China’s Service Imports up 8.9% in First 9 Months

China’s Service Imports up 8.9% in First 9 Months


China’s imports of services climbed 8.9% year on year to 2.61 trillion Yuan (about 378 billion U.S. dollars) in the first 9 months of 2018, data showed on November 6. Service exports rose 14% to 1.27 trillion Yuan during the period, leading to a trade deficit of more than 1.33 trillion Yuan, according to data released by the Ministry of Commerce. Foreign trade in emerging services, which accounts for 33% of the domestic total, increased 20.1% to 1.28 trillion Yuan for January-September. The ministry said economic transformation has boosted the imports of high-end producer services, with imports of financial services and charges for the use of intellectual property up 22.1% and 24%, respectively, during the January-September period. The country’s cumulative service imports are expected to exceed 2.5 trillion U.S. dollars in the next 5 years, according to a report released by the ministry. China’s service imports will account for more than 10% of global service imports, contributing over 20% to total global growth in the coming 5 years.


People watch

It is lucky for Chen Jun to began his career in the IP industry 14 years ago when the first group of IP managers for businesses appeared on the stage in China and he has been in the industry.

It was this “Whampoa Military Academy” for IP that educated China’s first batch of corporate IP management personnel. Many of these engineers left Foxconn in the years since.