China pledged to step up support measures for trade in services as the world's second-largest economy tries to shift its economic growth model toward consumption and away from heavy reliance on investment and exports, senior officials said on Monday.
"The near future will be a very important period," said Zhou Liujun, director-general of the department of trade in services and commercial services at the Ministry of Commerce.
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"The economic recovery in developed economies strongly drove up China's trade in services this year. At home, services last year surpassed the manufacturing sector for the first time and accounted for the lion's share of GDP," Zhou said.
"Foreign direct investment into services sector keeps outpacing that of manufacturing. This will provide robust momentum for the country's trade in services," he added.
In the first quarter of 2014, China's services exports rose 14 percent year-on-year to $53 billion, while the country's services imports increased 16.6 percent to $85.8 billion, leaving a deficit of $32.8 billion. In the same period, combined exports and imports of services gained 15.6 percent to $138.8 billion, about 12.8 percent of the country's total trade in goods and services, according to the Ministry of Commerce.
"Expanding services exports is a key task this year, and the ministry will study the drafting of a catalog for guidance. A special fund will be set up, while new financial products will be innovated to support key projects. The release of services data also will be more timely," Zhou said.
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