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Chinanews, Beijing, December – The Ministry1 of Commerce recently published a report on service trade in China in 2007. According to it, by the end of 2006, foreign enterprises had gained a profit of $91.3 billion from non-financial service sector2 in China, and the total number of foreign enterprises in this sector was 44,128.
This was the first time for China to publish the number of non-financial service providers. The report also includes the total FDI in China’s financial industry and service trade. The total FDI of the service trade in 2006 was $11.38 billion, $3.53 billion on the financial industry. Both the import and export volume of China’s cross-border service trade hit new high. The total imp3 & exp volume in 2006 was $191.75 billion, 22.1% higher than in 2005. That is to say that China’s trade deficit4 had been declining. By now, China ranks 8th in service export and 7th in service import in the world. The report also reveals the future policy on regulating the development of the service trade in China. In the future, China will enhance the openness of the trade to guide foreign investment. Domestic enterprises will be encouraged to sign service contracts with overseas clients.
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