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A new stage set up by the 2019 CIFTIS for China to communicate with the rest of the world

One hundred thirty-seven overseas countries and regions, 21 international organizations, participated in the exhibitions and conferences. It established the Expectation Committee for the Global Trade in Services. Besides, the cumulative amount of signings of intention reached 105.06 billion US dollars throughout the 2019 China International Fair for Trade in Services (the 2019 CIFTIS)... The 2019 CIFTIS debuted for the first time after changing its name, becoming increasingly more attractive and presenting successive highlights.


Behind the full swing, it marks that China's trade in services is demonstrating a steady and positive development trend. Regarding the figure, China's service industry accounted for 52.2 per cent of GDP in 2018, which is 11.5 percentage points higher than that of the secondary industry. It has become the most influential industry and the main driving force for economic growth. Based on the data of the Ministry of Commerce, the import and export volume of China's services was RMB1,291.98 billion in the first quarter of this year, a year-on-year growth of 2.6%. Among them, service exports were RMB463.49 billion, an increase of 10.3%. The import and export of services accounted for 15.6% of total foreign trade, which was one percentage point higher than last year. In recent years, China's service trade import and export volume has ranked second in the world for five consecutive years, accounting for an increasing share of international trade. The quality and structure have been optimized, and the proportion of knowledge-intensive service products has increased significantly.


Drive China to stride forward the world new stage. With the deepening of economic globalization, trade in services has increasingly become a vital part of international trade and an essential area of economic and trade cooperation among countries, injecting new impetus into world economic growth. In particular, the global economy and industrial structure are undergoing profound reforms, services are playing an increasingly prominent role in the global value chain, and global trade in services is facing up essential opportunities. At present, expanding the opening-up of trade in services has become an important part of China's promotion of a new round of high-level openness. The series of new measures will boost China to further opening up. For instance, it promotes trade in services cooperation under the “Belt and Road” framework, further opens the service industry, creates a market environment conducive to the development of trade in services, and fosters and makes good use of the international platform for trade in services exchange and cooperation.


Propose the new journey of China's trade in services. In recent years, China has accelerated the development of modern service industry and expanded the opening up of services. As an important part of deepening supply-side structural reforms and advancing high-level openness, China has made positive progress in the development of the service industry and trade in services. With the growing service industry in China and the increasingly high-level of cooperation in service trade between countries, the CIFTIS, which was launched in 2012, is like a “microcosm” of the development of international trade in services, recording the booming pace of the international trade in services. The 2019 CIFTIS is in line with the development trend of the service industry, which reflects the desire and voice of cooperation and win-win between countries. It is not only conducive to promoting the development of China's modern service industry and improving the service industry chain, other countries also can share experiences, seek opportunities, and strive to cooperate through the platform and bridge of the CIFTIS, thus playing an important leading role in the development of the world trade in services.


Open up China's trade in services. China's trade in services has reached a new level and will provide more endogenous power for the high-quality development of China's economy. Whether it is the fruitful results achieved at the CIFTIS or the booming growth of trade in services cooperation besides the CIFTIS, it will show that China’s reform and opening up is more and more mature, performing the firmness and perseverance of China’s construction of fully open up new patterns, reflecting the infinite potential and broad prospects of China's economic development. With the broad platform of the CIFTIS, more products and more talents will be launched on a larger stage, a broader market will be opened up, and more friends will be welcomed. It not only promotes China's economic development, but advances high-level cooperation in international trade in services, jointly boosts the prosperity and growth of global trade in services, leads the direction of world economic development, benefits the people of all countries, and fosters to create a community of shared future for mankind.