China’s international trade in services grew by 17% year-on-year to USD397.31 billion in the first half of 2018, setting a record amid the current global economic troubles, the Ministry of Commerce (MOFCOM) said. The country’s exports in services jumped 22.4% year-on-year to USD132.09 billion between January and June this year, while imports of services amounted to USD265.22 billion, up 14.4% from the same period a year earlier. Li Yuan, Deputy Director General of the Department of Trade in Services and Commercial Services at MOFCOM, said the high growth momentum was pushed by China’s rapidly growing services sector, including computing, industrial solutions and retail businesses, and increasing exports of emerging services such as telecommunications and insurance. Li said China’s services trade will continue its strong run in the near future

For years, the government has been putting effort into shifting the economy toward a growth model driven by consumption, services and innovation, thus contributing to global economic growth. Last year, the country’s services sector output increased 8% year-on-year, outperforming the national GDP growth rate of 6.9%, according to the National Bureau of Statistics (NBS). “China has taken steps to improve the development of trade in services, including gradually opening up the finance, education, culture and medical treatment sectors,” said Li Guanghui, Vice President of the Chinese Academy of International Trade and Economic Cooperation.

With further improvement in transportation, logistics, communication and e-commerce development in rural areas, Li said rural residents have been unleashing their consumption potential for both goods and services. “The competitiveness of China’s services trade has been strengthened, and the country is gradually shifting from a power of trade in goods to a services trade power,” said Bai Ming, Researcher at the Chinese Academy of International Trade and Economic Cooperation, as reported by the China Daily.