Implementation Opinions on Accelerating the Development of Guangzhou’s Trade in Services (Short for “the Opinions” hereinafter) was discussed and adopted at the executive meeting of the municipal government.

 

The Opinions defines the development targets and main tasks of Guangzhou’s trade in services: the total value of imports and exports of the city’s trade in services will reach $35 billion by 2018, and achieve $40 billion by 2020, ranking top in China and achieving liberalization of trade in services in general with Hong Kong and Macao. The proportion of modern trade in services will be gradually increased. Guangzhou will speed up the development of trade in services with Hong Kong, the US, EU and other advantageous markets.

 

According to the Opinions, the municipal budget will earmark 20 million yuan to support Guangzhou’s development of trade in services. The fund will be applied to support the trade in services demonstration park, public service platform, international certification, demonstrative and key enterprises, key sector’s business expansion, special statistics, trade in service liberalization, industrial research, business training and trade in services training etc.

 

As a national central city, Guangzhou has seen a steady and rapid growth in trade in services in recent years. From January to September, the city’s total value of imports and exports of trade in services achieved $20.67 billion, up 14.1% year on year, ranking the 4^th in China. And the proportion between trade in services and trade in goods is 1:5. The trade in services with Hong Kong and Macao accounted for 40% of the city’s total trade in services. The city has more than 8,000 enterprises engaged in trade in services.

 

Source: Translate from Invest Guangzhou, Dec. 8, 2015