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Shandong’s trade in services hits a new high

2019/2/26 15:53:05   source:sdchina.com

While the total import and export of goods in Shandong set a new record in 2018, the trade in services also delivered a satisfactory result. According to Shandong Provincial Commerce Department, the import and export of services increased 15.1 percent year on year to 406.09 billion yuan in 2018, exceeding 400 billion yuan for the first time, accounting for 17.4 percent of the province's total foreign trade, up 0.9 percentage point year on year. The export of such emerging service industries as information, copyright and R&D and design saw a rapid growth.

Trade in services is an important indicator of a country’s or region’s modernization. At present, the focus of global economic competition is shifting from the manufacturing to trade in goods and then to trade in services. In recent years, Shandong has been focusing on the transformation of old and new driving forces, exploring new ways to develop trade in services, creating characteristics and advantages of trade in services and making great efforts to maintain a high growth trend of foreign trade in services.

The trade in emerging services has kept a steady growth. The import and export of emerging services totaled 65.96 billion yuan, an increase of 9.8 percent. Of that, export of communications, computer and information services grew by 41 percent; export of royalties and license fees services rose by 15.6 percent; export of maintenance and repair services increased by 13.9 percent to 1.53 billion yuan; export of R&D and design services grew by 2.8 percent.

The trade in traditional services is stepping up the pace of transformation and upgrading. The import and export of construction, tourism and transportation maintained rapid development, an increase of 17.2 percent, 20.9 percent and 2.8 percent respectively. For example, Qingdao Port, one of the representative ports and shipping enterprises in the province, leads the world in the number of self-developed intelligent terminal comprehensive solutions and creates the Qingdao Port service model.

The pace of diversification in the international market was accelerated. Import and export of services with countries and regions along the "Belt and Road" totaled 51.52 billion yuan, up 7.1 percent.

The scale of outsourcing of productive services is expanding. To give a full play to the advantages of Shandong’s manufacturing industries and promote its deep integration with modern service industry has become an important driving force for the sustained and rapid growth of service outsourcing.

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