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Arancha Gonzalez

 

Executive Director of the International Trade Centre(ITC)

Services innovation is particularly relevant for China.Chinais now at a critical juncture to change its growth strategies. The recent years saw slight decreases inChina’s GDP growth, but the job market remains vibrant and unemployment rate is kept low. This is largely thanks to the growth of the services sector, which has surpassed 50% of China’s GDP in 2015, and has become the major driver for economic prosperity and job creation. This significant transformation shows that the country is on the right path of reform, from an export and investment driven economy to a sustainable innovation and consumption driven economy. Knowledge and skill intensive services sectors are playing an increasingly important role for China’s economy.

China is already a frontrunner in many aspects of services innovation, particularly in consumer services, internet companies, fintec and e-commerce. China is now the world’s largest online consumer market. Estimates show that China’s retail e-commerce is almost twice as large as the second largest market. This huge market could offers great opportunities for companies around the world, including the SMEs that traditionally had no means to sell to the Chinese market.

China is an important partner for ITC and we very much look forward to working together with the government of China to help developing countries to achieve sustainable development goals.