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China’s service sector grew by 33.5 percent in January and February this year, the country’s commerce ministry reported, turning in a value equivalent to $146.6 billion.
Service exports were up 39.4 percent, year on year, with service imports rising 28.3 percent, yielding a 57.6-percent drop in China’s trade deficit in services compared to 2021, the ministry said.
Exports of knowledge-intensive services gained 17.9 percent over the year. Travel services expanded by 16.9 percent.
China has taken a variety of steps to strengthen its service industry and has pledged to continue to expand that sector of its economy.
TREND FORECAST: China is cultivating its service economy as part of its dual circulation strategy that will develop its domestic consumer economy alongside its export-driven manufacturing sector, as we have detailed in “China Announces Dual Circulation Economic Policy” (9 Sep 2020), “Foreign Investors Rush Into China” (1 Dec 2020), and “In China, Domestic Brands Outpace Western Icons” (29 Jun 2021), among other articles.
China’s government will continue to guide the country to a much more Self-Sufficient Economy and continue to lead our Top 2022 Trend in that area.