China - Service trade booming in first 10 months

Published: 06.12.2018 Related countries:  China China

China's service trade volume hit a record in the first 10 months of this year, with its structure continuing to optimize, said the Ministry of Commerce on Tuesday. From January to October, the nation's service trade totaled over 4.3 trillion yuan (US$624 billion), up 11.1 percent year-on-year, according to the ministry.

China's service trade volume hit a record in the first 10 months of this year, with its structure continuing to optimize, said the Ministry of Commerce on Tuesday.

From January to October, the nation's service trade totaled over 4.3 trillion yuan (US$624 billion), up 11.1 percent year-on-year, according to the ministry.

China exported 1.42 trillion yuan worth of goods during the period, up 14.3 percent year-on-year, while imports edged up by 9.6 percent, reaching 2.88 trillion yuan.

The ministry's spokesman said fast-emerging services had resulted in high-quality growth in service trade, as emerging service trade jumped 20.4 percent year-on-year during the first 10 months of 2018. Its growth rate was 9.3 percent higher than the overall sector.

The traditional service sectors of tourism, transportation and construction maintained the lion's share, taking up 64 percent of the overall trade volume.