China's Service Trade Sector Reaches $450 Billion 

(MENAFN - Qatar News Agency) China's trade in services will grow at least 10% this year to 450 billion, with Hong Kong continuing to pay a key role in that growth, a top commerce official said.

According to Chinese news agency (Xinhua), speaking at the 16th Beijing -Hong Kong Economic Cooperation Symposium, Lu Jijian, Deputy Director-General of the Department of Trade in Services and Commercial Services at the Ministry of Commerce, said that goods trade, in contrast, is likely to expand by 6% or 7% this year.

He called the 10% growth "very satisfactory compared with developed economies in the context of slow economic recovery globally", adding that the expansion of China's services industry will not only lead the country's economic growth in future, but also improve the quality of GDP as it restructures its economic growth model amid the global slowdown.

The mainland's services exports to Hong Kong increased by 23.5% year-on-year to 73.34 billion, while its imports of services rose by 15.1% to 38.87 billion, the ministry figures show.

Hong Kong remained the mainland's biggest services trade partner, accounting for 26.8% of its business.