China's service trade deficit growth slows in 2016

BEIJING - China's service trade deficit grew more slowly in 2016, as more Chinese people traveled overseas.

The service trade deficit stood at $242 billion at the end of 2016, up 33 percent year on year and mainly driven by tourist spending overseas, according to the State Administration of Foreign Exchange (SAFE).

China's goods trade surplus shrank 14 percent in 2016 to $485 billion. The surplus is still much higher than 2014 and before, indicating competitiveness in foreign trade, the SAFE pointed out.

China's current account continued in surplus, standing at $210 billion.