Payment for the use of China's intellectual property by overseas economies skyrocketed nearly 500 percent in the first seven months, as the country's service export improves, data from the MOFCOM indicated on September 7.
The exports in emerging fields are valued at 405.75 billion yuan, increasing by 8.3% (compared to an overall increase of 4.4%) and accounting for 50.2% of the total exports (an increase of 1.8%). Specifically, IPR loyalties, individual cultural and recreational services increase by 489.4%, 20.4% and 14.4% respectively.
Except insurance and finance, other emerging sectors keep positive growth. Imports in telecommunication, computing and information sectors record 71.79 billion yuan, an increase of 74.2%; imports contributed by IPR loyalties reach 112.58 billion yuan, increasing by 25.8%.
Services involving professional management and consultation and telecommunication, computing and information contribute the major trade surplus to emerging sectors, with the figure reaching 57.59 and 39.02 billion yuan respectively from January to July in 2017. In July alone, deficit of service trade reaches 141.5 billion yuan, decreasing by 1.8% over June.