China's total services import and export value exceeding 1 trillion US dollars is a significant milestone with multiple implications:
1. Significance for the domestic economy
Economic restructuring
It reflects China's continuous progress in economic restructuring. As the economy shifts from being mainly manufacturing oriented to a more balanced structure that includes a vibrant service sector. For example, the growth in services such as finance, telecommunications, and intellectual property related services indicates that China is gradually moving up the value chain in the global economic division of labor.
Employment and consumption
The development of the service trade has also created a large number of employment opportunities. Sectors like tourism, cultural services, and business services have absorbed a significant amount of labor force. Moreover, the import of high quality services can also meet the diverse consumption demands of the domestic population, improving people's living standards. For instance, the increasing number of imported educational services and high end medical services provides more choices for Chinese consumers.
2. Significance in international cooperation
Global influence
China's large scale services import and export make it an important player in global service trade. It has a greater say in formulating international service trade rules and promoting the liberalization and facilitation of global service trade. For example, in multilateral and regional trade agreements, China can actively promote the integration of service trade regulations and standards with other countries.
Mutual benefit with trading partners
This also promotes closer economic and trade cooperation with trading partners around the world. Through service trade, China and other countries can achieve complementary advantages. For example, China can export its competitive services such as construction engineering services and information technology services, while importing advanced services in areas like environmental protection technology services and international logistics management services from developed countries.
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