Immense potential foreseen in China-Europe service trade

China and Europe have great cooperation potential in service trade as it has become the new engine for economic growth, said a Chinese trade association leader at the sixth Hamburg Summit on Friday.[Special coverage]

Yao Shenhong, the executive vice chairman and secretary general of the China Association of Trade in Services, told the summit that the role of service trade between China and Europe is going to become more and more important.

"From January to July this year, (China's ) total export-import volume of services reached 335.7 billion U.S. dollars. The year-on-year growth reached 14.3 percent," said Yao, noting that high value-added services in the financial, information, and consulting sectors were growing fast.

Yao told Europe's largest Sino-European business conference that the Chinese government this year has drawn up a plan for supporting the development of productive services. The plan prioritizes investments in research and development, third-party logistics, financial leasing, energy conservation and environmental protection services, e-commerce and service outsourcing.

"What will happen from now on is set to bring immense opportunities for the development of China's service trade," Yao said confidently, adding that China is increasingly opening up its service industry.

The biennial Hamburg Summit, which first took place in 2004, was initiated and organized by the Hamburg Chamber of Commerce. The business conference serves as a platform for dialogue between China and Europe with the aim of enhancing understanding and improving their economic relations.