Ministry of Commerce of PRC Press Conference
On 6 November, at the China International Import Expo, the Department of Services and Trade of the Ministry of Commerce released the "The Report on China Services Import”. It shows that China will further reduce market access restrictions for foreign investment in the service industry.
The total import of digital services include intellectual property royalties, telecommunications, computer and information services, financial services, insurance services, and other commercial services will exceed US$1.3 trillion.
On 6 November, at the China International Import Expo, the Department of Services and Trade of the Ministry of Commerce released the "The Report on China Services Import”.
China will further reduce market access restrictions for foreign investment in the service industry. Accelerate the opening up of information technology services, science and technology services, digital services, medical, education, culture and entertainment industries; orderly relax the proportion of foreign ownership in value-added telecommunications services, business services, transportation and other fields to stimulate the development of modern service industries vitality. It encourages foreign-funded enterprises to participate in the construction of special service export bases in the fields of Chinese culture, digital services, and traditional Chinese medicine, and develop new business forms and models of service trade.
The report also stated that China will continue to actively expand imports of high-quality services. It is estimated that in the next 15 years China's import services will exceed USD10 trillion. It is estimated that in the next five years, China's service import growth rate will be higher than the global average, and the cumulative service import scale is expected to reach USD 2.5 trillion, accounting for more than 10% of the global share. Travel imports are expected to exceed USD 1 trillion US dollars; The total number of intellectual property royalties, telecommunications, computer and information services, financial services, insurance services, other commercial services and other digital services imports will exceed USD 1.3 trillion.
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