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Jiaxing's trade in services is surging ahead, boasting impressive growth in the first eight months of 2023. According to the Jiaxing municipal bureau of commerce, imports and exports of trade in services reached 11.03 billion yuan ($1.51 billion), a remarkable 29.23 percent year-on-year increase, securing the city's fourth-place ranking in Zhejiang province.

While the service trade includes a variety of sectors, it is the trade in digital services that has been the main engine behind growth. The city's foreign trade in digital services, valued at 6.88 billion yuan, accounts for 4.12 percent of the total service sector, making Jiaxing the third-largest player in the province in this field. It registered a 285.21 percent year-on-year growth in August, claiming the top spot in the province.

Jiaxing has been proactive in fostering the growth of digital services trade. The city has supported the development of enterprises and established digital trade platforms. Two Jiaxing-based enterprises were among the first batch of projects selected for the Zhejiang province high-quality development project in digital trade.

Furthermore, Jiaxing is actively promoting the construction of digital trade standardization pilot bases and demonstration areas. The Hanghai Pilot Base for Digital Currency and Cross-border Settlement in Jiaxing has been selected as a provincial pilot.

 "We will always be committed to driving the digital transformation of service outsourcing, encouraging research and development, and intellectual property protection, thus perpetuating growth in digital services trade," an official from the city's commerce bureau said.