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Volume of trade in services up 11.1%

Updated: Dec 5,2018 8:46 AM     CGTN

Fresh data from the Ministry of Commerce shows that China’s total volume of trade in services reached 4.3 trillion yuan, or about $630 billion, in the first 10 months of 2018. That was an 11.1 percent increase year-on-year and came as exports rose 14.3 percent and imports climbed 9.6 percent. Traditional services such as tourism, transportation, and construction still make up the bulk of the trade, accounting for 64 percent of the total. Demand for high added value services imports also has been rising. The ministry said the trade of intellectual property has grown substantially.

“Both imports and exports of intellectual property have increased. IP imports have climbed to 194.9 billion yuan. This shows the demand for intellectual property has risen and our IP protection system has been enhanced. Intellectual property is one of the key growth points so far.” said Li Yuan of the Commerce Ministry.