CCTV News: Data from the Ministry of Commerce shows that in 2024, China's service trade achieved rapid growth, with the total annual service import and export volume exceeding US$1 trillion for the first time, setting a record high in scale, and the structure continued to be optimized, showing broad development potential.

In 2024, China's total annual service import and export volume was 7523.8 billion yuan (RMB, the same below), an increase of 14.4% year-on-year. Among them, exports were 3175.56 billion yuan, an increase of 18.2%; imports were 4348.24 billion yuan, an increase of 11.8%; and the service trade deficit was 1172.68 billion yuan, a decrease of 31.43 billion yuan over the previous year.

Li Jun, director of the Service Trade Institute of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, said that China's annual service import and export scale exceeded US$1 trillion for the first time, setting a record high, with significantly accelerated growth, steadily increasing international competitiveness, and its position in the total trade in goods and services continued to improve, showing great development vitality and potential.

Travel services have the fastest growth and are the largest area of ​​service trade

Structurally, travel services have the fastest growth. "China Travel" has become popular, promoting the continuous expansion of China's service trade. Since 2024, the annual import and export of travel services reached 2051.15 billion yuan, an increase of 38.1%, making it the largest area of ​​service trade. From traditional attractions and natural scenery such as the Forbidden City, the Great Wall, the Terracotta Warriors, Jiuzhaigou, and Huangshan to the "Citywalk" on the streets and alleys, the number of international tourists in various parts of China has gradually increased.

Yuan Qian, a researcher at the Macroeconomic Research Institute of the National Development and Reform Commission, introduced that behind this growth is that my country has launched a series of reform and innovation measures in terms of customs clearance, visa-free travel to China, flight routes, etc., and has achieved positive results, which has played a positive supporting role in promoting cultural exchanges with countries around the world.

In 2024, knowledge-intensive services were imported and exported 2896.52 billion yuan, an increase of 6.5%. Among them, knowledge-intensive services exported 1657.32 billion yuan, an increase of 7.4%, and personal cultural and entertainment services, telecommunications and computers and information services grew rapidly.