The value of China’s trade in services grew by 10 per cent year-on-year to a record high of 6.57 trillion yuan (around US$915 billion) in 2023, data from the Ministry of Commerce showed.

According to a report by China Central Television, China’s service exports reached a value of 2.69 trillion yuan, indicating a decrease of 5.8 per cent compared to the previous year.

In contrast, service imports experienced a significant increase of 24.4 per cent year-on-year, totalling 3.89 trillion yuan.

Consequently, China faced a service trade deficit of 1.2 trillion yuan.

Its imports and exports of knowledge-intensive services came in at 2.72 trillion yuan last year, a year-on-year increase of 8.5 per cent.

Of knowledge-intensive services, the exports of insurance services stood out with a growth rate of 67 per cent while the imports of personal, cultural and entertainment services grew fastest at a pace of 61.7 per cent.

The sector of travel services generated a total value of 1.49 trillion yuan in China last year, marking a remarkable year-on-year growth rate of 73.6 per cent.

Notably, the sector’s exports surged 59.2 per cent yearly, while imports experienced a significant increase of 74.7 per cent year-on-year.

In contrast to goods trade, trade in services refers to the purchase and sale of services. According to the World Trade Organisation, trade in services covers 12 major sectors, including commerce, communication, construction and related engineering, finance, entertainment, culture, sports, tourism, education and environment.