China's Service Trade Tops $1 Trillion, Shows Strong Potential

Ministry of Commerce data reveals historic growth

China's total service trade volume surged to 7.5 trillion yuan (approximately $1.04 trillion) in 2024, up 14.4% year-on-year, setting a new record. Service exports rose 18.2%, while imports grew 11.8%, according to the latest figures from the Ministry of Commerce.

First-time trillion-dollar milestone highlights potential

"This marks China's first breakthrough in service trade exceeding $1 trillion," said Li Jun, Director of the Service Trade Research Institute at the Chinese Academy of International Trade and Economic Cooperation. He attributed the growth to global trends in digitalization, smart technologies, and green development, which have driven structural optimization and enhanced international competitiveness.

Tourism revival and digital content fuel expansion

China's relaxed visa-free transit policies and the viral “China Travel” trend on global social media boosted inbound tourism. Iconic destinations like the Great Wall, Terracotta Warriors, Zhangjiajie, and Huangshan saw rising foreign visitor numbers, alongside growing interest in urban “citywalk” explorations.

“China's cultural appeal and tourism boom will further expand service trade and revitalize global travel,” Li noted.

Digital content goes global

Chinese digital culture exports shone in 2024:

The game Black Myth: Wukong topped sales charts on Steam and WeGame post-launch, winning multiple awards.

Streaming platforms like Netflix, Disney+, and YouTube amplified Chinese films and TV series overseas.

Online literature platforms reported 620,000 original works and over 230 million overseas users in 2023.

High-level opening-up policies set roadmap

In August 2024, China’s State Council issued guidelines to advance service trade through high-standard openness. Li Jun outlined three priorities for high-quality development:

1.Openness-driven reforms

· Implement cross-border service trade negative lists nationwide and in free trade zones, with plans to further streamline restrictions.

· Align with international trade rules and launch national service trade innovation pilot zones.

2.Innovation and digital transformation

· Leverage digitalization to upgrade sectors like finance, consulting, and green tech.

· Pilot “bonded zone + service trade” models and integrate goods-service trade synergies.

3.Deepening global cooperation

· Expand multilateral and regional partnerships in digital trade.

· Utilize platforms like the China International Fair for Trade in Services (CIFTIS) to foster international industrial parks.

Outlook

With policy tailwinds and digital momentum, China’s service trade is poised to sustain growth, reinforcing its role as a key driver of global economic recovery.