China ranks 9th in service trade development in 2022 globally: report

(ECNS) -- China ranked 9th in service trade development in 2022 globally, jumping from 14th place in 2021, according to a report by a government think-tank.

This is the first time China has ranked among the top 10 in service trade development globally.

"Global Service Trade Development Index Report 2022" was conducted by the Chinese Academy of International Trade and Economic Cooperation, affiliated to the Ministry of Commerce. It was released at the 2022 Global Trade in Services Summit on Thursday.

Official data shows in the first half of 2022, China's service trade maintained rapid growth, with the total import and export of services reaching 2,891.09 billion yuan ($4160.26 billion), a year-on-year increase of 21.6 percent.

In particular, knowledge-intensive service trade maintained steady growth, with total import and export volume reaching 1,214.49 billion yuan in the same period, a year-on-year increase of 9.8 percent, according to the report.