Services sector to increase its economic worth

Commerce official says China's trade in services will grow by a 'very satisfactory' 10% this year, to $450b

China's trade in services will grow at least 10 percent this year to $450 billion, with Hong Kong continuing to pay a key role in that growth, a top commerce official said on Tuesday.

Speaking at the 16th Beijing-Hong Kong Economic Cooperation Symposium, Lu Jijian, deputy director-general of the Department of Trade in Services and Commercial Services at the Ministry of Commerce, said that goods trade, in contrast, is likely to expand by 6 or 7 percent this year.

He called the 10 percent growth "very satisfactory compared with developed economies in the context of slow economic recovery globally", adding that the expansion of China's services industry will not only lead the country's economic growth in future, but also improve the quality of GDP as it restructures its economic growth model amid the global slowdown.

Organizers of the symposium, held from Monday to Tuesday in Hong Kong, reported that a record 35 agreements worth $10.1 billion, were signed between the two cities, ranging from infrastructure construction such as a metro line in Beijing, to deals in cultural and creative park development.

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