国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Industries

A different story - China running colossal deficit in service sector

By Li Xiang | China Daily | Updated: 2018-04-04 10:43
Share
Share - WeChat

As trade tensions between China and the United States continue to evolve, politicians, economists and trade experts tend to focus on China's huge surplus in goods trade with the US. But looking at the trade in the service sector, the data tell a different story about the bilateral commercial relationship.

China has been a big buyer of international services. Last year, the country's service trade deficit hit a new high of 1.62 trillion yuan ($257 billion), with tourism, transportation, intellectual property right fees and insurance and elderly care services among the top areas that generated the deficit.

The US has been the biggest source of China's service trade deficit. In 2016, China had a service trade deficit of $55.7 billion with the US, nearly 40 times compared with the figure in 2006.

The steady rise of the disposable income of Chinese families and the appreciation of the yuan have led to massive spending by Chinese consumers in areas such as outbound tourism, overseas education, films and entertainment.

For instance, the US is one of the most popular destinations for Chinese tourists who spent an average of $13,000 per person there in 2016. The country has also been the top destination for Chinese students, with each student spending an average of about $45,000 in 2016, according to the Ministry of Commerce.

Wang Zhe, an analyst at Central China Securities Co Ltd, expected China to continue witnessing a large service trade deficit with the US in the coming years as domestic family income continues to rise and the Chinese currency grows stronger.

Li Yong, a researcher at the China Association of International Trade, said China's service trade deficit could be a subject of the negotiation to address the imbalance of China-US trade and any policy changes in visa applications or bilateral investment may also hurt the service trade between the two countries.

"The US seems to have ignored that the moves aimed to reduce China's goods trade surplus with the US may reduce the US' surplus with China in service trade," he said.

Despite the deficits, China has pledged to further open its service industry to foreign companies and investors.

In the next round of opening-up, the country will grant foreign companies and investors greater access to sectors including financial service, telecommunication, healthcare and education, and will loosen restrictions on foreign ownership in the banking, securities, fund and futures sectors, according to Vice-Minister of Commerce Wang Shouwen.

The country has also launched pilot programs in the free trade zones, which fully opened to businesses including credit rating, accounting, auditing, e-commerce and manufacturing of batteries of electric vehicles and railway equipment to foreign players, according to Wang.

"We will release the detailed timetables and road maps for the opening of the financial sector and the markets of electric vehicles and gas stations in the next step," Wang said at a recent economic forum in Beijing.

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
容城县| 徐州市| 阿荣旗| 普陀区| 繁峙县| 阿合奇县| 乐至县| 英德市| 彭泽县| 盱眙县| 嘉峪关市| 全州县| 大庆市| 板桥市| 岳池县| 绩溪县| 定边县| 古田县| 玉门市| 高青县| 泾川县| 武义县| 贞丰县| 锦州市| 湄潭县| 铁力市| 双峰县| 黄骅市| 辉县市| 碌曲县| 铜陵市| 云浮市| 宣化县| 横峰县| 腾冲县| 阜城县| 望城县| 麟游县| 津南区| 泗洪县| 天等县|