Services bring cheer to trade amid tough times

More opening-up, stable recovery, digitalization lift hopes of home and global markets

Between 2012 and 2022, a period that included nearly three years of COVID-19 disruptions to various economic activities, China's trade in services notched up an outstanding record. It grew more than 6 percent annually on average — 3 percentage points more than the global growth rate — helping China to extend its position as the world's second-largest trader in services for nine consecutive years.

More than 200 countries and regions are involved in trade in services with China, which covers purchase and sale of services like transportation, communication, construction and related engineering, finance, entertainment, culture, sports, tourism, education and environment.

According to data from the Ministry of Commerce, China's trade in services last year was worth 5.98 trillion yuan ($872.81 billion), up nearly 13 percent year-on-year, bringing cheer to the overall trade sector that seemed to be weighed down by tardy trade in goods and slowing export growth.