Xi announces measures for expanding opening up of services sector

0 Comment(s)Print E-mail Xinhua, September 2, 2023
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Chinese President Xi Jinping addresses the Global Trade in Services Summit of the 2023 China International Fair for Trade in Services (CIFTIS) via video in Beijing, capital of China, on Sept. 2, 2023. [Photo/Xinhua]

China will open wider in such services areas as telecommunications, tourism, law and vocational examinations, Chinese President Xi Jinping said Saturday.

Xi announced a series of measures for expanding the opening up of services sector while addressing the Global Trade in Services Summit of the 2023 China International Fair for Trade in Services (CIFTIS) via video.

To make its development environment more open and inclusive, China will expand the globally-oriented network of high-standard free trade areas, and actively engage in negotiations on the negative list for trade in services and investment, Xi said.

The national integrated demonstration zone for greater openness in the services sector as well as eligible pilot free trade zones and free trade port will be the first to align their policies with high-standard international economic and trade rules, said the president.

"We will widen access to China's services sector, advance the opening up in cross-border services trade in an orderly manner, improve the level of standardization of services trade, and steadily expand institutional opening up," Xi said.

China's services trade value grew 8.1 percent year on year to reach 3.67 trillion yuan (about 511.2 billion U.S. dollars) in the first seven months of this year, data from the Ministry of Commerce showed.

China is becoming a more important country in global services trade, as the proportion of its services trade has been increasing year by year, said Jacky Zou, vice-president of KPMG China.

The development of innovative technology and artificial intelligence in China has given birth to a large number of new business forms, scenarios and models in services trade, stimulating new vitality and potential, Zou added.

China's burgeoning services trade, featuring digital and green transition, is conducive to bringing more benefits to the world, said Jack Chan, chairman of EY China.

Themed "Opening-up leads development, cooperation delivers the future," the 2023 CIFTIS is being held in Beijing from September 2 to 6 and features over 200 varied events including forums, negotiations, and summits.

A total of 83 countries and international organizations participate in the fair. Over 70 renowned enterprises and institutions are showcasing their accomplishments, and more than 2,400 companies are participating in offline exhibitions.

The CIFTIS has released positive signals of China's persistence in economic globalization and embodied China's consistent commitment to sharing development opportunities with the rest of the world, said Chan, adding that it plays an important role as a platform for promoting global economic recovery.

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