China will further open up its service sector by expanding the pilot program for the innovative development of trade in services, the State Council decided at an executive meeting chaired by Premier Li Keqiang on May 23.
It was decided at the meeting that the pilot program will be rolled out in 17 areas, including Beijing, Shanghai and Shenzhen, from July 1, 2018, to June 30, 2020, for the innovative development of trade in services. The program was first rolled out by the State Council in 2016.
A series of opening-up measures will be piloted in the 17 places covering telecommunications, tourism, engineering consulting, finance and legal services. Access mechanisms for trade in services on cross-border delivery and overseas consumption will be explored and refined. Restrictions will be gradually lifted or eased, and customs clearance and visa arrangements will be streamlined for freer flow of goods and people.
In this year’s Government Work Report, the Premier said that mechanisms for developing trade in services will be reformed.
“Developing trade in services is instrumental in transforming China’s development model and achieving high-quality development. The service sector is still an area of weakness in our country’s overall development,” Premier Li said.
“With things going well, we should lose no time in applying the experience gained from the pilot program to wider areas. This will help advance our opening-up and enhance China’s global competitiveness.”
Statistics from the Ministry of Commerce show that China’s trade in services totaled 4.7 trillion yuan in 2017, up by 6.8 percent year-on-year. Exports of services gained 10.6 percent and hit 1.54 trillion yuan, while imports rose 5.1 percent to 3.16 trillion yuan.
