Core Insights - The 2025 China International Service Trade Fair (CIFT) will be held at Shougang Park, emphasizing the theme "Digital Intelligence Leading, Service Trade Renewed" and showcasing over 800 enterprises intending to participate [1][10] - The event signifies China's commitment to high-level opening up and aims to enhance global trade stability and cooperation [1][10] Group 1: Event Overview - This year's CIFT will adopt a new format, moving from a dual venue to a single venue at Shougang Park, which will feature over 100,000 square meters of exhibition space [2] - The venue has undergone significant renovations, including the Four High Furnaces being transformed into a high-standard conference space [2][3] Group 2: Economic Impact - In the first half of the year, China's service trade import and export totaled 38,872.6 billion yuan, marking an 8.0% year-on-year increase [7] - Knowledge-intensive service trade has been a key growth driver, with imports and exports reaching 15,025.4 billion yuan, up 6.0% [7] Group 3: Policy Support - Various regions, including Beijing and Shenzhen, have introduced supportive measures to enhance service trade and digital trade development [8] - Beijing aims to rank among the top three in service trade by 2030, with digital services expected to account for approximately 70% of service exports [8] Group 4: Innovation and Collaboration - The CIFT serves as a platform for innovation and collaboration, with over 70 companies planning to launch more than 130 new products and achievements during the event [10] - The fair will facilitate international cooperation, with nearly 70 countries and international organizations expressing interest in participating [10]

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]

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]

Group 1: Service Trade Growth - In the first five months of 2025, China's service trade grew steadily, with a total import and export value of 32,543.6 billion yuan, an increase of 7.7% year-on-year [4] - Service exports reached 14,033.7 billion yuan, growing by 15.1%, while imports were 18,509.9 billion yuan, increasing by 2.7% [4] - The service trade deficit was 4,476.2 billion yuan, a decrease of 1,352.2 billion yuan compared to the same period last year [4] Group 2: Knowledge-Intensive Services - Knowledge-intensive service trade maintained growth, with imports and exports totaling 12,492.7 billion yuan, up by 5.0% [4] - Major contributors included other business services and telecommunications, computer, and information services, with respective trade values of 5,384.1 billion yuan and 4,400.6 billion yuan, growing at 3.2% and 10.7% [4] - Knowledge-intensive service exports were 7,196.5 billion yuan, increasing by 6.6%, while imports were 5,296.2 billion yuan, up by 2.9%, resulting in a surplus of 1,900.3 billion yuan, an increase of 293 billion yuan year-on-year [4] Group 3: Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 9,200.5 billion yuan, a growth of 12.2%, making it the largest sector in service trade [5] - Travel service exports surged by 74.2%, while imports grew by 5.3% [5]

Group 1: Service Trade Performance - In Q1 2025, China's service trade totalled 19,741.8 billion yuan, a year-on-year increase of 8.7% [3] - Service exports reached 8,351.5 billion yuan, growing by 12.2%, while imports were 11,390.3 billion yuan, increasing by 6.2% [3] - The service trade deficit was 3,038.8 billion yuan, a decrease of 244.6 billion yuan compared to the same period last year [3] - Knowledge-intensive service trade grew to 7,524.9 billion yuan, up 2.6%, with significant contributions from business services and telecommunications [3] - Travel services saw the highest growth, with total imports and exports reaching 5,849 billion yuan, a 21.8% increase, and exports surged by 97.5% [3] Group 2: Manufacturing PMI Analysis - In April 2025, the manufacturing PMI was 49.0%, down 1.5 percentage points from the previous month, indicating a decline in manufacturing activity [5] - The production index was at 49.8%, reflecting a slight slowdown in manufacturing production [6] - The new orders index fell to 49.2%, suggesting a decrease in market demand for manufactured goods [7] - The raw materials inventory index dropped to 47.0%, indicating a reduction in the inventory levels of key raw materials [8] - The employment index was at 47.9%, showing a decline in employment levels within the manufacturing sector [9] Group 3: Non-Manufacturing PMI Insights - The non-manufacturing business activity index was 50.4% in April 2025, down 0.4 percentage points but still indicating expansion [10] - The construction sector's business activity index was 51.9%, while the services sector's index was 50.1%, both showing a decline from the previous month [10] - The new orders index for non-manufacturing fell to 44.9%, indicating a drop in market demand [10] - The input prices index was at 47.8%, suggesting a decrease in the overall price level of inputs used in non-manufacturing activities [11] - The business activity expectations index remained optimistic at 56.0%, despite a slight decline [11] Group 4: Comprehensive PMI Overview - The comprehensive PMI output index was 50.2% in April 2025, down 1.2 percentage points but still above the critical point, indicating continued expansion in production activities [13]