Services sector, trade become new drivers of Chinese economy: Report

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The rapidly developing services sector and services trade have become new drivers of the Chinese economy, according to a report released on Monday.

In 2019, growth in China’s services sector accounted for 53.9 percent of the country’s gross domestic product, contributing 59.4 percent to overall economic growth, according to the report published by the China Association of Trade in Services.

Import and export volumes of trade in services hit 5.42 trillion yuan (790 billion U.S. dollars), up 2.8 percent year-on-year and ranking second globally for the sixth consecutive year, the report noted.

The report also discusses in detail the promotion of institutional opening-up in the services sector and trade, as well as bilateral and regional free trade in services.

The report was published at a forum during the ongoing 2020 China International Fair for Trade in Services in Beijing.

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