Trade in services placed high on agenda

China will double down on the development of trade and consumption of services as they are recognized as crucial levers for stabilizing foreign trade and expanding domestic demand, the State Council, the country's Cabinet, said on Friday.

China will implement the negative list for cross-border trade in services across the board and align with international rules, as well as roll out new steps to further open up key sectors such as telecommunications, education, culture, healthcare and finance, according to the State Council executive meeting chaired by Premier Li Qiang.

It was stressed at the meeting that dedicated efforts will be made to promote the expansion of services exports, help domestic service providers expand into overseas markets and enhance their offerings for foreign customers.

China's trade in services experienced rapid growth last year, driven by a surge in inbound tourism and robust performance in knowledge-intensive sectors. For the first time, the total value of services trade surpassed the $1 trillion mark.

Subdued global demand and escalating protectionism have created headwinds for China's trade in goods, said Cui Fan, a professor of international trade at the University of International Business and Economics. In response, the government should actively promote the development of services trade as a means to offset these challenges and diversify the country's trading portfolio, Cui said.

As the country has put boosting domestic demand high on its work agenda, the Friday meeting also placed a strong emphasis on scaling up services consumption.