Revitalizing service trade, China commits to higher-level opening-up
BEIJING, September 5, 2022 /PRNewswire/ — The 2022 China International Trade in Services Fair (CIFTIS) ending Monday at beijingthe country has sent a signal of its unwavering determination to push for wider and deeper openness.
Titled “Cooperating for Better Development, Innovating for a Greener Future,” this year‘s event features an exhibition area of 152,000 square meters with the participation of more than 2,400 companies, including more than 400 companies from Global Fortune 500 and industry leading companies.
Data from the Chinese Ministry of Commerce (MOC) showed that a total of 1,339 projects have been signed, including 513 construction projects, 175 investment agreements, 128 strategic agreements and 173 first-launch products.
The CIFTIS is a crucial platform for China to expand opening-up, deepen cooperation and pioneer innovation, Chinese President Xi Jinping noted in a congratulatory letter to CIFTIS 2022 on Wednesday.
He expressed the country’s willingness to work with other countries to uphold genuine multilateralism, inclusiveness and win-win cooperation, and jointly promote the open and shared service economy to give impetus to the recovery of the economy. ‘Mondial economy.
Green development highlighted
This year’s CIFTIS has set up an environmental services section for the first time. It focuses on green development, amid the country’s efforts to achieve its peak carbon and carbon neutrality goals.
This section covers an area of 16,700 square meters and focuses on topics such as low-carbon energy, climate and carbon economy, carbon neutrality and green technologies.
A number of new products and technologies such as low-carbon green cloud servers, ESG carbon footprint calculation and green personal computers were showcased.
The organizers also organized 24 forum and conference activities to explore the path of global green development cooperation in depth.
“Visions will only come true when we act on them,” Xi noted in a written statement to the 26th United Nations Conference of the Parties on climate change last year as China has made remarkable progress in saving energy and reducing carbon emissions over the past decade.
By 2021, China energy consumption per unit of GDP has fallen by 26.2% compared to 2012 and has reduced its carbon intensity by 34% over the last decade.
Booming trade in services China
China trade in services has experienced rapid expansion with the added value of China services sector multiplied by 1.49 in the last 10 years and the cumulative trade in services exceeding 4 trillion dollars.
In the first half of 2022, China imports and exports of services also increased 2.89 trillion yuan ($419 billion), an increase of 21.6% year-on-year.
Foreign investors are also finding strengths in China’s growing service sector. The MOC said China actual use of foreign investment in 2021 jumped 14.9% year-on-year to around 1.15 trillion yuan ($180.72 billion), of which the services sector accounted for 79% of the total.
In his congratulatory letter, the Chinese president also pledged that the country will remain committed to promoting expanded market access in the services sector, facilitating the opening up of cross-border trade in services and strive to establish a high-level openness system for the service sector. service sector.
Bringing vitality to the global economy
In his congratulatory letter, Xi stressed that CIFTIS actively contributes to the development of global services and services trade.
There is no doubt that CIFTIS stands at the right time to enhance global cooperation, United Arab Emirates’ (UAE) Ambassador to China Dr. Ali Obaid Al Dhaheri echoed Xi’s words during a recent interview with CGTN.
Addressing the CIFTIS 2022 Global Summit on Trade in Services on Wednesday, the Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala pointed out that today’s global economy is increasingly driven by the services sector, and with the accelerating digitalization of services trade, the share of services trade in global trade will continue to increase increase.
China Services trade has grown at an average annual rate of 6.1 percent over the past decade, 3.1 percentage points above the global level, according to the Commerce Ministry. The country’s service trade volume has ranked second in the world for eight consecutive years.
Currently, more than 200 countries and regions have service exchanges with China.
The holding of the CIFTIS fully demonstrates China commitment to further opening up its services sector, which is praised by the world, Raja Dato‘ Nushirwan Zainal Abidin, Ambassador of Malaysia to China said CGTN.