At the first meeting of the Boao Forum for Asia Global Economic Development and Security Forum in Changsha, Hunan, Chi Fulin, Dean of the China (Hainan) Reform and Development Research Institute, delivered a video keynote speech that China’s service trade has great potential for development. Whether it is the transformation of the industrial structure from manufacturing-based to service-based, or the transformation of consumption structure from material consumption to service consumption, there is a huge potential for the development of service trade in the next 10-15 years.

Chi Fulin said that from 2010 to 2019, global service trade grew by 4.8% in nominal terms, twice the growth rate of goods trade, and the proportion of service trade in total trade increased from 20.3% to 23.8%. From 2014 to 2019, China’s trade in services increased from 3712.09 billion CNY to 5415.30 billion CNY; the proportion of services trade in China’s total foreign trade increased from 12.3% to 14.6%.

Service trade is an important indicator to measure the high-quality development of trade. It is also the key to promoting the industrial chain and value chain to the mid-to-high end and enhancing the right to speak in global economic and trade rules.

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