b. Services subcategories, 2016–24
IP = intellectual property
Notes: Services categories are set out in Annex 6.1 of the Economic and Trade Agreement between the United States of America and the People’s Republic of China. “Projected purchases with no trade wars (real)” are constructed by projecting US exports based on growth of China’s real imports of services from the world. Exports in 2025 are estimates.
Source: Constructed by the author with US export data from US Bureau of Economic Analysis and Chinese import data from China's Ministry of Commerce. The price deflators are from Federal Reserve Economic Data (FRED) and Netherlands Bureau for Economic Policy Analysis.Download image 