Vice President of the World Bank Asia-Pacific Region: China's service trade system reform will yield huge dividends

(2020 Service Council) Vice President of the World Bank Asia-Pacific Region: China's service trade system reform will yield huge dividends

　　China News Service, Beijing, September 5th (Reporter Pang Wuji) The World Bank Group’s senior vice president of Asia-Pacific region Victoria Kwakwa said on the 5th that China’s service trade system still has a lot of room for reform, and reforms will take place. Great bonus.

　　Kwa said at the "Service Trade Facilitation Summit Forum from the Perspective of Multinational Companies" held during the 2020 China International Trade in Services Fair that China is the world's largest trading country and has a significant impact on global service trade.

　　China is an important contributor to the growth of global service trade.

Official data show that China's service exports have grown at an average annual rate of 9% over the past 15 years, which is 2.9 percentage points higher than the average global service export growth rate over the same period.

China is also a major service importer.

In the past 15 years, China's service imports totaled US$4.5 trillion, contributing 12.9% to the growth of global service imports.

　　As far as China is concerned, Kwa pointed out that the opening up of service trade and investment is crucial to the development of China's domestic service and manufacturing industry.

The added value of the service industry has accounted for more than half of China's GDP, and it still needs to be an important driving force for China's economic development in the future.

　　She believes that China has expanded its manufacturing exports, achieved export diversification, and made remarkable achievements, but the service sector is less open to trade and foreign investment than manufacturing.

At present, the degree of liberalization reform of China's trade in goods far exceeds that of service trade.

　　Kwa said that China's WTO commitments have promoted major reforms in the financial, logistics, retail and other service sectors and stimulated economic vitality.

To enhance domestic and foreign competition, China's service trade system still has a lot of room for reform, and the reform will generate huge dividends.

　　She believes that China can play a leading role regionally and globally to promote the liberalization of the service industry.

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