Vice-Premier Wang Yang (C) presides over and speaks at an inter-ministerial joint conference on service trade development in Beijing, capital of China, Jan 22, 2016.[Photo/Xinhua]

Vice-Premier Wang Yang on Jan 22 stressed growth of service trade, a key step to upgrade China’s foreign trade.

Growth of service trade is crucial for the supply-side structural reforms, and the public entrepreneurship and innovation, he said at an inter-ministerial joint conference on service trade development.

In the past five years, China’s service trade growth averaged 14.5 percent annually with its service trade volume ranking the second in the world, he said.

But he also admitted China’s service trade is still not competitive enough in the world.

He encouraged innovations and improved legal system on the aspect, so that China’s service trade can hit $1 trillion by 2020.