China’s total trade volume in services in 2016 reached USD 657.5 billion, ranking the second in the world, according to statistics from the China Beijing International Fair for Trade in Services (CIFTIS).
Officials from China’s Ministry of Commerce said that Chinese authorities have implemented a series of measures to promote the fast development of services trade and the service industry, including service trade innovation and development pilot projects in Tianjin, Shanghai and other cities and districts.
In 2016, 88.56 billion US dollars in foreign capital entered China’s service industry, while China’s foreign direct investment reached USD 183.2 billion, a 43.6% higher than last year, according to CIFTIS.
China is expected to see 2.2 trillion US dollars worth of foreign service capital flow into the country in the next five years, according to the Commerce Ministry.
This is expected in key fields including technology, culture, finance, architecture and service outsourcing through the Belt and Road initiative.
Launched in 2012 and jointly hosted by China’s Ministry of Commerce and the Beijing Municipal Government, the 2017 China Beijing International Fair for Trade in Services is held from May 28 to June 1 in Beijing. – CRI
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