The value of Hangzhou’s foreign trade in service is expected to exceed 332.5 billion yuan ($51.29 billion) by 2025, according to the five-year plan for the service trade recently published by the local commerce bureau.

The figure will account for 22 percent of the total foreign trade in the city and include 120 billion yuan worth of exports.

By 2025, Hangzhou will become home to 10 demonstrative service trade industrial parks, 50 demonstrative service trade companies and 50 such growth companies.

The city will expand its cooperation with other countries, strengthen the role of digital economy in service trade, create regional brand “Hangzhou Service”, and improve supervision of service trade by 2025.

Hangzhou will also strengthen its competitive edge in service outsourcing, cultural trade and tourism service, develop key financial, exhibition, and education services, and nurture promising sectors, including medical treatment, health, logistics, transportation and intellectual property.

In 2016, Hangzhou became the first group of cities in the country to pilot the innovative development of service trade. In 2020, exports of service trade in the city totaled $13.84 billion.

Hangzhou’s service trade exports to countries involved in the Belt and Road Initiative reached 3.23 billion yuan last year, making this group of nations the largest market for the city’s service trade exports.

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