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Service trade volume tops US$250b in 2007
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China saw its export and import volume in service trade (excluding government service) stood at US$250.91 billion in 2007, said the Ministry of Commerce (MOC) on Friday.

The figure increased 30.9 percent over the previous year, the MOC said on its Website.

Export volume of service trade in 2007 hit US$121.65 billion, up 33.1 percent over the previous year, while the import volume of service trade was US$129.26 billion, up 28.8 percent.

The trade deficit stood at US$7.61 billion, representing a decrease of 14.6 percent year on year.

China was the seventh biggest service export country and the fifth largest service import country in 2007.

China's Hong Kong, the United States, Japan and the Republic of Korea are the four biggest service trade partners of China's mainland, according to the MOC.

Yi Xiaozhun, the MOC vice minister, said China was making efforts to beef up service trade in some pillar industries, and to expand cultural-related service trade in overseas markets.

China was also trying to boost its tourism industry, marine transport industry, and promote service trade in traditional Chinese medicine, insurance and finance, and technological service, Yi said.

China accounted for 3.6 percent of the world's service trade volume in 2006.

(Xinhua News Agency June 7, 2008)

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