China to pilot opening-up measures in service trade

BEIJING, May 24 (Xinhua) -- China will pilot a series of opening-up measures covering telecommunications, tourism, engineering consulting, finance and legal services in 17 regions, including Beijing and require these places to deepen the pilot program from July 1 this year to June 30, 2020.

The measures aimed at promoting innovative development of service trade. The program was first rolled out by the State Council, China's cabinet, in 2016.

According to the State Council, access mechanisms for trade in services on cross-border delivery and overseas consumption will be explored and refined. Restrictions will be gradually lifted or eased, and customs clearance and visa arrangements will be streamlined for freer flow of goods and people.

Statistics from the Ministry of Commerce (MOC) show that China's trade in services totaled 4.7 trillion yuan in 2017, up by 6.8 percent year-on-year. Exports of services gained 10.6 percent and hit 1.54 trillion yuan, while imports rose 5.1 percent to 3.16 trillion yuan.

According to a decision at the meeting of the State Council, services trade in such areas as R&D and design, inspection and testing, international settlement and exhibition will be expanded. Tax exemption policies will made available for service exports, and eligible exporters can enjoy zero tax rates. Exports of emerging services that are guided by Internet Plus will be encouraged.