Payments for China IP boom as service sector picks up pace

Payment for the use of China's intellectual property by overseas economies skyrocketed nearly 500 percent in the first seven months, as the country's service export improves, data from the Ministry of Commerce indicated on Thursday.

China's service trade deficit has narrowed significantly, according to Gao Feng, the ministry's spokesman. In July, the figure decreased 30 percent month-on-month and 1.8 percent year-on-year to 141.5 billion yuan ($21.8 billion).

The structure of service trade has been optimized, with exports of the emerging sectors' services racking up the biggest increase, Gao said.