China's services trade grows 10.5%

China's services trade saw relatively fast growth in the first eight months, with trade volume of the newly emerging services sector exceeding 1 trillion yuan ($145.6 billion) during the period, official data showed on Saturday (September 29).

The country's services trade rose 10.5 percent year-on-year to 3.44 trillion yuan from January to August, with exports worth a total of 1.13 trillion yuan and imports of 2.31 trillion yuan, according to data released by the Ministry of Commerce (MOFCOM).

In the first eight months, sectors including telecommunications computer and information, culture and entertainment as well as insurance ranked as the top three industries in the export growth rate, respectively registering growth rates of 61.1 percent, 38.8 percent and 26.5 percent, MOFCOM said.

The emerging services imports continued to rise from January to August, accounting for 23.6 percent of the country's total services imports, according to the official data.

The growth rate of services imports such as financial services, the fees paid for the use of intellectual property and telecommunications computer and information stood at 47.1 percent, 23.3 percent and 23.2 percent, respectively, the MOFCOM data said.

(Source: Global Times)