(Yicai Global) Dec. 5 -- China's service trade rose to heights never seen before in the first 10 months this year, as structure optimized and progress stabilized, according to the commerce ministry.
The country's service-related imports and exports grew 11 percent to CNY4.3 trillion (USD624 billion). Service exports increased 14.3 percent to CNY1.4 trillion, while imports rose 9.6 percent to CNY2.9 trillion, resulting in a deficit of over CNY1.4 trillion. Trade in services refers to intangible products such as transportation, tourism, telecoms, construction, advertising, computing, and accounting.
The rapid growth of emerging services has promoted high-quality development, the Ministry of Commerce said.
China's demand for high value-added services continues to grow as the supply-side structural reform advances and the manufacturing industry develops, the ministry added.
China has paid CNY194.9 billion (USD28.5 billion) for imported intellectual property rights in the first 10 months this year, up 22.5 percent from the year before.
The country has taken steps to facilitate cross-border service deals, including gradually opening up the sectors of finance, education, culture, and medical treatment. In October, the Shanghai Pilot Free Trade Zone issued the country's first negative list in the service trade field to open the market for more foreign players.
Editor: Emmi Laine