China’s Services Imports to Exceed $2.5 Trillion in 5 Years

Beijing: China’s cumulative services imports are expected to exceed $2.5 trillion in the next five years, a Ministry of Commerce (MOC) report said on Tuesday. It would also account for more than 10 per cent of the global services imports, contributing over 20 per cent to the growth in the global total in the coming five years, according to the report.

During the period, China was expected to see over $700 billion imports in emerging services, including on intellectual property, telecommunications, computer and information services, financial services, and personal cultural and recreational services, the report said. China has seen fast growth in imports of services since its entry to the World Trade Organisation. Its services imports surged to $467.6 billion in 2017 from $39.3 billion in 2001, with its global share increasing to nine percent from 2.6 percent, the MOC data showed. An array of advanced services provided by foreign firms, including financial and health care services, were on display at the six-day CIIE, which opened Monday. (IANS)

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