The total export-import volume of service
trade among the first four months of 2016 amounted to USD257.02 billion, up
16.8% YoY. According to China’s Ministry of Commerce, the field will embrace a
golden age of well-rounded development during the period of the 13th Five Years Plan, and up to the year of 2020, the import-export volume of China’s
service trade will surpass USD1 trillion.
Contrary to the extended downturn of
commodity trade, the service trade has still been in a very good developing
state.
According to Ministry of Commerce (MOC),
the import-export volume of the service trade among the first four months of
2016 amounted to USD257.02 billion, up 16.8% YoY.
In terms of the characteristics of the
development of service trade, Fang Aiqing, deputy minister of MOC, stated that
China’s service trade has maintained good momentum of development since 2015
and has still kept a rapid growth. The development of service trade can be
categorized into four highlights.
Firstly, with the rapid expansion of trade
scale, the proportion of service trade in the total foreign trade continues to
go up. From Jan. to April, China’s total service trade, accounted 18.9% of the
total foreign trade, amounted to USD257.02 billion, up 3.5 percentage point YoY.
Secondly, with the trade structure to be
more optimized, the emerging areas that characterized by the development
research and technical service are going through fast-development.
From Jan. to April, the import-export
volume of the trade service, including technology, the use of intellectual
property, and the research and development services amounted to USD21.48
billion, accounted for 8.4% of the total export-import volume and ranked the
third place among the export-import business.
At the same time, the trade of telecommunication,
computer technology, and information service keep growing fast, with the export
of USD8.84 billion and the YoY growth of 19.1%.
Thirdly, with the cross-border supply to be
more and more convenient, the business process outsourcing, including the
businesses of the supply chain management and data processing, keep growing
faster than the other businesses.
From Jan. to April, the amount of the
service outsourcing contract signed by the enterprises totaled USD 42.74
billion, up 23.9% YoY. The businesses of the supply chain outsourcing, data
processing, and the service of call center have all enjoyed a speed increase of
more than 50%, which have also driven the business process outsourcing with a
year-on-year growth of more than 15%.
Fourthly, with a stable configuration of
international market, countries along the “Belt and Road Initiative” areas have
kept releasing their potential. Among China’s service trade export-import
businesses, 70% of which went to the areas and countries like Hong Kong, the
EU, the United States, Japan, the ASEAN, South Korea, and Australia; while
14.6%, that was USD2.54 billion, went to the countries along the “Belt and Road
Initiative” areas.
From the perspective of Zhao Zhongxiu, vice-president
of the University of International Business and Economics, China has to highly
focus on the development of service trade in the future.
“What is quite interesting is that the
service trade has been increasing while the commodity trade keeps declining
since finance crisis. We can conclude that service trade may turn to be an
important engine for the economic growth in the next phase, to which we need to
pay a particular attention, ” said Zhao.
How large is the space there for the future
service trade? According to Gao Hucheng, minister of MOC, the field will
embrace a well-rounded golden age during the 13th Five Years Plan,
and China’s import-export volume of service trade will surpass USD1 trillion.
Gao stated that China will accelerate its
step on implement the innovation-driven strategy and propel a new round of
opening up that focuses on developing the service industry.
*This article is edited and translated by
CCM. The original article comes from Jiemian.com.
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