More
    HomeChinaChina's service trade opening creates opportunities for the world

    China's service trade opening creates opportunities for the world

    Published on

    BEIJING, Sept. 1 (Xinhua) — China‘s services trade has become a bright spot on the world stage, contributing to the recovery of the global economy, under Chinese President Xi Jinping’s push for wider opening up. and deeper.

    Over the past decade, China‘s strength of having a very large market has become evident. The cumulative import value of trade in services exceeded 4 trillion U.S. dollars. The country remains committed to promoting high-quality development through high-level opening-up, Xi reiterated in a congratulatory letter on Wednesday. at the 2022 China International Trade in Services Fair (CIFTIS).INCREMENTAL CHANGESAhead of this year’s fair, Xi also addressed the previous two CIFTIS via video and announced concrete measures to facilitate progress in the opening up of the country.He proposed for the first time at CIFTIS 2020 the establishment of a solid negative list management system in cross-border trade in services, which offers inclusive and equal access to all domestic and foreign service providers in non-listed sectors.Giving greater weight to the measure, Xi said at CIFTIS 2021 that China will implement negative list e for cross-border trade in services nationwide.A stronger signal was sent in Xi’s letter this year as he stressed the importance of expanding market access in the services sector. services, facilitate the opening of cross-border trade in services, expand the function of opening platforms, and strive to establish a high-standard opening system for the service industry. Honoring commitment, China has shortened its negative list for foreign investment for five consecutive years. Items prohibited to foreign investors were reduced to 31 in the 2021 version of the negative list from 33 in the 2020 version, while the 2021 negative list for foreign investment in pilot free zones reduced the number of items to 27 against 30.Speaking to CIFTIS in 2021, Xi also said that China will explore the development of national demonstration zones to promote the innovative development of trade in services.A year later, these pilot demonstration zones have expanded to 28 provincial-level regions, with more than 90% of the introduced measures implemented.A succession of new policies proposed by Xi have made China more attractive within its “circle of friends”. Data from the Ministry of Commerce showed that China‘s services trade hit an all-time high of $800 billion for the first time in 2021, a dramatic increase. area of ​​21.4% over one year. More than 200 countries and regions have trade in services with China.BEIJING AS SPEARHEADAmid Xi’s proposals, Beijing has been tasked with leading the way of opening up and to drive the innovative development of trade in services with institutional reforms.Last year, Xi said a stock exchange would be established in Beijing to serve innovation-driven small and medium-sized enterprises.Although established only in November 2021, the Beijing Stock Exchange has become an accelerator for the growth of innovation-driven small and medium-sized enterprises. A total of 105 companies have been listed on the Beijing Stock Exchange, small and medium enterprises representing 77%. Enterprises in strategic emerging and advanced manufacturing industries account for more than 80% of the total.The exchange raised a cumulative amount of 22.7 billion yuan (3.3 billion US dollars) through offerings initial public offerings, which averages 210 million yuan for each company.The capital also received approval from the State Council at CIFTIS 2020 to expand opening up in the service sector and build a comprehensive national demonstration area.About 70 pioneering policies have been rolled out in two years to align with international trade rules, and more than 80 flagship projects have been launched.The Ministry of Commerce said that China would increase the level of digitalization of traditional service trade sectors, while encouraging imports of carbon-reducing technologies and services to enhance the competitive advantage of Chinese services s. Under the theme “Cooperating for better development, innovating for a greener future”, CIFTIS 2022 is characterized by greater internationalization with the participation of some 400 companies from the Global Fortune 500 and leading companies from the sector, which represents a larger share than its last edition. It will run until September 5.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest articles

    Banks stopped accepting dollars and euros through ATMs

    Russian banks have stopped accepting dollars and euros through ATMs, Izvestia found out. ...

    Zelensky warned the EU against a non-European decision on exports from Ukraine

    President of Ukraine Volodymyr Zelensky called the decision on the possible extension of restrictions...

    China warns against turning internet into 'battlefield'

    The Chinese authorities opposed the transformation of the Internet into a battlefield, as well...

    The activist told Izvestia about the mood of the protesters in Israel

    For now, the citizens of Israel are opting for peaceful forms of protest against...

    More like this

    Banks stopped accepting dollars and euros through ATMs

    Russian banks have stopped accepting dollars and euros through ATMs, Izvestia found out. ...

    Zelensky warned the EU against a non-European decision on exports from Ukraine

    President of Ukraine Volodymyr Zelensky called the decision on the possible extension of restrictions...

    China warns against turning internet into 'battlefield'

    The Chinese authorities opposed the transformation of the Internet into a battlefield, as well...