(Service Trade Fair 2020) Empowering high-quality development, China "Clears Obstacles" for Open Cooperation in Service Industry

  China News Service, Beijing, September 5 (Reporter Wang Enbo) Chinese President Xi Jinping delivered a speech at the 2020 China International Trade in Services Global Service Trade Summit on the 4th, supporting open cooperation in the service industry.

Analysts believe that the vigorous development of trade in services will empower the high-quality development of the Chinese economy and at the same time help the world economy achieve high-quality recovery.

  In recent years, the emergence of a new round of technological revolution and industrial transformation has led to the strong rise of digital technology, promoted the deep integration of industries, and led the booming development of the service economy.

Especially during the new crown pneumonia epidemic, the extensive application of telemedicine, online education, sharing platforms, collaborative office, cross-border e-commerce and other services played an important role in promoting economic stability in various countries and promoting international anti-epidemic cooperation.

  In this context, Xi Jinping pointed out that looking to the future, open cooperation in the service industry is increasingly becoming an important force for development.

  Wang Xiaosong, a researcher at the National Institute of Development and Strategy at Renmin University of China, said in an interview with a reporter from China News Agency that China's economy needs the support of the service industry to transform from high-speed growth to high-quality development.

  He analyzed that the service industries that can conduct cross-border transactions are usually relatively high-end industries that can lead the development of the modern economy, such as information consulting, logistics, and finance.

China has long relied on manufacturing to drive national economic growth, but now high-quality growth requires new resource allocation methods.

The high-end service industry can optimize the allocation of resources and also reflects the achievements of scientific and technological progress. Combined with the wave of digital economy, it will promote the economy to achieve higher quality.

  Wang Xiaohong, deputy director of the Information Department of the China International Economic Exchange Center, also pointed out that the vigorous development of service trade is compatible with China's development stage and matches the endowment of resource factors.

By promoting the innovation and development of service trade, realizing the driving force change, efficiency change and quality change of foreign trade growth plays an important role in stabilizing foreign trade, foreign investment, employment, and supply chain.

  For the world economy that is in recession under the epidemic, the role of the service industry is also quite critical.

Currently, 60% of the total output of the world economy comes from the service industry, and service exports, which account for 20% of global exports, contribute nearly half of the global foreign trade added value.

  Liu Jinran, Executive Vice President and Chief Corporate Affairs Officer of the Corporate Affairs Department of EF Education China, the participating company, pointed out that service trade is an important way for countries to integrate into economic globalization and participate in international competition and cooperation. The development of global service trade contributes to economic growth. The role of promoting the deepening development of the global value chain is constantly improving.

  So, how to continue to make the global service trade pie bigger?

  Xi Jinping put forward a three-point proposal for open cooperation in the service industry: jointly create an open and inclusive cooperation environment, jointly activate innovation-led cooperation momentum, and jointly create a mutually beneficial and win-win cooperation situation.

  Wang Xiaosong believes that the principle conveyed by the above-mentioned initiatives is to expand opening up, eliminate barriers as much as possible, and promote further liberalization of global service trade.

In particular, the speech pointed out that countries should work hard to reduce the barriers of “on the border” and “behind the border” that restrict the flow of factors. , Fair competition environment, improve business environment, protect intellectual property rights, etc.

These measures are not only conducive to the liberalization and expansion of global service trade, but also help the world economy to achieve a high-quality recovery. At the same time, they also declare to the world China's firm stance on opening up.

  For the service industry to open up "clearing obstacles", China will not just stay in words.

In the past 15 years, the average annual growth rate of China's service exports was 1.6 percentage points higher than that of the world, and the cumulative service imports reached US$4.5 trillion.

In 2019, China's service imports and exports totaled RMB 5,415.3 billion, ranking second in the world in terms of scale.

Not long ago, China's Ministry of Commerce issued a document announcing the expansion of pilot services for the innovative development of trade in services, with more relevant reform measures and deeper reforms.

  Liu Jinran believes that China's continuous promotion of institutional innovation and improvement of the business environment will attract more domestic and foreign resources to be invested in the service industry and service trade. This will not only bring new opportunities for market expansion and promote the new development of emerging service trade, but also Deepening international cooperation will enable Chinese companies to better integrate into the global value chain, and inject new momentum into the sustainable development of global service trade and the world economy.