China to promote service trade innovation in pilot areas

BEIJING -- China will promote service trade innovation in pilot areas to boost exports and employment, the State Council announced Thursday.

Ten provinces and cities including Tianjin, Shanghai, Hainan and Shenzhen, among others, as well as five new economic zones were selected as pilot areas to experiment with new measures for two years to improve service trade business models, management, opening up and streamlined regulation, according to a statement released by the State Council.

The government will offer more fiscal and financial support to the pilot areas by cutting tax and setting up specific funds, the statement said.

Service trade has played an increasingly important role in facilitating the country's economic restructuring. China's service trade reached $713 billion in 2015, up 14.6 percent year on year with more exports in telecommunication, information and consulting services.