Open up a new pattern of world trade development

【Charm Service Trade Fair】 

Autumn rain drives the rest of the summer heat, and good friends arrive as scheduled.

On September 4th, the 2021 China International Trade in Services Fair will continue to be held in the form of online and offline integration. This vibrant and hopeful event has attracted the active participation of many representatives of international economic and trade organizations and multinational companies.

China has demonstrated its determination and action to move towards a higher level of opening up, holding the "golden key" of cooperation and mutual progress, and will surely open up a new pattern of world trade development.

Expand opening to the outside world to achieve mutual benefit and win-win

  Steven Allen Barnett, the chief representative of the International Monetary Fund in China, said that although the economic recovery this year is gratifying, the epidemic is a global problem and requires a global solution.

Only through global multilateral actions can the overall prospects of the world economy be improved.

  The global economy is a game of chess, and an open attitude can bring the game to life.

Ma Ke, President of the New Development Bank, emphasized that from the perspective of the development of the world economy, the economic take-off of all countries is related to global trade.

Taking history as a mirror can point the way to a more open path for the global future.

  On September 3, the "Service Trade Open Development Trends Summit Forum" and the "Service Trade Facilitation Summit Forum from the Perspective of Multinational Companies" were held separately, and heavyweight guests expressed their insights online and offline.

  Ernst & Young Global Chairman and CEO Di Sibo said frankly in his speech at the forum that cooperation will benefit everyone.

Through a series of international exchanges and cooperation, China's share and competitiveness in the international market have been expanded and improved.

China has now become one of the world's largest foreign direct investment countries.

It is believed that Chinese companies adhering to the concept of cooperation will continue to achieve success in the future.

  While China is expanding its foreign investment, it has increasingly become a hot spot for attracting foreign investment.

According to Yi Xiaozhun, former Deputy Director-General of the World Trade Organization, China’s business environment has been continuously optimized. According to the “Global Business Environment Report 2020” released by the World Bank, China’s global business environment ranking has jumped 15 places over the previous year, two consecutive times. It was selected as one of the world's 10 economies with the largest improvement in the business environment in 2015.

Benefiting from the improvement of the business environment, China has been favored by multinational investment companies in the world, and has maintained its position as the second largest foreign direct investment inflow country for many years. Among them, the service industry has become a new hot spot for foreign investment.

The accelerated integration of new-generation information technologies such as 5G, cloud computing, artificial intelligence, and big data with China’s traditional manufacturing industry has not only improved the overall competitiveness of China’s economy, but also consolidated China’s position in the global value chain, making China and the world Economic integration is closer.

Digital trade has become a new driving force for development

  Service trade is an important part of international trade and an important field of international economic and trade cooperation, and it has huge potential.

In the past ten years, the average growth rate of global trade in services has been twice that of trade in goods, and its share and position in international trade have steadily increased.

  According to WTO statistics, from 2012 to 2019, the share of global cross-border service trade exports in global trade exports has increased from 19.5% to 24.5%; it is expected that the share of service trade in global trade is expected to increase to 30% in 2040 .

Under the guidance of digital trade, the globalization of the service industry is emerging.

  The flow restrictions caused by the epidemic have instead promoted the positive growth of e-commerce.

In 2020, global digital trade exports bucked the trend and increased by 3.8%, and their share in service trade further increased. The contribution rate to the growth of service exports was as high as 98.3%, which significantly enhanced the resilience and momentum of the development of service trade.

  Yanci, President of Maersk (China) Co., Ltd., said at the forum that the new crown pneumonia epidemic has accelerated global digitization.

The epidemic prevention requirements of home office make companies must provide digital solutions.

  From online office to online shopping, everything is quietly changing.

According to UNCTAD data, the share of online retail sales in total global retail sales increased from 16% in 2019 to 19% last year. Strengthening digital trade cooperation is becoming an important engine for countries to promote social and economic recovery and promote world economic growth.

  Li Ruiqi, President and CEO of Boston Consulting Group, stated at the forum that China has a unique opportunity in the field of digital service trade and has the ability to match actual service needs with a strong manufacturing industry and to significantly increase value through the digital ecosystem.

With the help of leading digital ecology, China can provide new business formats including telemedicine, electronic payment, informatization education and digital tourism, and promote them to the world.

  Ma Jiantang, Secretary of the Party Leadership Group of the Development Research Center of the State Council, emphasized that digital trade has become an important force driving a new round of economic globalization and trade development. Countries should comply with the requirements of informatization, digitization, and intelligent development, and seize the new round of information technology revolution in time. And new opportunities for industrial transformation.

Inject confidence and momentum into the recovery of global trade

  In the past 20 years, the share of service trade in the global economy has doubled, but service trade and investment are still subject to considerable market resistance.

"Some indicators show that barriers to trade in services are more serious and hidden than trade in goods." Steven Allen Barnett emphasized that trade facilitation is essential in the future, and the improvement of trade in services can be based on rules. Start with the upgrade.

  The opening of the world economy will prosper, and the closure will fail.

Victoria Kwa, senior vice president of the World Bank Group’s Asia-Pacific region, said that global trade in services has shown initial signs of recovery. The use of new technologies has greatly expanded the possibilities of service trade, but technology alone is not enough to complement the related industries. Total loss.

"At present, favorable policies to promote trade in services and the reform of the regulatory system should occupy an important position on the agenda of policymakers."

  The update and iteration of policies and rules will help the world respond to challenges.

Qi Yaonian, Group Chief Executive Officer of HSBC Holdings Limited, said that if the service industry is to be fully utilized to revitalize the global economy and build a clean, green and sustainable future, exchanges and communication under globalization are indispensable.

The challenges faced by trade in services are global, and the formulation of new rules will help all countries cope with the challenges together.

  The World Trade Organization predicts that global trade will grow by 7% to 9% in 2021, which will surely lead to a rebound in trade in productive services.

At present, countries are striving to improve the level of trade facilitation under the epidemic.

As of the end of last year, more than 93% of WTO members have approved trade facilitation agreements.

According to the WTO trade monitoring report, the proportion of trade promotion measures has increased to 58% by the end of 2020.

  The establishment of a new system is inseparable from the establishment of a new pattern of world trade development.

Steven Allen Barnett emphasized that the previous global governance was fragmented and complicated. Only by establishing a comprehensive and comprehensive rule system can the complex challenges posed by regional and global value chains be solved.

Trade can bring more economic opportunities, productivity development and economic growth can promote poverty reduction.

Multilateral cooperation can promote trade integration and ensure that these benefits can be shared by people all over the world.

(Our reporter Yang Yifu and Li Shengming)