China has achieved a significant milestone by surpassing $1 trillion in annual trade in services for the first time last year, signaling robust potential for future expansion.
According to the latest data from the Ministry of Commerce (MOFCOM), China's services import and export value reached a record-high of 7.5 trillion yuan (approximately $1.05 trillion) in 2024, marking a 14.4% year-on-year increase.
Breaking it down, exports soared by 18.2% while imports climbed by 11.8%, showcasing a balanced and dynamic growth across the board.
Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under MOFCOM, highlighted that the surge was driven by global trends such as digitization, advancements in smart technology, and a push towards green development. These factors not only expanded the scale of China's trade in services but also optimized its structure and enhanced its international competitiveness.
Additionally, Li Jun noted that the comprehensive relaxation and optimization of China's visa-free transit policy played a crucial role in boosting inbound tourism over the past year, further contributing to the growth in the services sector.
As China continues to innovate and adapt to global market trends, the future looks promising for its service-oriented economy, poised to sustain its upward trajectory in the international arena.
