China Surpasses $1 Trillion in Service Trade Last Year... Record High
Chinese Researcher: "Impact of Expanding Visa-Free Policy"
China's service trade volume exceeded $1 trillion (approximately 1467 trillion won) for the first time last year, reaching an all-time high.
According to China's state-run Xinhua News Agency on the 3rd, the Ministry of Commerce of China announced that the value of service exports and imports last year reached 7.5 trillion yuan (about 1500 trillion won). This figure represents a 14.4% increase compared to the previous year, marking a record high.
Exports increased by 18.2% and imports by 11.8% compared to the previous year.
Li Jun, a researcher at the China International Trade and Economic Cooperation Research Institute under the Ministry of Commerce, said, "Thanks to the global trends of digitalization, smart technology development, and green development, China's service trade last year grew in scale, became more optimized in structure, and strengthened its international competitiveness."
He particularly noted that the expansion of China's visa-free policy played an important role in promoting domestic inbound tourism last year.
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Additionally, the success of the Chinese online game Black Myth: Wukong was also evaluated as having a positive impact.
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