Chan Ye Xin Xi Wang·2025-04-20 01:17Core Viewpoint - China's service trade is experiencing significant growth, with a total service trade volume projected to reach 7.10 trillion yuan in 2024, reflecting a year-on-year increase of 16.38% [1][10]. Industry Overview - Service trade involves the cross-border flow of services as trade goods, categorized by delivery method and production factor intensity [2][4]. - The industry has evolved through four main stages: initial exploration (1978-1992), rapid growth (1992-2001), accelerated development (2001-2012), and high-quality development (2012-present) [4][5][6]. Industry Development History - From 1978 to 1992, service trade began to develop but lagged behind manufacturing, with total service trade imports and exports increasing from 4.4 billion USD to 10.8 billion USD [4]. - The period from 1992 to 2001 saw a significant increase in service trade, with the share of global service trade rising from 1% to 2.3% [5]. - Following China's accession to the WTO in 2001, service trade grew rapidly, with total imports and exports increasing from 71.9 billion USD in 2001 to 713 billion USD in 2015 [5]. - Since 2012, the focus has shifted to high-quality development, with policies promoting service trade transformation and an increase in knowledge-intensive service trade [6]. Industry Chain - The service trade industry chain includes upstream components like infrastructure and technology support, midstream service trade activities, and downstream demand from consumers, businesses, and government [8]. Current Industry Status - In 2024, the service trade deficit is projected to be -1.63 trillion yuan, a decrease of 10.78% year-on-year, primarily due to increased outbound travel demand driven by rising household incomes [10]. - Key segments driving growth include travel services, which are expected to reach 2.07 trillion yuan, a 33.67% increase, and transportation services, projected at 2.00 trillion yuan, a 15.18% increase [12][13]. Key Companies' Performance - Major companies in the service trade sector include COSCO Shipping Holdings, which reported a revenue of 233.9 billion yuan in 2024, a 33.35% increase, and a gross profit of 67.7 billion yuan, a 145.35% increase [17]. - Boyuan Technology, a global IT service provider, reported a revenue of 5.098 billion yuan in the first three quarters of 2024, a 4.64% increase, but a net profit decline of 20.39% [19]. Industry Development Trends - Digital transformation is a key trend, with advancements in AI, blockchain, and cloud computing expected to enhance service delivery and efficiency [21]. - The demand for knowledge-intensive services is anticipated to rise, particularly in finance and IT, driving the industry towards higher value chains [22]. - Green service trade is emerging as a significant trend, with increasing focus on sustainability and environmental protection [23].