More opening-up policies needed to go global with trade in services

China's total service import and export volume reached 7.5 trillion yuan ($1.03 trillion) in 2024, a record high, with exports increasing by 18.2 percent year-on-year and imports by 11.8 percent, latest Ministry of Commerce data show.

Over the past year, China has fully optimized its visa-free transit policy, attracting increasing numbers of overseas tourists. The unique charm exuded by Chinese culture is expected to promote the continuous expansion of China's service trade, and drive the further recovery and prosperity of global travel services.

Since its debut in 2024, Chinese video game Black Myth: Wukong has quickly become the top seller on many gaming platforms, and won a number of awards. Online audiovisual content and platforms have also performed well in the global market, with high-quality movies and TV dramas launched on overseas streaming platforms. Exports of Chinese online literature have also increased, with about 620,000 original online literature works exported overseas in 2023, with more than 230 million overseas users.

To further develop trade in services, China needs to open wider to the outside world and attach more importance to innovation and cooperation.

In 2024, China, for the first time, established a nationwide negative list management system for cross-border trade in services. The country should continue to improve the level of institutional openness, and fully implement the negative list for cross-border trade in services.

It should take the initiative to align with high-standard international economic and trade rules, and promote the compatibility of Chinese and international rules, regulations, management and standards in trade in services. It should tap the development potential of industrial digitalization and digital transformation, actively cultivate new drivers, support professional service institutions in finance, consulting, design, certification and accreditation to enhance international service capabilities and enhance their strength and confidence to "go global".

China should also further expand multilateral, bilateral and regional cooperation in the service trade and digital trade, by continuing to give full play to major exhibition platforms, build international cooperation parks and improve the environment for cooperation.

- Xinhua News Agency