According to data released by the Ministry of Commerce, in the first quarter of 2024, the mainland's trade in services showed a momentum of rapid growth, with the total import and export of services reaching 1,816.74 billion yuan, a year-on-year increase of 14.7%. This data shows that the competitiveness of the mainland's trade in services in the international market has been continuously improved, which has injected new impetus into economic development.
Among them, travel services were one of the areas with the fastest growth in the import and export of services in the first quarter. Tourism has always been an important part of the mainland's service trade, and with the rapid development of the domestic economy and the improvement of people's living standards, the demand for tourism consumption continues to grow, which in turn promotes the explosive growth of travel services. With the gradual control of the domestic epidemic, the recovery momentum of the tourism industry has become more obvious, and tourist attractions around the country have launched preferential policies to attract tourists. In addition, the quality of tourism products and services on the mainland has also been recognized by international tourists, and the number of foreign tourists visiting China is also increasing, contributing considerable data to the import and export of services.
In addition to travel services, other service areas have also achieved good momentum. High-tech services, cultural and creative services, financial services and other fields have all developed at a relatively rapid pace, providing more value-added services for domestic enterprises and enhancing the level and competitiveness of the mainland's trade in services. It is worth mentioning that with the continuous development of emerging technologies such as artificial intelligence, big data and cloud computing, the mainland's service trade is gradually moving towards digitalization and intelligence, injecting new impetus into the innovation and upgrading of the service industry.
In addition, the international trade situation has also played a positive role in promoting the growth of the mainland's trade in services. In recent years, the mainland has actively promoted the construction of the "Belt and Road", strengthened cooperation with countries and regions along the route, and continuously expanded the scope and fields of opening up. This series of measures not only enhances the mainland's position in global trade, but also provides a broad space and opportunities for the development of trade in services.
However, it should be noted that the growth of trade in services also faces some challenges and problems. First of all, the relatively large scale of imports in the mainland's trade in services has also led to an imbalance in the mainland's foreign trade. Second, there are still many barriers and restrictions on trade in services, including high entry thresholds for industries and imperfect regulatory policies, all of which restrict the development potential of the mainland's trade in services. Therefore, in the future, the mainland needs to increase its support for trade in services, further promote the liberalization and facilitation of trade in services, and provide a better environment and conditions for the development of the service industry.
All in all, in the first quarter of 2024, the mainland's trade in services will further grow rapidly, with the total import and export of services increasing by 14.7% year-on-year, of which travel services will grow rapidly. This data shows that the competitiveness of the mainland's trade in services in the international market has been continuously improved, and has injected new impetus into economic development. However, the development of trade in services still faces many challenges, and it is necessary to further increase support for trade in services, promote innovation and upgrading of trade in services, and provide a more favorable environment and conditions for the development of the mainland's service industry.