Xiamen city gets green light to boost its trade in services

Xiamen in East China's Fujian province recently received the approval of the State Council, China's Cabinet, to expand the innovative development of the coastal city's trading in services, the Fujian Daily reported on Aug 17.

In contrast to the trading in merchandise – commodities and goods – services refers to the sale and delivery of intangible products like transportation, tourism, telecommunications, construction, advertising, computing and accounting.

The nation's Ministry of Commerce has introduced 26 measures – such as allowing foreign institutions (international companies and industry associations) to independently run economic and technological exhibitions and helping local firms to form partnerships with their foreign counterparts – to develop cross-border commercial medical insurance products.

These measures are now in trial use in 28 pilot cities and regions for the innovative development of the services trade and Xiamen is the only city in Fujian that received approval.

In recent years, Xiamen has beefed up its efforts to accelerate the innovative development of its services trade and has established a new pattern of services trade that focuses on the tourism, transportation and aeronautical maintenance sectors.

Local officials said some key services trading businesses have also witnessed a boom in Xiamen, including games and animation, computer service and financing and leasing.

They said the city has fostered a number of leading services trade brands with an international reach.