China’s service imports to exceed $2.5t in five years

In the next five years, China’s cumulative service imports are expected to exceed $2.5 trillion, which would contribute over 20 percent to the growth of global service imports, according to a report.

The Report on China’s Services Import was the first-of-its-kind formulated by the Chinese government. It was released on Tuesday during the ongoing China International Import Expo in Shanghai.

According to the report, China has been the biggest contributor to the global growth of service imports. In the past five years, the country’s imports of services have contributed 25.8 percent to the growth of global service imports, it said. Xian Guoyi, head of the Ministry of Commerce’s service trade department, said at a press conference that China’s service import met the needs of the Chinese people for a better life, facilitated domestic industrial structural transformation and upgrading, and brought new opportunities for global trade growth.