WND approved to be provincial base for trade in services

Wuxi National Hi-tech District (WND) was approved as the provincial base for trade in services recently, local media outlets reported on Jan 6.

Trade in services refers to the purchase and sale of services. According to the World Trade Organization's definition, trade in services covers 12 major sectors. These include commerce, communications, construction and related engineering, finance, entertainment, culture, sports, tourism, education, as well as environment.

WND topped the list for digital services among five newly-announced provincial bases. In addition, eight enterprises based in WND were included in the first batch of key enterprises for trade in services in Jiangsu province.

WND is one of the eight integrated circuit design industrialization bases approved by the Ministry of Science and Technology, with a strong industrial foundation of digital services. It is home to three IC industrial parks and many leading IC enterprises, including Wuxi Chipown Microelectronics, Wuxi ETEK Microelectronics Co, and China Resources Microelectronics Ltd.

Service trade is becoming a new engine for China's foreign trade and a new impetus behind deepening its opening-up policy. From 2012 to 2016, the average annual growth rate of China's import and export of services was 8.1 percent, which was 9.3 percent higher than goods trade growth in the same period.

Over the next five years, China will spend more than $2.2 trillion on importing services from around the world. The opening-up, innovation, and growth of trade in services in China are making new contributions to global economic development.