China's annual trade in services exceeded $1 trillion for the first time last year, demonstrating significant potential for further growth.

The services import and export value amounted to a record high of 7.5 trillion yuan (about $1.05 trillion) in 2024, expanding 14.4 percent year on year, according to the latest data from the Ministry of Commerce.

Exports grew 18.2 percent year on year, while imports grew 11.8 percent, according to the ministry.

Driven by global trends of digitization, smart technology advancement and green development, China's trade in services grew in scale, its structure was further optimized, and its international competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the ministry.

He noted that the comprehensive relaxation and optimization of China's visa-free transit policy have played a role in boosting inbound tourism over the past year.