BEIJING: China will further open up its services sector, promote convenient cross-border flow of various innovation elements, and optimise the environment for the growth of trade in services, a senior official says.

The State Council, China’s Cabinet, released a policy document earlier this month regarding promotion of the development of trade in services through high-standard opening-up.

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

“Currently, China’s services trade is embracing an important period of innovation and growth.

“The document will guide China’s services trade growth in the future,” Tang Wenhong, assistant minister of commerce, said during a news conference.

“The services sector has been an important driving force for economic globalisation. Compared with trade in goods, trade in services is still a relatively new field in China with significant growth potential,” Tang said.

From 2013 to 2023, the average annual growth rate of global services exports reached 4.9%, which doubled the average growth rate for the global export of goods.

Exports of services accounted for one-fourth of total exports, said the World Trade Organisation (WTO).

Since joining the WTO in 2001, China has been fully fulfilling its commitments, accelerating the opening up of its services sector to the outside world, and successfully boosting trade in services.

China’s services trade steadily expanded in scale, optimised its structure and enhanced overall global competitiveness.

Last year, China’s total value of trade in services reached US$933.1bil, surging 233-fold over levels seen in 1982, when the country was at the early stage of reform and opening-up, Tang’s ministry said.

 -China Daily