Ant Group, a leading provider of financial services technology in China, launches a new brand called AntChain for the company's blockchain-based solutions on July 23. [Photo/Agencies]

Hangzhou, capital of East China's Zhejiang province, has been approved by the State Council as a pilot area for trade related to services for the third time, local media reported on Aug 12.

For the next three years, Hangzhou will strive to open up more to the outside world and make life in the city more convenient for everyone. To achieve this goal, it will explore the possibility of developing cross-border commercial medical insurance, promote international cooperation in the operation of schools, ease restrictions on technology importers and exporters, and strengthen international tourism and sports exchange on the basis of normalized epidemic prevention and control measures.

According to statistics from the municipal bureau of commerce, Hangzhou gained momentum in service trade during the first half of this year and saw such trade as an effective way to stabilize foreign trade and investment.

A total of $5.83 billion in services were exported, among which emerging industries such as financial services, screen culture, education, and digital services accounted for $5.01 billion, a year-on-year increase of 5.71 percent. Commercial services such as legal consulting, advertising, and accountancy still played a pivotal role, contributing $1.98 billion in exports, a year-on-year increase of 43.46 percent. In the service outsourcing sector, roughly $4.34 billion in deals were signed in the first six months of this year.