Hu said the service trade enjoys huge development potential. For example, it attracted less than 20 per cent of the nation's total foreign direct investment last year, while many overseas sectors remained untouched by Chinese enterprises.

The Chinese Government, which has encouraged commodity trade in recent decades, is now taking steps to develop the nation's service trade, according to Hu.

According to the 11th Five-Year Plan, the nation's service trade is expected to reach a volume of US$400 billion in 2010.

Therefore, the commerce ministry will spare no efforts next year in developing some key service sectors, including cultural products, information technology, transportation, finance and insurance, said Hu. It is also expected to build some well-known brands in the service sector.

"We also plan to cash in on some existing platforms of commodity exports, such as the Canton Fair and the China International Fair for Investment and Trade," he said.

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