China’s Next Five-Year Plan Could See Services Trade Push

Services businesses have grown considerably in China, spurred by policy initiatives, and last year accounted for 54% of gross domestic product. The focus on the sector’s role in the economy is set to continue, with China’s persistently large deficits in services trade showing room for growth, according to Bloomberg Economics. As well as enhancing quality and policy frameworks for the sector, China may encourage external trade in services when the country’s top leadership meets Oct. 26-29 to review a proposal for their new five-year plan.