Sharing opportunities of services trade development, promoting mutual benefit and win-win results

2021-September-14 10:28 By:

On the evening of September 2, President Xi Jinping addressed the Global Trade in Services Summit of the 2021 China International Fair for Trade in Services (CIFTIS) via video, announcing China's new measures to deepen reform and expand opening up. The international community pays close attention to this event, and believes that President Xi’s speech has shown the world China’s determination and willingness to achieve mutual benefit and win-win results with other countries.

Driving world economic recovery with its own opening up

The Italian ANSA News Agency reported in detail in real time a series of new measures to promote services trade announced by President Xi at the summit, saying that these represent China's latest efforts to share development opportunities and boost global economic recovery. According to the report, the theme of this year’s CIFTIS is "Towards Digital Future and Service Driven Development". China announces that it will explore the establishment of a national services trade innovation and development demonstration zone and increase support for the development of the national services industry under the "Belt and Road" initiative. It will also strengthen rule-making in the services sector, and support Beijing and other places in carrying out the first trial of international high-level free trade agreement rules.

Russia’s TASS News Agency quoted President Xi as saying, “We are willing to work with all parties to adhere to open cooperation, mutual benefit and win-win results, to share opportunities in services trade development, and to promote world economic recovery and growth.” The report pointed out that China's trade in services with other countries from January to July this year was 2.8 trillion yuan (approximately $435 billion), a year-on-year increase of 7.3%.

The Russian " " stated in the article "Golden Key: Xi Jinping Calls for the Revitalization of the Global Economy" that China regards peace, development, cooperation, and win-win as “the golden key” to "solving the current problems faced by the world economy, international trade and investment, and creating a better future”, and at the same time China is willing to share with the world the achievements it has made in technological development.

Li Guixiong, vice chairman of the Chinese Chamber of Commerce in Thailand, pointed out that the CIFTIS is the largest comprehensive exhibition in the field of global services trade and a major platform for China to open up to the outside world. This year’s CIFTIS grasps global hot topics and trends such as digital economy, carbon emissions peaking, carbon neutrality, and works with politicians, leaders of international organizations, business elites, experts and scholars to exchange ideas on policies and experiences, and jointly promotes the growth and development of global service trade. It is another shot injected into the currently sluggish world economy, and of great significance to promoting the construction of a new development pattern and the high-quality development of China's foreign trade, deepening international cooperation, participating in the coordinated development of the global economy, and building a community with a shared future for mankind.

Li said that the pandemic has had a negative impact on trade in services, but at the same time it has promoted internet-enabled services trade and boosted the demand for cross-border services trade and remote services trade. China has become the largest country in global goods trade and the second largest country in global services trade. Against such a backdrop, the incremental potential of services trade is huge. For example, cross-border e-commerce, the internet, online trade fairs, finance, online office, education, medical care, logistics and other new forms and models present greater business opportunities. Thailand and China have great potential for cooperation in the trade in such services as finance and logistics. In recent years, the Thai Chinese Chamber of Commerce and various industrial associations have promoted many Thai companies to participate in the CIFTIS. "We will continue to work hard to serve Thailand-China friendly cooperation in multiple fields and to build a bridge for the two-way investment and development of Thai and Chinese enterprises."

Boosting services trade with financial service innovation

The Russian Satellite News Agency quoted President Xi as saying, “We will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the National Equities Exchange and Quotations (also known as the New Third Board), establish the Beijing Stock Exchange, and create a main position for serving innovative SMEs.” According to the report, China's major stock exchanges are located in Shanghai, Shenzhen and Hong Kong, and commodity exchanges are located in Dalian, Zhengzhou and Shanghai. Russia's "" reported that in addition to listing on domestic stock exchanges, Chinese enterprises also actively raise funds through overseas IPOs. The Russian "Kommersant" analyzed that the purpose of China's establishment of the Beijing Stock Exchange is to build a main platform for serving innovative SMEs.

Italy’s largest business newspaper "Il Sole 24 Ore" reported on this year’s CIFTIS under the title "Beijing will set up a stock exchange for serving innovative SMEs". The report stated that Beijing, the capital of China, which will have its own stock exchange, is committed to the development of SMEs, and has promised to deepen the reform of the New Third Board. In the future, the Beijing Stock Exchange will focus on smaller but promising companies to help them further develop and raise funds.

Typhon Angeng, vice chairman of the Middle East Industrialists and Merchants Association, Turkey’s largest association of small and medium-sized enterprises, told the reporter: “The establishment of the Beijing Stock Exchange is a major measure taken by the Chinese government, reflecting the importance it attaches to innovative SMEs. This policy is a huge benefit to SMEs and will foster more new industry giants for China on the basis of existing large enterprises. The establishment of the Beijing Stock Exchange will undoubtedly help deepen supply-side structural reforms and strengthen the financial market system. China's SMEs is also bound to achieve greater success under the blessing of the new stock exchange."

Li Guixiong believes that the measures of financial service innovation announced this time are great news for China and the global capital market. China will further support and promote the development of technologically innovative enterprises in industries such as new energy, artificial intelligence and pharmaceuticals, better serve the real economy, help innovative enterprises to become bigger and stronger, and inject confidence into world economic recovery.

In Li's view, under the impact of the pandemic, the global economy has suffered a huge impact. Relying on the advantages of the political system and united efforts of the people across the country, China’s economy has always maintained a stable and positive trend and has become an important engine driving the global economy. At present, China has entered a new development stage in the "14th Five-Year Plan" and will gradually establish a new development pattern of domestic and international "dual cycles". From the Canton Fair to the China International Import Expo and the CIFTIS, strong signals have been sent out that China will continue to deepen reforms, further open up, and promote mutually beneficial and win-win cooperation in the new era.

The door for China’s opening up will be wider and wider. This CIFTIS reflects China's determination and willingness to continue to open up to the outside world. Made–in-China has become an important part of the global industrial supply chain. China’s vast domestic market will continue to stimulate a steady stream of potential for innovation. China’s business environment continues to optimize, its investment policies constantly improve, and its industrial competitive advantages become increasingly prominent. All these have become the hope of world economic recovery.

Contributed by Han Xianyang, Fu Zhigang, Ma Sai and Feng Yuan

Translated by Wu You

Editor: Zhang Zhou
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