China's commerce ministry to promote services trade

0 Comment(s)Print E-mail Xinhua, February 11, 2022
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Photo taken on Aug. 31, 2021 shows a venue of the China International Fair for Trade in Services (CIFTIS) at Shougang Park in Beijing, capital of China. [Photo/Xinhua]

China's Ministry of Commerce (MOC) will continue to boost reforms of the services trade this year, a spokesperson said on Thursday.

Following the 14th five-year plan for the development of the services trade, the ministry will roll out more policies to facilitate the high-quality development of the digital, technology and cultural trades, MOC spokesperson Gao Feng said at a press conference.

The ministry will continue to explore the opening-up of the services trade, and work on a national negative list for cross-border trade in services.

The ministry will select areas to be built into national demonstration zones for the innovative development of the services trade.

China will further develop the digital trade and build related demonstration zones in a bid to promote technological and institutional innovation.

In 2021, China's services trade grew 16.1 percent year on year to nearly 5.3 trillion yuan (about 831.42 billion U.S. dollars).

In contrast to trade in merchandise, trade in services is the sale and delivery of intangible products such as transportation, tourism, telecommunication, advertising, computing and accounting, among others, according to the World Trade Organization.

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