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 service import and export volume was 7523.8 billion yuan, a year-on-year increase of 14.4%. 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, introduced that China's annual service import and export scale exceeded US$1 trillion for the first time, setting a record high. The growth rate has accelerated significantly, international competitiveness has steadily enhanced, and its position in the total trade in goods and services has continued to improve, showing great development vitality and potential. Travel services are the fastest growing, the largest area of ​​service trade

Structurally, travel services have the fastest growth. China's travel has become popular and has promoted 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, Huangshan, etc. 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 the introduction of a series of reform and innovation measures in entry clearance, visa-free travel to my country, flight routes, etc., which have a positive supportive 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%. Personal cultural and entertainment services, telecommunications and computers and information services are growing rapidly.