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China’s services trade volume tops $657.5 billion in 2016

Updated: Jun 1,2017 9:50 AM     Xinhua

China’s total trade volume in services reached $657.5 billion in 2016, ranking second in the world, according to statistics from the China Beijing International Fair for Trade in Services (CIFTIS).

China has implemented a series of measures to promote the development of services trade and the service industry as a whole, including pilot free-trade zones and pilot projects in Tianjin, Shanghai, Beijing and other cities and districts. The country has also relaxed entry restrictions for foreign investment in some domestic industries, according to the Ministry of Commerce (MOC).

In 2016, a total of $88.56 billion in foreign capital entered China’s service industry, and China’s foreign direct investment reached $183.2 billion, 43.6 percent higher than last year, according to CIFTIS. In the next five years, China is expected to see $2.2 trillion of foreign service capital flow into the country, according to MOC.

China has invested over $30 billion in service industries in countries along the “Belt and Road” route, hoping to strengthen cooperation in key fields like technology, culture, finance, architecture and service outsourcing through the Belt and Road Initiative.

The 2017 China Beijing International Fair for Trade in Services is being held from May 28 to June 1 in Beijing.