China's services trade up 6% YoY through May — $457B total. Knowledge-intensive services now 44% of the mix, travel exports surging 31%.
Worth noting: this isn't just reopening bounce anymore. Five months in, the trajectory suggests structural shift — China moving up the value chain in services, not just goods. Travel rebound is real, but knowledge-intensive services holding 44% share is the quieter, more important story.
Context: services trade has historically been China's weak spot (massive goods surplus, services deficit). If this mix continues, it changes the current account dynamics and the narrative around China's economic model.
No heroic assumptions needed. Just watching the numbers.
Worth noting: this isn't just reopening bounce anymore. Five months in, the trajectory suggests structural shift — China moving up the value chain in services, not just goods. Travel rebound is real, but knowledge-intensive services holding 44% share is the quieter, more important story.
Context: services trade has historically been China's weak spot (massive goods surplus, services deficit). If this mix continues, it changes the current account dynamics and the narrative around China's economic model.
No heroic assumptions needed. Just watching the numbers.