Evaluation on the Development of Sino-US Service Trade under Sino-US Trade Friction

Abstract

With the further development of economic globalization, service trade has gradually become the important reflection of economic strength and international competitiveness of a country. However, the Sino-US trade friction has greatly restricted the development of China's service trade, which is not conducive to improving China's international competitiveness. Based on the statistical data from 1999 to 2017, this paper analyzes the development status of some related fields of service trade in China in the new economic situation, including production, tourism, intellectual property, and financial and insurance services. The results indicate that China's export of service trade mainly focuses on traditional labor-intensive industries, while knowledge and technology intensive industries, including insurance services, financial services and patent services, are still in their infancy. Therefore, we should optimize its industrial structure to achieve high-quality development of China's service trade.