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Wang Shouwen: The Opening Up and Reform of China’s Service Industry Will Create A Wider Space for the Innovation of the Global Service Industry

In the Service Innovation Forum, the sub-forum of the Global Trade in Services Summit of the 4th CIFTIS held in the afternoon of May 28, 2016, Wang Shouwen, Vice Minister of the Ministry of Commerce was invited to attend and deliver a speech.

According to Wang Shouwen, since China’s accession to WTO, China’s domestic service industry has made considerable development. From 2001 to 2015, China’s service industry accounted for the proportion of GDP increased from 41.3% to 50.5%.  The service industry accounted for the proportion of GDP for the first quarter of this year further increased to 56.9%. Under the new normal of the economic development, China’s service industry has a more prominent position in the expansion of investment, consumption and employment and the contribution of the service industry to the national economy will increase with each passing day.

With the development of China’s domestic service industry, China’s foreign trade in service industry has achieved fast development. In 2001, the total amount of China’s foreign trade in services was only 72 billion US Dollars and China’s foreign trade in services last year increased to 713 billion US Dollars. The proportion of the service industry in the global trade was ranked 13 at the time when China entered into the WTO and ranked 2 last year. The export of China’s service industry was also ranked from 12 in 2001 to 5 last year.

Wang Shouwen pointed out that according to the outline of the “13th Five-Year Plan”, China will further develop the modern service industry, expand the opening up of the foreign service industry and further optimize the development environment of the service industry. At present, the Chinese Government has taken a series of major initiatives in the service industry. First is to establish the free trade experimental zones in Shanghai, Guangdong, Fujian and Tianjin, and to create a new model for foreign capital access management in the forms of accessing to national treatment and negative list. In the negative list of the free trade zones introduced last year, the measures for lifting the restrictions reached 12.2% and the opening up of the service industry is further expanding. Second is to further expand the opening up of the service industry to Hong Kong and Macao through CIPPA. According to the trade in services agreement of CIPPA, we have opened up 153 service sectors. Among the 160 service sectors of WTO, we have opened up 95.6% for Hong Kong and Macao. In addition, in the free trade agreement signed between China and Australia and in the free trade agreement signed between China and Korea, we are all committed to undertaking negotiations on trade in services with Australia and Korea within the agreed time and in the form of negative list.

Wang Shouwen said that the opening up and reform of China’s service industry will create a wider space for the innovation of the glob