Global Trade: China Deepens Innovation Development of Trade in Services
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The Chinese government has recently approved a plan to deepen innovative development of trade in services. The Ministry of Commerce briefed reporters on the details on Tuesday.
Government officials approved experimental zones in 15 cities and regions in February 2016, including Tianjin and Shanghai. They've also imposed beneficial policies in tax, finance, and trade facilitation in these experimental zones to boost their development. Those areas have shown development in Cloud services, big data, and language services. The export of trade in services of these experimental zones increased faster than the national average speed, and they also helped accelerate the trade in services of the whole country. China's total trade volume of services reached 1.67 trillion Yuan, with a year-on-year growth of 11.9%, with the exports increasing by 13%.