China's service trade leaps to rank 5 in the world

Although confronted with an unfavorable situation as a result of the international financial crisis, China still maintains a much higher growth rate in the service trade than the global average.

According to an announcement made on May 6 by the Ministry of Commerce, China's total volume of imports and exports in the service trade sector reached 304.45 billion USD in 2008, a 21.3 percent increase from the previous year, but its growth rate dropped 9.6 percentage points year-on-year.

According to the latest statistics from the WTO, China's service trade export volume jumped to fifth place in the global ranking in 2008 from seventh in 2007, and its import volume secured fifth place.

Source: People's Daily Online