China's total services import and export value exceeding 1 trillion US dollars is a significant milestone with the following 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 with an increasing emphasis on the service sector, the growth in services trade is an important part. For example, in recent years, China has seen a rising share of high value added service exports such as information technology services and intellectual property royalties, which indicates that China is moving up the global value chain in the service field.
Employment absorption
The development of the services trade has also created a large number of employment opportunities. Service industries such as tourism, transportation, and business services are labor intensive to a certain extent. The expansion of services import and export promotes employment in related industries, helps to improve people's living standards, and also eases employment pressure in the country.
2. Significance in international cooperation
Global economic integration
It shows that China is deeply integrated into the global economic system in the service area. China has become an important participant and contributor to global services trade. For instance, Chinese funded banks have expanded their overseas business, providing financial services to international clients; Chinese construction engineering companies also export construction and engineering consulting services overseas, participating in infrastructure construction projects in many countries.
Influence on trade rules
With the growth of services trade volume, China has more say in formulating global trade rules in the service sector. China can actively participate in multilateral and bilateral trade negotiations on services, promote the establishment of more fair and reasonable trade rules, and safeguard the interests of developing countries in global services trade.
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