New negative list to better bolster services trade

China will spearhead the application of negative list management systems for cross-border service trade in designated regions as part of the efforts to optimize its economy, commerce officials said on Wednesday.

Xian Guoyi, director-general of the Department of Trade in Service and Commercial Services at the Ministry of Commerce, said the negative list management system will largely boost the development and open up the country's service industry.

He said the previous foreign investment negative list mainly dealt with the entry permit issue, while the service trade negative list addresses a wider range of issues including cross-border payment and consumption in overseas markets.