Hangzhou witnesses boom in service trade

An aerial view of Qianjiang New Town skyline, Hangzhou, Zhejiang province [Photo/VCG]

Hangzhou, capital of East China's Zhejiang province, has witnessed strong development of its trade in services, the Ministry of Commerce said.

In the first three quarters of this year, Hangzhou recorded a total $25.57 billion import and export volume of its trade in services, a year-on-year increase of 133.9 percent, among which the exports of such services reached $5.32 billion, up 34 percent year-on-year.

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

To further promote the innovative development of trade in services, the eastern Chinese city also initiated a proposal in areas including cultural trade, digital services, tourism services and financial insurance, suggesting that the city would have an over 10 percent annual growth rate of trade in services and build over 10 trade parks and 30 leading enterprises by 2020.

In response, Hangzhou will ramp up efforts to formulate relative supportive policies and optimize the management level of service industries and businesses, as well as offer wider market access to exports of trade in services.