Core Insights - In the first half of this year, China's total service import and export reached 3.89 trillion yuan, marking an 8% year-on-year growth, with service exports growing by 15% [1] - "Chinese services" have emerged as a significant aspect of foreign trade, alongside "Chinese manufacturing" [1] Group 1: Service Trade Growth - Knowledge-intensive service exports increased by 7.8% year-on-year, with new business models such as "data processing" and cross-border cloud services emerging [1] - High-tech and high-value-added services are rapidly growing, contributing to the continuous optimization of China's service trade structure [1] Group 2: Travel Services - Travel services remain the largest sector in China's service trade, with imports and exports growing by 12.3% year-on-year, and exports soaring by 68.7% [1] - Policies such as transit visa exemptions and tax refunds for outbound travelers have significantly boosted the popularity of "Chinese tourism" and "Chinese shopping," translating into substantial growth in service trade [1] Group 3: Global Position - China maintains its position as the second-largest service trade market globally, following its status as the largest goods trade market [1] - The impressive performance of service trade in the first half of the year reflects China's strength and boosts confidence in the stability of its foreign trade [1]

《通知》还聚焦风险防控，将扩大出口信用保险覆盖面，对企业保费支出补贴50%（年最高100万 元）；支持企业海外知识产权维权，依据维权成效给予资金支持。 值得关注的是，《通知》还支持在杭高校开设数字/服务贸易微专业，对达标项目给予最高20万元支持 （年上限3所）；鼓励校企联合培养人才，对成效显著的培训项目予以支持。 该政策自2025年8月23日起施行，有效期三年。 商报讯（记者 杨伊琳）为加速打造"数字贸易之都"和贸易强市，杭州重磅推出新一轮专项扶持资金政 策，覆盖企业成长全链条，最高单项支持达100万元。近日，杭州市商务局、杭州市财政局发布《关于 印发加快数字贸易和服务贸易高质量发展资金扶持政策的通知》（以下简称为《通知》），将以真金白 银推动产业规模扩大、结构优化与创新升级。无论你是数字内容出海先锋、服务贸易领军者，还是正在 成长的中小企业，这份助力指南，请务必查收！ 《通知》聚焦五大关键领域，精准赋能企业发展。首先是建立企业梯度培育库，对数字贸易、服务贸易 出口额超1000万美元的企业，分档给予最高100万元资金支持。鼓励创建国家级特色服务出口基地、数 字贸易示范园区及企业，对通过复评的基地和新认定的示范 ...

Core Insights - The service trade is a crucial component of international trade, and accelerating its development is essential for expanding high-level openness and fostering new momentum for foreign trade [1] Group 1: Service Trade Performance - In the first half of the year, China's total service trade reached 38,872.6 billion yuan, a year-on-year increase of 8%, with exports at 16,883 billion yuan (up 15.0%) and imports at 21,989.6 billion yuan (up 3.2%) [1] - Knowledge-intensive service trade grew by 6%, with telecommunications, computer, and information services reaching 5,293.8 billion yuan, marking a 12.7% increase [1][4] - The service trade deficit significantly narrowed year-on-year, indicating improved competitiveness in service trade, particularly in digital, tourism, and financial services [1][2] Group 2: Travel Services - Travel services emerged as the largest sector in service trade, with imports and exports totaling 10,802.9 billion yuan, a growth of 12.3%, where exports surged by 68.7% and imports increased by 5.5% [1][2] - The rapid growth in tourism services is attributed to the recovery of domestic and international personnel movement, gradual reopening of outbound tourism, and a notable rebound in inbound tourism [2] Group 3: Knowledge-Intensive Services - Knowledge-intensive service imports and exports totaled 15,025.4 billion yuan, accounting for 38.7% of total service trade, with telecommunications, computer, and information services leading the growth at 12.7% [4] - This sector is characterized by high added value and significant technological content, playing a key role in optimizing the service trade structure [4] Group 4: Policy and Future Outlook - Various measures have been introduced to enhance the service trade environment, including optimizing tax refund policies for inbound tourists and expanding the coverage of visa-free policies [2][3] - The Ministry of Commerce anticipates that by 2024, China's service trade will exceed 1 trillion USD, ranking second globally, with a projected 38% growth in knowledge-intensive service trade compared to 2020 [5] - The outlook for the second half of the year indicates both opportunities and challenges, with potential growth in digital trade and cross-border e-commerce, but also risks from global economic slowdown and rising protectionism [6]

Group 1: Bond Market News - The People's Bank of China (PBOC) reported a net liquidity injection of 100 billion yuan through Medium-term Lending Facility (MLF) and 200 billion yuan through reverse repos in July 2025 [2] - The bond market experienced significant volatility due to the resumption of value-added tax on government bond interest, with the yield on 10-year government bonds initially dropping to around 1.68% before rising back above 1.7% [2] - The bond market is expected to see a short-term preference for existing bonds due to tax advantages, but this impact is not anticipated to affect the long-term trend of the bond market [2] Group 2: Service Trade - China's service trade grew steadily in the first half of 2025, with total service trade reaching 38,872.6 billion yuan, a year-on-year increase of 8.0% [4] - Service exports amounted to 16,883 billion yuan, up 15.0%, while imports reached 21,989.6 billion yuan, growing by 3.2% [4] - Travel services saw the fastest growth, with imports and exports totaling 10,802.9 billion yuan, a 12.3% increase, and exports growing by 68.7% [4] Group 3: Cross-Border Wealth Management - The Hong Kong Monetary Authority reported that over 160,000 individual investors participated in the "Cross-Border Wealth Management Connect" 2.0 program, marking a 120% increase compared to the previous version [5] - The market response has been positive, with the value of holdings by Hong Kong participating institutions exceeding 16 billion yuan, a twofold increase from the previous program [5] Group 4: Commodity Market - International crude oil prices continued to decline, with WTI September futures down 1.54% to $66.29 per barrel, and Brent October futures down 1.30% to $68.76 per barrel [8] - Natural gas prices also saw a significant drop, decreasing by 4.62% to $3.095 per million British thermal units [8] Group 5: Equity and Convertible Bond Market - The A-share market experienced a rebound, with major indices closing higher, and the convertible bond market also saw a collective increase, with the China Convertible Bond Index rising by 0.90% [19] - The trading volume in the convertible bond market reached 802.41 billion yuan, an increase of 10.16 billion yuan from the previous trading day [19] - A total of 415 convertible bonds rose in price, while 38 fell, indicating a generally positive market sentiment [19]

Core Insights - In the first half of 2025, China's service trade showed steady growth, with total service import and export amounting to 38,872.6 billion yuan, reflecting a year-on-year increase of 8.0% [1] Group 1: Travel Services - Travel service exports experienced the fastest growth, with imports and exports reaching 10,802.9 billion yuan, an increase of 12.3%, making it the largest sector in service trade [1] - Travel service exports surged by 68.7%, while imports grew by 5.5% [1] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 15,025.4 billion yuan, a growth of 6.0% [1] - Significant components of knowledge-intensive services include other business services and telecommunications, computer, and information services, with respective trade amounts of 6,391 billion yuan and 5,293.8 billion yuan, growing at rates of 3.1% and 12.7% [1] - Knowledge-intensive service exports reached 8,650.4 billion yuan, increasing by 7.8%, while imports amounted to 6,375 billion yuan, growing by 3.6% [1] - The surplus in knowledge-intensive services was 2,275.4 billion yuan, an increase of 409.2 billion yuan compared to the same period last year [1]

Group 1: Service Trade Growth - In the first half of 2025, China's service trade showed steady growth, with total service trade imports and exports amounting to 38,872.6 billion RMB, a year-on-year increase of 8.0% [2] - Service exports reached 16,883 billion RMB, up 15.0% year-on-year, while imports were 21,989.6 billion RMB, increasing by 3.2% [2] - The service trade deficit was 5,106.6 billion RMB, a decrease of 1,522.1 billion RMB compared to the same period last year [2] - Knowledge-intensive service trade maintained rapid growth, with imports and exports totaling 15,025.4 billion RMB, a year-on-year increase of 6.0% [2] Group 2: High-tech Industry Performance - In the first half of the year, sales revenue in the high-tech industry grew by 14.3% year-on-year, indicating the continuous expansion of innovative industries [2] - The digital economy and the real economy are increasingly integrating, with sales revenue from core digital economy industries rising by 10.1% year-on-year [2] Group 3: A-share Market Activity - In July, the number of new A-share accounts reached 1.96 million, a significant year-on-year increase of 71% and a month-on-month increase of 19% [2] - As of July 2025, the total number of new A-share accounts reached 14.56 million, reflecting a year-on-year growth of over 30% [2] Group 4: Strategic Collaborations - CATL, Times Electric, Shenzhou Car Rental, and China Merchants Jinling signed a strategic cooperation agreement to introduce battery swapping models into the car rental industry [2] - This collaboration aims to create a sustainable energy supply solution through deep cooperation in energy supply, asset operation, financial support, and vehicle services [2] Group 5: Local Government Initiatives - The Shanghai Municipal Government issued measures to support enterprises in enhancing basic research and fostering high-quality development [2] - The measures include implementing the "Explorer Program" to focus on urgent scientific issues and support enterprises in key sectors like integrated circuits, biomedicine, and artificial intelligence [2] Group 6: Hainan Province Development Plan - Hainan Province's action plan aims for the four leading industries to account for 70% of GDP by 2027, enhancing economic quality [2] - The plan emphasizes the integration of productive services with advanced manufacturing and aims for modern service industry value to approach 30% of GDP [2]

Group 1 - The core viewpoint of the article highlights the steady growth of China's service trade in the first half of the year, with a total import and export value of 38,872.6 billion yuan, representing a year-on-year increase of 8% [1] - Service exports reached 16,883 billion yuan, growing by 15.0%, while imports totaled 21,989.6 billion yuan, with a growth of 3.2% [1] - The service trade deficit was recorded at 5,106.6 billion yuan, which is a decrease of 1,522.1 billion yuan compared to the same period last year [1] Group 2 - Knowledge-intensive service trade continued to grow, with a total import and export value of 15,025.4 billion yuan, an increase of 6.0% [1] - Major contributors to knowledge-intensive services include other business services and telecommunications, with respective import and export values of 6,391 billion yuan and 5,293.8 billion yuan, growing at rates of 3.1% and 12.7% [1] - Knowledge-intensive service exports amounted to 8,650.4 billion yuan, increasing by 7.8%, while imports reached 6,375 billion yuan, growing by 3.6%, resulting in a surplus of 2,275.4 billion yuan, which is an increase of 409.2 billion yuan year-on-year [1] Group 3 - Travel services experienced the fastest growth, with total imports and exports reaching 10,802.9 billion yuan, marking a growth of 12.3% and making it the largest sector in service trade [1] - Travel service exports surged by 68.7%, while imports grew by 5.5% [1]

Core Insights - China's service trade is steadily growing, with total imports and exports reaching 38,872.6 billion yuan in the first half of 2025, a year-on-year increase of 8.0% [1] - Knowledge-intensive service trade continues to expand, with imports and exports totaling 15,025.4 billion yuan, reflecting a growth of 6.0% [1] - The travel service sector shows the fastest growth, with imports and exports amounting to 10,802.9 billion yuan, a year-on-year increase of 12.3% [2] Group 1: Service Trade Overview - Total service trade reached 38,872.6 billion yuan, with exports at 16,883 billion yuan (up 15.0%) and imports at 21,989.6 billion yuan (up 3.2%), resulting in a trade deficit of 5,106.6 billion yuan, which is a reduction of 1,522.1 billion yuan from the previous year [1] - Knowledge-intensive services saw exports of 8,650.4 billion yuan (up 7.8%) and imports of 6,375 billion yuan (up 3.6%), leading to a surplus of 2,275.4 billion yuan, an increase of 409.2 billion yuan year-on-year [1] Group 2: Sector-Specific Insights - The travel service sector is the largest in service trade, with exports growing by 68.7% and imports by 5.5% [2] - Factors contributing to the growth in travel services include rich tourism resources, improved infrastructure, and enhanced service quality, attracting more foreign tourists to China [2] - The Chinese government is optimizing services for foreign visitors and expanding visa facilitation, which has led to increased travel activity [2] Group 3: Future Development and Recommendations - Experts suggest that innovation in mechanisms should lead the development of service trade, creating a stable trade policy environment and enhancing cooperation with trade partners [2] - There is a call to accelerate the cultivation of new digital service trade formats, including the establishment of international digital service trade demonstration zones and the application of blockchain technology in cross-border payments [3]

Core Insights - The core viewpoint of the article highlights the steady growth of China's service trade in the first half of the year, with a total import and export value of 38,872.6 billion yuan, reflecting an 8.0% year-on-year increase [1] Summary by Categories Overall Service Trade Performance - In the first half of the year, China's service exports reached 16,883 billion yuan, marking a 15.0% year-on-year increase, while imports totaled 21,989.6 billion yuan, up 3.2% [1] - The service trade deficit stood at 5,106.6 billion yuan, which is a reduction of 1,522.1 billion yuan compared to the same period last year [1] Knowledge-Intensive Service Trade - Knowledge-intensive service trade continued to grow, with total imports and exports amounting to 15,025.4 billion yuan, a 6.0% increase year-on-year [1] - Major components include other business services and telecommunications, computer, and information services, with respective trade values of 6,391 billion yuan and 5,293.8 billion yuan, growing at rates of 3.1% and 12.7% [1] - Knowledge-intensive service exports were 8,650.4 billion yuan, up 7.8%, while imports reached 6,375 billion yuan, increasing by 3.6%, resulting in a surplus of 2,275.4 billion yuan, which is an expansion of 409.2 billion yuan from the previous year [1] Travel Services - Travel services exhibited the fastest growth, with total imports and exports reaching 10,802.9 billion yuan, reflecting a year-on-year increase of 12.3%, making it the largest sector in service trade [1] - Travel service exports surged by 68.7%, while imports grew by 5.5% [1]

Core Insights - The total service trade volume in China reached 38,872.6 billion yuan in the first half of the year, marking an 8.0% year-on-year increase, with knowledge-intensive services leading the growth at 6.0% [1] - Travel service exports experienced explosive growth, increasing by 68.7%, highlighting a shift in consumer behavior towards experience consumption [1][4] Knowledge-Intensive Services Growth - Knowledge-intensive service imports and exports totaled 15,025.4 billion yuan, accounting for 38.7% of the total service trade, with telecommunications, computer, and information services leading the sub-sectors at 12.7% growth [3] - The export share of knowledge-intensive services reached 51.5%, up 1.2 percentage points from the previous year, indicating China's rising position in the global value chain [3] Travel Service Export Boom - Travel services became the largest segment of service trade, with imports and exports totaling 10,802.9 billion yuan, a 12.3% increase, and exports growing by 68.7% [4] - Policy incentives such as visa exemptions and tax refunds have significantly boosted international tourism, with Shanghai seeing a 37.73% increase in inbound tourists compared to the previous year [4] Cross-Border E-Commerce Impact - The rise of cross-border e-commerce has driven innovation in service trade models, with Zhejiang province's goods trade reaching 27.3 trillion yuan, a 6.6% increase, and online retail sales growing by 8.5% [5] Structural Balance in Service Trade - The service trade is experiencing a "quantity and quality" improvement, with knowledge-intensive and travel services acting as dual engines for growth, reflecting a shift towards high-value sectors [6] - The outlook for the second half of the year suggests continued strong growth in knowledge-intensive services and a recovery in travel services due to restored international routes and favorable policies [6] Policy Recommendations for Service Trade - Increased policy support is recommended to guide social capital into productive service sectors, enhance the international competitiveness of service trade, and improve the quality and efficiency of the productive service industry through technology and talent development [7]