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MOFCOM data: Jan-Apr 2026 China’s services trade totaled 2,485.3 bln yuan, up 4.9% YoY — exports 985.0 bln yuan (+15.0%), imports 1,500.3 bln yuan (-0.8%). Services trade deficit narrowed to 515.3 bln yuan, down 139.7 bln YoY. Knowledge-intensive services remained a driving sector: Jan-Apr flows were 1,104.2 bln yuan (+5.1%), accounting for 44.4% of total services trade; exports 544.1 bln yuan (+11.7%) with personal cultural and entertainment services and IP royalties the fastest-growing subsegments (up 39.5% and 20.8% respectively), imports 560.1 bln yuan (-0.7%). Among top categories, travel services exports rose 147.2 bln yuan (+30.4%), fastest growth on the export side; transport services imports rose 316.5 bln yuan (+24.9%), fastest on the import side.

China Galaxy Securities says 2026 presents a dual opportunity for insurers from asset-side improvement and liability-side transformation. On the asset side, more diversified allocations and a healthier equity market should ease investment‑income pressure. On the liability side, participating (dividend) life products are becoming the core of new premium growth; stabilising assumed interest rates should reduce reliance on stop‑sale speculation, and a low‑rate era deposit‑migration effect should continue to unlock liability-side potential. The firm is constructive on scope for sector valuation recovery.