Hangzhou ranks 5th in service trade nationwide

Hangzhou, capital of East China's Zhejiang province, ranked fifth in the service trade in China last year, following Beijing, Shanghai, Guangzhou and Shenzhen, said a report from the Hangzhou Municipal Bureau of Commerce on March 18.

The imports and exports of services totaled 271.25 billion yuan ($40.41 billion) and hit a record high in 2018, of which services exports and imports took up to 81.2 billion and 190.05 billion yuan, respectively, all ranking fifth in the country.

As one of the pilot cities for the innovative development of service trade approved by the State Council, Hangzhou has seen its service sector prosper in recent years, which can be attributed to industrial upgrading and transforming, exploration and innovation in advantageous industries, talent cultivation, and favorable policies in exit and entry administration.

Digital services, cultural trade, tourism services and financial and insurance services are four key areas of Hangzhou's service trade, while education services, exhibition services, medical services and logistics services are four potential ones, according to an implementation plan issued in 2018.

Hangzhou will work to boost the exports of rising service industry based on the "internet plus" and build a modern service trade industry system with distinctive features, said an official from the Hangzhou Municipal Bureau of Commerce.