CRI听力:China's Service Trade in Deficit, But Set to Catch up

The service sector features high added value, smaller environmental impact and ample jobs. In China, trade of services have grown 17 percent annually in recent years, making it the fourth-largest global trader in services, contributing 5 percent of the world's total.

However, according to Tu Xinquan, the University of International Business and Economics' deputy director of the China WTO study Center, China's trade of services is much less developed compared to its trade of goods.

"China might be the one with the smallest share of national economy services among major economies. In 2010, China's services industry only represented 43% of its GDP while its average share in the world economy was as high as 70%. More seriously, the share of services has seen little growth in recent years."

Tu Xinquan says one important approach to increase service trade is to open more Chinese service markets to foreign investors. This idea is echoed by Nick Thomas, executive director at the China-Britain Business Council.

"I think the key point around services is liberalization. I think the UK has liberalized the service sector in a number of important ways, particularly in financial services. And that allows the emergence of all sorts of service providers. I think that will come in China, but I think China does need to liberalize more."

Thomas says the UK generally tends to export more services than it imports. For China, the share of overall trade service is small, but it is growing.

Chinese service industry expects a boost in the next few years as 30 service sectors will be given prioritized support, including tourism, IT services, education, accounting and advertising. This should boost the export of high-value-added services. The ubiquitous phrase "Made in China" will soon be joined by "Served by China."

Zhou Liujun, is the Ministry of Commerce's director of the department of trade in services and commercial services
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"While further consolidating the advantages in size in the sectors of transportation, tourism and construction, we'll actively promote the exports of services with Chinese characteristics, such as those in traditional Chinese medicine, culture and art, education, and sports."

According to the plan, the service trade should generate 600 billion US dollars in 2015, with 45 percent of the volume coming from high-value-added services.

For CRI, this is Su Yi.