The Ministry of Commerce released at the opening of CIFTIS on Tuesday that China's service trade rose 2.6 percent to 1.29 trillion yuan (about 191 billion U.S. dollars) in the first quarter of 2019, after making a robust growth of 11.5 percent to 5.24 trillion yuan in 2018, a historic high and ranking second in the world for five consecutive years. The share of service trade in the country's total foreign trade has reached 15.6 percent.
In 2018, China's service export in transport, insurance, intellectual property royalties and other business service sectors all posted double-digit growth, with the export of computer and information soaring 69.5 percent year on year.
China has taken a slew of measures to open up the service sector and push forward services trade with overseas partners. Its service trade with countries and regions along the Belt and Road (B&R) reached over 120 billion U.S. dollars last year, according to the ministry.
Beijing is China's pilot city for the expansion and opening-up of the service trade industry. In 2017, it saw the launch of China's first foreign-controlled joint venture in aircraft maintenance, set up by Air France Industries KLM Engineering and Maintenance and Beijing General Aviation Co. Ltd.
In 2018, the added value of Beijing's service trade accounted for 81 percent of the city's GDP.
In March, the Bank of Beijing announced plans to join hands with global finance company ING Bank N.V. to invest 3 billion yuan in setting up a banking joint venture, in which ING Bank holds a 51 percent stake.
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