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China: China advances service trade innovation

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[Voiceover] Since the beginning of this year, China has been taking steps to make its services sector more appealing to cross-border players. The sector is comprised of logistic services, those encompassing communications, as well as those in finance, science, medicine, and technology. And tourism. According to the Ministry of Commerce, in the first seven months of the year, trade in China's travel-related services surged more than 10 percent year on year to more than 176 billion U.S. dollars. This past spring, the country began scaling back its so-called "negative market access list", a tally of industries, sectors and activities that prohibit foreign investment, or are subject to government approval. Commerce officials say besides a shorter list, extra support is available for service enterprises wishing to invest in China. [Soundnite] Kong Dejun, director, Department of Trade in Services and Commercial Services, Ministry of Commerce: "Next, we will fully implement the negative list for cross-border trade in services, proactively align with high-standard international economic and trade rules and steadily advance the opening of the service market to create more high-level open platforms. Support will be provided for enterprises in areas such as taxation, finance, regulatory facilitation, and international market expansion." [Voiceover] Data shows that the country's services trade volume topped more than 644 billion U.S. dollars in the first seven months of the year, a more than eight percent increase year on year. [Restrictions: No access Chinese mainland]

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