this year, up 3 percent year on year, the country's Ministry of Commerce said Monday (November 04.11.2019, XNUMX).
Service exports rose 9,4 percent year-on-year up to 1,42 trillion yuan, while imports reached 2,6 trillion yuan, 0,2 percent less than a year ago, the ministry said.
Trade deficit in services fell by 9,8 percent and stood at 1,18 trillion yuan during the period in question.
Data from the agency also showed that trade in knowledge-intensive services maintained rapid expansion, with a year-on-year increase of 11 percent, registering a turnover of 1,37 trillion yuan.
Exports of knowledge-intensive services grew by 13,7 percent to 717.720 billion yuan, while imports increased by 8,2 percent to 652.500 billion yuan.
Unlike trade in goods, trade in services refers to the sale and delivery of intangible products, such as transportation, tourism, telecommunications, construction, advertising, information technology and accounting.
China has taken steps to enhance the development of services trade, including gradually opening up the finance, education, culture and healthcare sectors.
Source: Xinhua
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