The total value of China's foreign trade in services reached 3.44 trillion yuan (500.88 billion US dollars) over the first eight months of 2018, a year-on-year growth of 10.5 percent, according to the data released by the Ministry of Commerce (MOFCOM) on Saturday, the Shanghai Securities Journals reported.
The data shows that the growth pace of China's foreign trade in services for the first eight months of this year was 0.6 percentage point higher than the corresponding figure for the first seven months.
To be specific, China's service exports increased by 14.4 percent to 1.13 trillion yuan (164.53 billion US dollars) over the first eight months while its service imports grew by 8.7 percent to 2.31 trillion yuan (336.35 billion US dollars). As a result, China's trade deficit in services was 1.18 trillion yuan (171.81 billion US dollars) by the end of August.
It turns out that telecom and information services, cultural and entertainment services and insurance services were the three biggest contributors to the double-digit growth in China's service exports during the above-mentioned period.
"The growth of China's foreign trade in services is speeding up while its structure is also improving," said Xian Guoyi, deputy director of the Department of Trade in Services and Commercial Services of MOFCOM. "The share of the trade in emerging services is increasing."
The data shows that the value of China's foreign trade in emerging services exceeded 1 trillion yuan (145.6 billion US dollars) over the first eight months, a year-on-year growth of 20.9 percent.
Among the emerging services, the import value of financial services, intellectual property-related services, and telecom and information services jumped by 47.1 percent, 23.3 percent and 23.3 percent respectively during the same period.
"China's ongoing financial opening-up has borne some fruits as the value of imported financial services more than doubled in August," said Xian.