China's first report on service imports released at CIIE

The Ministry of Commerce releases the Report on China's Services Import 2018, the country's first report on services import, at the China International Import Expo taking place in Shanghai from Nov 5 to 10. [Photo/cri.cn]

The Ministry of Commerce released the Report on China's Services Import 2018, the country's first report on services import, at the China International Import Expo, that took place in Shanghai from Nov 5 to 10.

The report states that China contributes greatly to global service trade. In the past five years, global services import grew at an average annual rate of only 3 percent, while China's services import rose at an average annual rate of 10.7 percent.

China's contribution to the growth of global services import has reached 25.8 percent, which makes the country the largest contributor to global services import growth.

China also plays a significant role in stimulating the needs of the global service market. According to statistics provided by the World Trade Organization, the country's contribution to the growth of global services import reached 21.5 percent between 2008 and 2013, exceeding the total of the United States, Japan, and European Union.

Xian Guoyi, director-general of Department of Trade in Services and Commercial Services of Ministry of Commerce, said that it is necessary to expand services import for China's development and for the common development of countries from all over the world.

China's services import increased 11 folds in 2017 compared to 2001 when the country joined the World Trade Organization. Its services import accounted for 9 percent of global services import, ranking second in the world.

Xian Guoyi (M), director-general of Department of Trade in Services and Commercial Services of Ministry of Commerce, speaks during the China International Import Expo. [Photo/cri.cn]