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The Ministry of Commerce says China's service trade grew to over 2.5 trillion yuan, were 397 billion US dollars in the January to June period. That's up 8.5% a year-on-year. The analysis shows service imports rose 6% to 265 billion dollars while service exports grew even more. They were up 14% to 132 billion. That leads to a decrease in service trade deficit by about 2.7 billion yuan. It is also the first time that China recorded a narrowing of deficit on the semi-annual basis.
There are three reasons behind as a narrowing gap. First, China's economy did fine in the first half of this year. The rapid development of the service industry laid a solid foundation for the expansion of service trade. Second, trade service pilot programs centered around supply-side reform yeild positive results. Third, we pull service trade especially those led by Internet Plus as our top priority in foreign trade.
The us-china trade dispute arose in July, but one expert says because the two sides have many imposed extra tariffs on goods, the impact on trading goods is obvious. They has shown little impact on the trading services between the two countries so far. Experts say in the long run the effect will show.
It depends on how far the trade war goes. If it goes like it's been going, it will first affect goods related services such as transportation, manufacturing services on physical inputs owned by others and maintenance and repair vices. After that, more areas in the trade in goods will be affected including information services, computer and telecommunications.
