BEIJING (TDI), February 3rd (www.thediplomaticinsight.com) – – China’s annual trade in services exceeded $1 trillion for the first time last year, demonstrating considerable potential for further growth.
China’s services trade reached a record 7.5 trillion yuan (about 41.05 trillion) in 2024, growing 14.4% year on year, according to the latest data from the Ministry of Commerce (MOC).
Exports grew 18.2% year on year and imports grew 11.8%, according to the MOC.
Driven by the international trends of digitization, smart technology advancement and green development, China’s trade in services increased in scale, its structure was optimized further and its global competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOC.
He noted that the comprehensive relaxation and optimization of Beijing’s visa-free transit policy has played a role in increasing inbound tourism over the last year, according to Global Times.
The widely praised new policy has fueled the rise of the “China Travel,” hashtag on social media, with many visitors sharing their experiences in the country, with increasing numbers of foreign tourists being drawn by the country’s cultural landmarks, nature and city walks.
“‘China Travel’ is booming rapidly, and this growth is likely to boost the country’s services trade further, while helping to drive the international travel industry toward continued recovery and prosperity,” Li said.
China’s digital cultural platforms and content have been gaining notable traction overseas, Li said, noting the popularity of Chinese video game “Black Myth: Wukong,” the distribution of high-quality Chinese movies and TV dramas on overseas streaming platforms such as Netflix and YouTube, and the fact that Chinese internet literature is influencing a growing number of international readers.
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CGTN