Opening up the service sector to the rest of the world

Updated: 2011-12-09 15:34

By Zhou Liujun (China Daily)

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China's service trade has continued to grow over the past 10 years, with service-sector exports going from 12th in the global market in 2001 to fourth in 2010, especially in new services, thanks to China's membership in the World Trade Organization.

It had annual growth of 19.7 percent in the service sector, almost double the world average. The total for the service trade was $362.4 billion in 2010, compared to 2001's $71.9 billion, with exported services climbing from $32.9 billion to $170.2 billion and imported services from $39 billion to $192.2 billion.

In the 10-year-period, new services exports, including Internet information, consulting, and advertising, were up and showed good prospects for the future, as were those in culture, broadcasting, movies, education and traditional Chinese medicines.

China had said it would open up its service sector to the outside and it kept its word. By the end of 2010, it covered more than 62 percent of the service trades listed by the WTO.

So, China's domestic service business was able to benefit while it provided business opportunities in the rest of the world as well.

China has cooperative relationships with many foreign governments and companies through various mechanisms, building a bridge for the service industry so it can develop faster.

This coming May 28 to June 1, China will be holding the China (Beijing) International Fair for the Services Trade, a national-level event with global influence, and will continue it as an annual event.

As a member of the World Trade Organization, China is making an effort to develop a fairer, more open global service trade system and will do its part to create a more transparent, stable business environment for the service trade.

The author is general-director of the Department of Trade in Services and Commercial Services of the Ministry of Commerce, China.