Service trade report published
By Jiang Wei (China Daily)Updated: 2006-12-29 09:05 The Ministry of Commerce published its first report on the country's service trade yesterday, analyzing the development and prospects of China's service trade sector.
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The service exports stood at US$40.04 billion in the first half of this year, up 17 per cent year-on-year, while service imports hit US$45.73 billion, a year-on-year rise of 19 per cent, the report said.
Hong Kong, the United States and Japan are the Chinese mainland's top three service trade partners.
Despite the fast growth in China's service sector in recent years, service exports continue to account for less than 10 per cent of China's total exports, only half of the global average.
"Although China's surplus is huge in commodity trade, its deficit in the service sector has increased 44 per cent year-on-year to US$5.7 billion in the first six months of this year," said Hu Jingyan, director of the ministry's department for trade in services.
The report said that China's service trade is largely focused on a number of traditional sectors tourism accounted for 36 per cent of total service exports in the first six months of this year, while transportation took up 23 per cent.
China's service exports are still at an "early stage" in technology-intensive
sectors, such as finance, insurance and consultation.
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