By opening up at the institutional level, attracting foreign high-level service companies to enter my country will not only directly increase the domestic supply capacity of high-quality services, but also help release China’s opportunities and achieve mutual benefit and sharing.

　　The China International Service Trade Fair with the theme of "Global Service, Mutual Benefit and Sharing" opened in Beijing on September 4.

Because it is held under the special background of the epidemic, this year's service trade fair also has special value.

　　Under the influence of the epidemic, service trade imports have shrunk sharply

　　Under the impact of the epidemic, the salient feature of my country's trade in services this year is first that imports have fallen sharply, which has reduced our service trade deficit, and the overall foreign trade surplus has risen against the trend.

　　From January to July 2020, my country's foreign trade in goods and services recorded a surplus of RMB 1,644.7 billion, an increase of RMB 229.9 billion from the same period in 2019.

Among them, the service trade deficit was 611.9 billion yuan, a decrease of 434.2 billion yuan from the same period in 2019.

The increase in the overall foreign trade surplus is basically the result of a sharp drop in service imports.

　　We should not be surprised by the sharp drop in service imports.

Compared with product trade, service trade has relatively higher requirements for physical contact.

For example, going to Spain to watch a football match between Barcelona and Real Madrid, going to the Alps for skiing, going to France for sightseeing, going to Japan to check the body, etc. are all imported services from our country.

　　With the global spread of the epidemic, prevention and control measures such as the suspension of cross-border flights, border controls, travel restrictions, tightening of visa policies, community isolation, and restrictions on gathering of people have prevented many service providers and consumers from meeting and completing transactions.

For this reason, a sharp drop in service imports is the inevitable result.

From January to July 2020, in my country's service trade, travel service imports decreased by 458.6 billion yuan, and the deficit was also reduced by 401.4 billion yuan.

　　Increasing service imports can meet potential domestic consumer demand

　　If it is only for the purpose of macroeconomic balance, it is generally believed that a reduction in the trade deficit is a good thing.

But at this stage in our country, this understanding is not accurate.

　　Since the 2008 international financial crisis, with the rebalancing of my country’s economy, the proportion of trade surplus in my country’s GDP has dropped from a historical peak of 8.7% in 2007 to 1.5% in 2019. The role of foreign trade in my country’s economy has changed. .

　　In particular, with the continuous improvement of residents' income level and the continuous expansion of middle-income groups, the requirements for improving people's livelihood and welfare and the pursuit of high-quality life have become stronger.

This requires not only more and better material products, but also high-quality, differentiated services, and the demand for the latter is growing faster.

　　The proportion of services in my country's domestic consumption has exceeded 65%, while the proportion of services in domestic supply is less than 40%. The contradiction of insufficient domestic supply is obvious.

There are gaps in the supply of many services such as education, medical care, elderly care, and tourism, and the gap in the supply of high-end services is even greater.

In this context, the import of service trade can better satisfy people's expectations for a better life.

　　However, under the impact of the epidemic, service imports have fallen sharply, the potential consumption needs of domestic residents have not been met, and the pursuit of a better life cannot be realized. This will also bring people's livelihood and welfare losses.

　　Expansion of service trade imports requires more institutional dividends

　　It must be admitted that the uncertainty of the trend of the global epidemic means that imports of many services are difficult to recover in the short term.

Coupled with the changes in the international environment brought about by reverse globalization, the cross-border movement of people is restricted, and visas and foreign entry and short-term stay will be more restricted, which will significantly reduce the availability of foreign services.

　　Therefore, it is necessary for us to find a more stable way to obtain services.

In comparison, attracting foreign companies to come to China to establish branches and provide services is a more reliable model for obtaining the services they need.

　　For example, in order to obtain high-quality medical services, more and more people regularly go to developed countries for physical examinations.

Under the impact of the epidemic, such a medical service import model is unsustainable.

If we can relax domestic investment access and attract foreign medical institutions to establish branches in China, we can provide domestic residents with a more stable supply of high-quality medical services.

　　In the post-epidemic era, by adjusting foreign investment access policies, improving domestic investment and competition policies, and regulating domestic market order, foreign high-level service companies are attracted to invest in China.

At the same time, through competitive effects and direct cooperation with domestic service companies, the service quality of domestic service companies can also be improved.

The two parties act together to promote the adjustment and improvement of the domestic service supply structure.

　　Under the background of my country’s comprehensive establishment of a “new development pattern with domestic and international cycles as the main body and mutual promotion of domestic and international double cycles”, the comprehensive implementation of a high-level opening-up strategy with institutional opening as the core meets this demand. .

　　Through the opening and improvement of the system, foreign high-level service enterprises are attracted to enter our country to better meet the needs of the people for a better life. At the same time, it will also help promote the full release of our domestic demand, especially the growth potential of residents, and further improve the domestic market. Leading role in the economic cycle.

　　And this is also one of the footholds of the theme of the China International Trade in Services Fair.

　　□Yu Chunhai (Researcher of National Institute of Development and Strategy, Renmin University of China, Professor of School of Economics)