Core Insights - China's service exports are experiencing significant growth, with an average annual increase of 7.3% projected from 2014 to 2024, rising from $219.1 billion to $445.9 billion [15][18] - The Ministry of Commerce and nine other departments have introduced new policies to promote service exports, focusing on digital services, high-end design, and supply chain services [15][16] - The global service trade is expected to maintain growth, with the WTO forecasting a 4.0% increase in global service exports by 2025 [18] Service Trade Growth - In the first eight months of this year, China's service trade reached a total of 52,476.9 billion yuan, a year-on-year increase of 7.4%, with exports growing by 14.7% to 23,004.4 billion yuan [12][18] - Knowledge-intensive service exports accounted for over 50% of total service exports, with a 9.4% year-on-year growth, highlighting the increasing competitiveness of high-tech services [12][15] Policy Support - The new policies aim to streamline export tax refund processes and enhance financial services for small and medium-sized enterprises, improving the overall efficiency of service exports [16][19] - Specific measures include optimizing the declaration process for service export tax refunds and expanding export credit insurance coverage [16][19] Market Opportunities - The cultural and creative sectors, including gaming and digital content, are expanding internationally, with companies like NetEase successfully launching over 30 games in global markets [17] - Various provinces are actively developing service trade, with Zhejiang aiming for service imports and exports to exceed 850 billion yuan by 2027, accounting for over 10% of the national total [19] Future Outlook - The service trade sector is expected to benefit from favorable conditions in the second half of the year, with continued growth in travel services and knowledge-intensive exports [18][19] - The Ministry of Commerce is committed to implementing policies that support high-quality development in service trade, ensuring a conducive environment for growth [18][19]
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Ren Min Ri Bao Hai Wai Ban·2025-10-13 22:53