Data released by the Ministry of Commerce on September 3 show that China’s total imports and exports of services reached RMB 4.44671 trillion in the January‑July period this year, representing a year‑on‑year increase of 8.3%. Of this total, exports stood at RMB 1.77323 trillion, up 17.1%, and imports hit RMB 2.67348 trillion, rising 3.2%.

Travel services exports stood out as a bright spot. Travel services exports amounted to RMB 263.61 billion from January to July, surging 27.7% year‑on‑year. This growth rate ranked first among China’s top‑five service‑trade sectors by export scale, contributing 22.1% to the overall growth of services exports.

Since the start of this year, the state has kept unlocking the export potential of consumer‑oriented services and boosting inbound consumption. In March, the Ministry of Commerce and eight other departments issued the Policy Measures for Boosting Travel Services Exports and Expanding Inbound Consumption, introducing 16 supportive measures. On July 1, the small‑lot random inspection system and paper‑free procedures under Version 2.0 of the tax‑refund for overseas‑visitors policy officially took effect, making tax refunds and customs clearance more convenient for foreign tourists. Local authorities have also rolled out innovative initiatives. Beijing opened its first online tax‑free refund store, while Guangzhou, Chongqing, Chengdu and other cities have built a cluster of “immediate‑purchase‑immediate‑refund” centralized refund service points.

Thanks to continuous improvements to visa‑exemption policies for inbound visitors and institutional dividends from tax‑refund and payment facilitation, “Traveling in China” and “Shopping in China” remain red‑hot.

Another set of figures disclosed by the Ministry of Commerce on the same day was equally remarkable: inbound spending by overseas visitors in China reached RMB 263.6 billion in January‑July, climbing 27.8% year‑on‑year, and the number of overseas tourists processing departure‑tax refunds more than quadrupled year‑on‑year.

Huang Ling, Spokesperson for the Ministry of Commerce, stated at the regular press conference that going forward, the Ministry will work with relevant central authorities and local governments to fully implement existing policies, further improve the inbound consumption environment, and deliver a better consumption experience and greater sense of gain for foreign tourists in China.

In addition, knowledge‑intensive services exports accounting for more than half of total services exports marks another highlight for China’s services trade.

Statistics indicate that exports of knowledge‑intensive services reached RMB 948.28 billion in January‑July, rising 12.2% year‑on‑year and accounting for 53.5% of total services exports. Exports of personal, cultural and recreational services, together with charges for the use of intellectual property, registered the fastest growth, at 57.8% and 42.1% year‑on‑year respectively.

Source: Shanghai Securities News