Services sector hits new record

Source: Xinhua | 2019-02-27

China’s services trade rose 11.5 percent year on year to a record high in 2018, the Ministry of Commerce said yesterday.

Imports and exports of services totaled 5.24 trillion yuan (US$782.1 billion) last year, ranking as the world’s second-largest for five straight years, the ministry said on its website after a national meeting on the sector.

As the country transitioned its economy, services prospered and contributed to nearly 60 percent of GDP growth. China will expand services exports, boost services consumption and push poverty reduction through development of the household services industry, the ministry said.