Trade in services set to boom by 2010
Updated: 2006-10-12 09:29 China expects its trade in
services to achieve robust growth by 2010, with annual increases of around 20
per cent expected over the next five years.
The Ministry of Commerce set the target in its 11th Five-Year Plan for the
country's commerce development between 2006 and 2010, the first time the plan
has highlighted this field.
The plan said service imports and exports would grow at an annual rate of 20
per cent to US$400 billion in 2010, while the structure of service exports would
A ministry official said China's trade in services lagged behind its trade
partners when compared with its cargo trade.
China's trade in services only accounts for a quarter and less than half of
the United States and Germany respectively, although China's cargo services
account for 56 per cent of the United States' and 82 per cent of Germany's.
The official added that the country's current trade in services largely
relies on traditional sectors, such as tourism and transportation services,
which account for over half of the country's total service exports.
"So it is a new task for the country to promote and diversify the trade in
services," he said.
In order to achieve the five-year target, the ministry will issue a detailed
programme for the development of China's trade in services, while also
conducting research and attracting more international service businesses to the
The plan also revealed that the country wants to achieve a balance in its
foreign trade by 2010.
It said imports and exports are targeted to grow at
around 10 per cent year-on-year over the next five years with total imports and
exports hitting US$2.3 trillion in 2010. Imports and exports will realize a