CHINA’S trade deficit in services continued to widen in July to US$17.6 billion, the foreign exchange regulator said yesterday, as Chinese spent more abroad than foreign visitors in the country.
The deficit was led by a huge gap of US$15.9 billion in spending between Chinese and foreign visitors, the State Administration of Foreign Exchange (SAFE) said in a statement.
China posted a US$46 billion surplus on trade of goods in July, resulting in a combined surplus on trade in goods and services of US$28.4 billion.
The government has been trying to boost the services sector, which could help offset some downward pressure on the economy as the vast manufacturing sector falters due to both weak domestic demand and patchy global growth.
In June, the services sector had a deficit of US$14.9 billion.
For the first seven months, China recorded a deficit of US$109.2 billion in services trade and a surplus of US$301.4 on trade in goods, yielding a combined surplus on trade in goods and services of US$192.2 billion, data showed.
(SD-Agencies)
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