The Ministry of Commerce released the Report on China's Services Imports during the country's first International Import Expo, which is underway in Shanghai.
According to China's Services Import Report, China will account for more than ten percent of the global share of services imports, and will contribute over 20 percent to their global growth over the next five years.
According to Xian Guoyi, the head of the Service Trade Department in China's Ministry of Commerce, this will create a broader market for the world, and in doing so will deliver greater benefits for the world economy.
"China is taking the initiative to expand its imports of services, and to participate in the international division of labor in a deeper way. China is also making contributions to the world's economic recovery and global economic governance. All of these things have proved that China is shouldering its responsibility as a major country," says Xian.
The report notes that China has seen an accelerated growth in services imports since it joined the World Trade Organization in 2001. Its services imports surged to over 467 billion U.S. dollars in 2017, up from around 39 billion in 2001. Xian stressed that China needs to expand its import of services in order to take its development to a higher level.