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China's service trade deficit widens in June

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China's service trade deficit expanded in June after a contraction in May, the State Administration of Foreign Exchange (SAFE) said Monday.

 

The deficit stood at 200.8 billion yuan (about 29.5 billion U.S. dollars) in June, up from 154.6 billion yuan in May, SAFE said.

 

Income from trade in services was 124.2 billion yuan, while expenditure totaled 324.9 billion yuan.

 

Trade in services refers to the sale and delivery of intangible products such as transport, tourism, telecommunications, construction, advertising, computing and accounting.

 

China regularly registers a deficit in service trade as its service sector is less competitive than a number of economies.

 

The government has channeled more energy into the sector and rolled out measures to improve it, including gradually opening up the finance, education, culture and medical sectors.

 

Xinhua News


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