BEIJING: China posted a deficit of around $29.4 billion on trade in services in the first two months of 2015, data from the foreign exchange regulator showed on Tuesday.
The deficit was led by a $29 billion gap in tourism as Chinese spent more overseas than foreigners visiting the country, according to data from the State Administration of Foreign Exchange (SAFE).
No comparative figures were given. China posted a $119.6 billion surplus on trade in goods in the January-February period, giving a combined surplus on trade in goods and services of $90.1 billion, the data showed.
Chinese leaders have promised to open up the largely sheltered service sector wider to foreign firms to help bolster the sector's competitiveness, but the process has been gradual.
Beijing's efforts to put the economy on a more sustainable path are focusing on shifting employment from manufacturing to the service sector, but analysts warn that clumsy attempts to force the transition could do more harm than good.
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