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Trade in services will play a bigger part as the growth engine of acooling Chinese economy, as well as a driver for depressed producttrade amid sluggish global demand, commerce officials said. "With an increasing risk of another global downturn, countries arelooking for new growth pole, and service trade has drawn muchattention," Qiu Hong, China's assistant commerce minister, said inBeijing on Tuesday. "China's domestic market (for service providers) still has hugepotential, even amid global uncertainties ... and development ofthe service sector is the new opportunity for the Chinese economy,"Qiu said at a news conference on the First China International Fairfor Trade in Services, which is scheduled to be held in Beijingnext week. China ranks fourth globally with a service trade volume of $419.4billion in 2011, and the country has been climbing up the table byone notch every year in recent years. "With a growing pool of talent and more professional serviceproviders, the growth of China's service trade will continueaccelerating," Qiu said, adding that she was confident in thecountry achieving its goal to boost the service trade by 11 percentthis year - the sector's average growth rate over the past fiveyears. The service trade, or labor trade, refers to cross-border businessexchanges in sectors such as logistics, tourism, financialservices, education and culture. The world's service trade expanded from $5 trillion in 2005 to $8trillion in 2011, according to the World Trade Organization,despite the global downturn. "The growth of the service sector has been more stable comparedwith that of trade in goods, which is easily affected by globaldemand," Qiu said. China's trade in goods continues to falter amid difficulties in itstraditional trade partners such as Europe and Japan. Customs datashow that the trade in goods grew only 6 percent in the first fourmonths of the year, compared with a full-year target of 10 percent. The trend was reflected in the shrinking amount of contracts signedat the China Import and Export Commodities Fair in Guangdongprovince, which has long been a barometer of the country's tradeconditions. "The key issue for manufacturers used to be how to produce yourproduct, but now, as demand shrinks, it has come to the question ofhow to promote your product," said Cheng Hong, deputy mayor ofBeijing, who also spoke at the conference. "Products will need more support from service providers such as inmarketing, branding and packaging, so as to fetch a better price,"Cheng said, explaining that these factors will support sustainabledemand for service trade. Also, she noted, an undeveloped service sector will hinder thetechnical upgrading of the manufacturing sector. The service sector still accounts for a relatively small part ofChina's total economic output, only 43 percent in 2011, comparedwith an average of 70 percent in developed economies, as reportedby the World Bank. Domestically, there are also large regional disparities. Theservice sector accounts for 70 percent of the economy in Beijing,but only 20 to 30 percent in coastal areas. The e-commerce company in China offers quality products such as China Automobile Suspension Parts , China Auto Seat Recliner, and more. For more , please visit Auto Seat Slide today!
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