Page:China and WTO White Paper 2018.pdf/6

 which take the largest share of China's exports, contributed 46.6 percent of all goods and services exported.



3. Fulfilling commitments on trade in services

Extensively opening up the services market. China has striven to boost the services industry and increase its share of contribution to the economy. Of the 160 services sub-sectors under the 12-sector WTO classification, China committed to opening up 100 sub-sectors under 9 sectors, a level approximate to the average 108 sub-sectors committed by the developed members of the WTO. By 2007, China had honored all of its commitments on trade in services.

Continuously reducing restrictions. China has step by step lowered the threshold for foreign investment to enter the services sectors in China, lifted geographical and quantitative restrictions on services according to schedule, and constantly broadened the business scope for foreign investment in the services sectors. China has permitted wholly foreign-owned enterprises in 54 sub-sectors such as courier, banking and property insurance services, allowed foreign majority ownership in 23 sub-sectors such as computer and environment services, and accorded national treatment to foreign capital in 80 sub-sectors such as telecommunication, rail transport, and tourism services. In 2010, foreign direct investment (FDI) flowing into China’s services industry surpassed that into manufacturing industry for the first time. In 2017, FDI in the services industry made up 73 percent of all FDI in China.