New Trends in International Trade: The Rise of Trade in Services

Against the background of global economic restructuring, trade in services is gradually becoming a new highlight of international trade. With the development of information technology and the deepening of globalization, the scale of trade in services has been expanding and the field has been expanding.

Trade in services covers a wide range of areas such as finance, tourism, transportation and communications. Among them, the growth rate of trade in high-end services, such as trade in financial services and trade in information technology services, is particularly rapid.

The rise of trade in services is attributed to the following factors: First, the trend of servitization of the global economy. With the transformation and upgrading of the manufacturing industry, the proportion of the service sector in the economy has been increasing, and the demand for trade in services has also increased. The second is the development of digital technology. The wide application of digital technology has provided a new platform and means for the development of trade in services. Third, the advancement of trade liberalization. Countries have lowered barriers to trade in services and promoted the liberalization and facilitation of trade in services.

For China, accelerating the development of trade in services is of great significance. On the one hand, the development of trade in services can promote economic restructuring and transformation and upgrading, and improve the quality and efficiency of economic development. On the other hand, the growth of trade in services can drive employment and improve people's living standards.

In the future, trade in services will continue to maintain a rapid growth trend. Countries should strengthen cooperation in trade in services and jointly promote the development of trade in services, so as to inject new impetus into global economic growth.