"Since 2012, China's import and export of trade in services has maintained a rapid growth momentum, with an average annual growth rate of 6.1%, which is 3.1 percentage points higher than the global growth rate." On August 23, the relevant person in charge of Ministry of Commerce pointed out when introducing the relevant situation of 2022 China International Fair for Trade in Services (CIFTIS). The past ten years of CIFTIS have witnessed the fast growth of China's service trade.

Service trade is an important part of international trade and an significant field of international economic and trade cooperation. Since the 18th National Congress of the CPC, the scale of China's service industry has continued to expand, and it has played an vital role in optimizing the structure, promoting employment, and stimulating consumption. Since its establishment in 2012, CIFTIS has seen the rapid development of China's service trade for ten years, and has now become an important exhibition platform for China's opening to the outside world. Data shows that China's service trade has ranked second in the world for eight consecutive years. 

In the first half of 2022, despite the severe and complicated external environment, China's service trade still delivered a dazzling report card. According to data released by Ministry of Commerce, in the first half of 2022, China's total import and export of services was 2,891.09 billion yuan, a year-on-year increase of 21.6%. The service exports were 1,405.95 billion yuan, an increase of 24.6%; imports were 1,485.14 billion yuan, an increase of 18.9%.

In addition, China's service trade deficit continued to narrow. Data shows that last year, China's trade deficit in services dropped by 67% from 2020 to US$32.75 billion and it reached the lowest since 2011. In the first half of 2022, the service trade deficit further narrowed to US$12.2 billion.

Data show that in 2021, China's travel service trade deficit was US$114.68 billion, a decrease of 55.8% from 2019, becoming the most important factor driving the decline in the service trade deficit.

Since the beginning of this year, facing some unexpected factors at home and abroad, China has unswervingly responded to external uncertainties with a high level of opening up, and actively cultivated new competitive advantages in service trade. In March, 7 departments including Ministry of Commerce reviewed and identified a new batch of 40 export bases for professional specialty services. At present, China's characteristic service export bases have covered 7 fields including culture, traditional Chinese medicine, and digital services, etc., with a total of 112.

At present, the number of countries and regions that have trade in services with China has increased to more than 200. Among them, the service trade volume with countries along the "Belt and Road" increased by 33%, with BRICS countries by 52%, and with ASEAN countries by 27%.