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The Ministry of Commerce (MOC) has published a "Report on Service Trade Development in China", urging to seize the opportunity in the current service trade transfer.

The report points out that the focus of international industrial transfer to China is shifting from manufacturing industry to service industry.

Statistics show that service industry makes up over 60 percent of the world's total economic volume. Finance, insurance, tourism and consultation are major sectors where international transfer is conducted.

According to the report, efforts should be put to ensure the unification of service trade sector and to promote exports of computer, information service, finance and insurance sectors to form a competitive industrial system.

MOC will contribute to improve policies and regulations concerning service trade, to implement a brand strategy and to foster leading service trade enterprises. It will also take a positive attitude in developing outsourcing service.

The report shows that China's export of service trade grew by nearly 29 times in 1982-2005 period, with an annual growth of 15.9 percent which was two times the world's average.

However, the proportion of service trade export in China's total export remained below 10 percent, only half of the world's average, and long-term deficit was reported in the country's service trade.

(For more biz stories, please visit Industry Updates)