politics

China’s service trade deficit narrows sharply in first 11 months of 2020

Staff members introduce trip information through live streaming at China Tourism Group booth in the tourism services exhibition area of the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 5, 2020. (Xinhua/Pan Siwei)

  Staff members introduce trip information through live streaming at China Tourism Group booth in the tourism services exhibition area of the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 5, 2020. (Xinhua/Pan Siwei)

BEIJING, Jan. 1 (Xinhua) — China’s trade structure has further improved as the country’s service trade deficit shrank significantly in the first 11 months of 2020, data from the Ministry of Commerce (MOC) showed Friday.

During the period, China reported a deficit of 677.01 billion yuan (about 103.76 billion U.S. dollars) in service trade, down 51.3 percent, or 712.96 billion yuan from a year ago, the ministry said.

The country’s total service trade volume reached 4.08 trillion yuan in the January-November period, down 16.3 percent year on year, according to MOC data.

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