China has rapidly ascended to become the world's sixth largest exporter of digitally delivered services, overtaking traditional goods like toys and footwear. $100 billion in ICT services exports alone surpassed $82 billion in toy exports in 2024. $113 billion in 'other business services' – encompassing consulting, R&D, and technical activities – eclipsed iron and steel exports ($71 billion) and apparel ($85 billion). This shift stems from the 'One Belt, One Road' initiative, which fueled demand for services like operations management, software upgrades, and technical training alongside infrastructure projects. China's trade in knowledge-intensive services swung from a deficit to a $80 billion surplus by 2024, trailing only the US, UK, and India. However, services still represent only 12.5% of total exports, with deficits persisting in travel, education, and IP royalties.

Investors should note the growing earnings potential for Chinese tech leaders driving this new phase of trade expansion.