Cross-border e-commerce, telecommuting services, and wireless payment services have been the fastest-growing activities.
The China Association of Trade in Services (CATIS) released a report on Monday stating that the services sector and services trade have become new drivers of the Chinese economy.
In 2019, growth in China's services sector accounted for 53.9 percent of the country's gross domestic product (GDP), contributing 59.4 percent to overall economic growth.
Import and export volumes of trade in services hit US$790 billion, up 2.8 percent year-on-year and ranking second globally for the sixth consecutive year, the report noted.
The report also discusses the promotion of institutional opening-up in the services sector and trade, as well as bilateral and regional free trade in services.
Trump’s trade war is a failure.— Nicholas Grossman (@NGrossman81) September 7, 2020
Always likely to fail, as almost everyone who understands trade explained. Trump admin’s poor strategy practically guaranteed failure, ditching TPP, picking fights with allies instead of leading a bloc. Now it’s clearly failed even on its own terms https://t.co/TvTtJPkxVJ
The report was published at a forum during the ongoing 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, and event which “will build a more convenient service trade cooperation platform for China and Eurasian countries,” the Eurasian Institute Director Liu Huaqin told Xinhua in a recent interview.
"While the continuous spread of the novel coronavirus impacted some traditional areas of service trade, it has also built up new momentum for service trade cooperation between China and Eurasian countries," she added.
So far, cross-border e-commerce, telecommuting services, and wireless payment services have been the fastest-growing activities.