Services trade deficit seen growing in Dec

Updated 2018-02-01 13:44:00

China's trade deficit in services expanded to .6 billion in December from .3 billion in November, the country's foreign exchange regulator said on Wednesday.

The deficit was largely due to a .7 billion gap in spending between foreign and Chinese tourists, as Chinese visitors splurge more abroad than those coming to China, data from the State Administration of Foreign Exchange (SAFE) showed.

Trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunications, construction, advertising, computing and accounting.

China regularly registers a deficit in services trade due to huge domestic demand.

During the same month, China recorded a .2 billion surplus in trade in goods.

In January, China launched an investment fund of 30 billion yuan (.6 billion) to guide the development of the service trade industry.

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