China's service imports to see huge rise

Added On November 8, 2018

China's cumulative services imports are expected to exceed 2.5 trillion U.S. dollars in the next five years.
China Report has the details.
A Ministry of Commerce report said on Tuesday that China's service imports will account for more than 10 percent of global service imports, contributing over 20 percent to total global growth in the next five years.
It is the first report on service imports issued by the Chinese government.
The reports showed that China's imports of travel services are expected to exceed 1.4 trillion U.S. dollars, while Chinese tourists will make an estimated total of 700 million outbound trips as the country's consumption power grows.
During the period, China will see over 700 billion U.S. dollars of cumulative imports in emerging services, including charges for the use of intellectual property, telecommunications, etc.
An official from the Ministry of Commerce said China will provide a broader market, more valuable cooperation opportunities and greater benefits to the world.
The official said China will continue to expand the opening-up of the service sector, improve the system for services imports, create a sound market environment, deepen multilateral and bilateral trade cooperation, and increase imports of high-quality services.
China has seen a fast growth in service imports since it joined the World Trade Organization. The figure surged from just 39 billion USD in 2001 to nearly 468 billion USD in 2017, with its global share rising from 2.6 percent to 9 percent.