CIFTIS secures raft of deals and investment agreements

With China further relaxing and canceling restrictive measures on trade in services, the sector has seen robust development in recent years.

During the 13th Five-Year Plan (2016-20), the country's import and export of services totaled $3.6 trillion, ranking second in the world, according to figures from the Ministry of Commerce.

In July alone, China racked up 431.92 billion yuan in its service trade sector, up 10 percent year-on-year, ministry data showed.

For the next step, China will continue to advance opening-up in service trade by optimizing regulatory systems, ramping up support for countries involved in the Belt and Road Initiative and promote service trade digitalization, Wang said.

"We plan to release a negative list of cross-border trade in services and establish several digital trade demonstration zones around the country in the next few years," he said.