The trade-in services reached a record high last year

The trade-in services reached a record high last year

The Beijing International Trade Fair will be held from May 28th to June 1st. The “Beijing Fair”, the China (Beijing) International Service Trade Fair, has been held for five times. Since this year, it has been upgraded and renamed the China International Service Trade Fair, which reflects the fact that the Beijing Fair has become a national exhibition to build a brand and expand its influence globally. New upgrades.

In recent years, the scale of China’s service trade has continued to expand. In 2018, the scale of China’s service import and export reached a record high. The total import and export of service trade for the whole year were about 791.9 billion US dollars. Wang Bingnan, the vice-minister of the Ministry of Commerce, said that the Beijing International Trade Fair is the only national-level exhibition held by the Chinese government in the field of service trade and will promote the development of China’s and global service trade. Next, the Ministry of Commerce will also take measures to promote service trade as a new engine for China’s foreign trade development.

“In recent years, in world trade, trade in services has grown relatively fast, but in terms of the base, trade in goods is higher and trade in services is lower. Trade in goods is mainly solved by logistics, but trade in services has various trades in services. Services can be cross-border, some are really difficult, and many service trades require face-to-face transactions. But over the years, with the development of information technology, especially the development of the Internet, the service trade on the Internet has largely overcome the logistics barriers, and As far as China is concerned, there are still many growth points in service trade, such as the healthy old-age industry. China’s entry into an aging society will definitely generate a lot of old-age needs.” Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, told the Beijing News reporter. China’s service trade still has a lot of room for development.

What is trade in service ?

According to the WTO General Agreement on Trade in Services, trade in services includes business services, distribution services, financial services, transportation services, communication services, education services, health services, cultural and entertainment services, construction services, environmental services, tourism services and other services. 12 large departments are subdivided into more than 150 sub-sectors. Services can be traded through multiple channels such as cross-border delivery, offshore consumption, commercial presence and natural person movement.

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