China has reached a significant milestone in its economic journey, with its annual trade in services surpassing $1 trillion for the first time. According to recent data from the Ministry of Commerce, the services import and export value soared to a record high of 7.5 trillion yuan (approximately $1.05 trillion) in 2024, marking a 14.4 percent increase from the previous year.
The surge was driven by an 18.2 percent growth in exports and an 11.8 percent rise in imports. Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the ministry, attributed this growth to global trends in digitization, smart technology advancements, and green development. “China’s trade in services has not only expanded in scale but also optimized its structure and enhanced its international competitiveness,” Li noted.
One of the key contributors to this growth has been the relaxation and optimization of China’s visa-free transit policy. Over the past year, this policy shift has boosted inbound tourism, with the “China Travel” hashtag gaining popularity on social media platforms. International tourists are increasingly drawn to China’s cultural landmarks, natural beauty, and city experiences.
“‘China Travel’ is booming rapidly,” Li said. “This growth is expected to further boost the country’s services trade while aiding the global travel industry’s recovery and prosperity.”
China’s digital cultural platforms and content have also been making significant inroads overseas. The Chinese video game “Black Myth: Wukong” has captivated gamers worldwide, while high-quality Chinese films and TV dramas are reaching global audiences through streaming platforms like Netflix and YouTube. Additionally, Chinese internet literature is gaining influence among international readers.
In August last year, the Chinese government released guidelines to promote the high-quality development of trade in services through high-standard opening-up. This policy support aims to advance innovation and international cooperation in the sector.
Li Jun emphasized the importance of further opening-up initiatives. “The level of institutional opening-up should be continuously improved,” he suggested. “We should gradually shorten the negative list for cross-border trade in services and actively align with high-standard international economic and trade rules.”
To foster innovation, Li called for unlocking the potential of industrial digitization and digital transformation. Supporting professional organizations in finance, consulting, design, and certification to enhance their international service capabilities is crucial. Accelerating the development of green services is also a priority.
Looking ahead, Li advocated for expanded bilateral, multilateral, and regional collaboration in digital trade and services. “We should leverage major exhibition platforms and develop international services trade cooperation parks,” he said, underscoring the role these initiatives play in driving sustained growth.
