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China sees rise in knowledge-intensive services trade
  ·  2020-09-02  ·   Source: Xinhua News Agency

China saw increased trade in knowledge-intensive services during the first seven months of this year, although its total services trade declined amid COVID-19 epidemic, the Ministry of Commerce said on September 1.

China's total trade in services amounted to 2.62 trillion yuan ($382.4 billion) from January to July, down 15.2 percent year on year.

Service exports outperformed imports, with exports totaling 1.09 trillion yuan ($155.7 billion), down 1.4 percent, and imports hitting 1.53 trillion yuan ($218.6 billion), down 22.8 percent. This brought the deficit in such trade down 49.4 percent to 448.77 billion yuan ($64.11 billion), or a year-on-year decrease of 438.35 billion yuan ($62.62 billion).

China's trade of knowledge-intensive services reached 1.15 trillion yuan ($164.3 billion) from January to July, up 8.9 percent year on year, accounting for 44 percent of the total services trade in January-July, and the ratio is up 9.7 percentage points from the same period last year.

Of the total, the exports of knowledge-intensive services reached 610.3 billion yuan ($87.2 billion), up 9.7 percent year on year, accounting for 56.2 percent of total services exports, and the ratio is up 5.7 percentage points from the same period last year.

The imports of knowledge-intensive services totaled 541.04 billion yuan ($77.3 billion) in the first seven months, up 8 percent year on year, accounting for 35.3 percent of total services imports, up 10.1 percentage points year on year.

Imports of knowledge-intensive services registered rapid growth mainly in financial services and telecommunication, computer and information services.

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