China Looks to Import USD2.2 Trillion Worth of Services in Next Five Years
Yicai Global
/SOURCE : Yicai
China Looks to Import USD2.2 Trillion Worth of Services in Next Five Years

(Yicai Global) May 31 -- China has invested over USD30 billion in One Belt, One Road countries since the introduction of the cross-border initiative in 2013, state-run Xinhua news agency reported, citing a speech by Fang Aiqing, the nation's deputy commerce minister, at China Beijing International Fair for Trade in Services which opened Sunday.

The world's second largest economy will import more than USD2.2 trillion worth of foreign services in the next five years, he said.

The country attracted almost one-tenth of the total global service export last year, and foreign investment in the Chinese service industry totaled USD89 billion, or 70 percent of the global total. China's outbound direct investment amounted to USD183 billion, of which over 70 percent went to foreign service businesses.

Services contributed greatly to China's integration into the global value chain and international economic growth, said Hamid Mamdouh, Director of the WTO's Trade in Services and Investment Division. The country has seen a five-fold increase in the size of its services industry since its WTO accession. Services now make up some 70 percent of the global gross domestic product (GDP) and 45 percent of employment. Last year, exports of services worldwide totaled USD4.8 trillion, accounting for 23.5 percent of the total global export, up 4.4 percentage points from 2011.

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Keywords: Service , B&R