Research on the competitiveness and Complementarity of China-US Service trade

Abstract

The cooperation in trade in services between China and the US is of strategic significance for deepening bilateral economic and trade relations and promoting the construction of China as a trading power. As a key area of economic and trade cooperation between the two countries, trade in services urgently needs to be improved and upgraded in the process of building a new development pattern. The research finds that China's commodity-related services, construction, telecommunications, computer and information services industries have obvious competitive advantages, while the competitiveness in financial services, other business services, transportation, insurance and pension services, travel, and intellectual property royalty services industries is relatively weak. The sectors with strong complementarity between China's export and the US' import of service trade are mainly concentrated in transportation, telecommunications, computers and information, etc. To achieve a higher level of opening up to the outside world and accelerate the pace of building a trading power, China should improve intellectual property protection, expand access to the financial market, strengthen compliance with trade policies and subsidy policies, create a fair competitive environment, promote institutional opening up of trade in services, expand the layout of the international market.