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(Service Fair 2020) By Empowering High-Quality Development, China “Clears Obstacles” for Open Cooperation in Service Industry
China News Service, Beijing, Sept. 5 (Reporter Wang Enbo) Chinese President Xi Jinping delivered a speech at the 2020 China World Trade Summit in International Trade Services on the 4th, supporting open cooperation in the industry of services. Analysts believe that the vigorous development of trade in services will enhance the high-quality development of the Chinese economy and, at the same time, help the world economy achieve a high-quality recovery.
In recent years, the emergence of a new round of technological revolution and industrial transformation has led to the sharp rise of digital technology, promoted deep integration of industries, and led the booming development of the service economy. Especially during the new corona pneumonia epidemic, the wide application of telemedicine, online education, sharing platforms, collaborative office, cross-border e-commerce and other services played an important role in promoting economic stability. in several countries and the promotion of international cooperation against the epidemic.
In this context, Xi Jinping pointed out that looking to the future, open cooperation in the service industry is increasingly becoming an important force for development.
Wang Xiaosong, a researcher at the National Development and Strategy Institute of Renmin University of China, said in an interview with a reporter from the China News Agency that China’s economy needs the support of the service industry to transform itself from growth. from high speed to high quality development.
He analyzed that the service industries that can transact cross-border are usually relatively high-end industries that can lead the development of the modern economy, such as information consulting, logistics and finance. China has long relied on manufacturing to fuel domestic economic growth, but now high-quality growth requires new methods of resource allocation. The high-end service industry can optimize the allocation of resources, and also reflects the achievements of scientific and technological progress. Combined with the wave of the digital economy, it will promote the economy to achieve higher quality.
Wang Xiaohong, deputy director of the Information Department of the China International Economic Exchange Center, also noted that the vigorous development of trade in services is consistent with China’s stage of development and coincides with the factor endowment of resources. By promoting innovation and development of trade in services, realizing the driving force change, efficiency change and quality change of foreign trade growth plays an important role in stabilizing foreign trade, foreign investment, the employment and the supply chain.
For the world economy that is in recession due to the epidemic, the role of the service industry is also quite critical. Currently, 60% of the total production of the world economy comes from the service industry, and services exports, which represent 20% of world exports, contribute almost half of the added value of world foreign trade.
Liu Jinran, Executive Vice President and Director of Corporate Affairs of the Corporate Affairs Department of EF Education China, the participating company, noted that trade in services is an important way for countries to integrate into economic globalization and engage in competition and international cooperation. The development of global services trade contributes to economic growth. The function of promoting the ever deeper development of the global value chain is constantly improving.
So how do you continue to increase the pie of global services trade?
Xi Jinping put forward a three-point proposal for open cooperation in the service industry: jointly create an open and inclusive cooperation environment, jointly activate the momentum of innovation-driven cooperation, and jointly create a mutually beneficial and mutually beneficial cooperation situation. mutual benefit.
Wang Xiaosong believes that the principle conveyed by the above-mentioned initiatives is to widen openness, remove barriers as much as possible and promote further liberalization of world trade in services. In particular, the speech noted that countries must work hard to reduce barriers “at the border” and “behind the border” that restrict the flow of factors. , Fair competition environment, improve business environment, protect intellectual property rights, etc. These measures not only lead to the liberalization and expansion of world trade in services, but also help the world economy to achieve a high-quality recovery. At the same time, they also declare to the world China’s firm stance on opening up.
For the service industry to open up “clearing obstacles”, China will not stop at words. In the past 15 years, the average annual growth rate of China’s services exports was 1.6 percentage points higher than that of the world, and cumulative services imports reached US $ 4.5 trillion. In 2019, China’s service imports and exports amounted to RMB 5.415.3 billion, ranking second in the world in terms of scale. Not long ago, China’s Ministry of Commerce issued a document announcing the expansion of pilot services for the innovative development of trade in services, with more relevant reform measures and deeper reforms.
Liu Jinran believes that China’s continued promotion of institutional innovation and improvement of the business environment will attract more domestic and foreign resources to invest in the service industry and service trade. This will not only bring new opportunities for market expansion and promote the new development of emerging services trade, but also Deepening international cooperation will allow Chinese companies to better integrate into the global value chain and inject new impetus to development. sustainability of global trade in services and the world economy. (Finish)
