In a world undergoing rapid shifts and grappling with a lethargic economic recovery, President Xi Jinping of China turned the spotlight on the transformative potential of the services sector. Addressing the 2023 China International Fair for Trade in Services (CIFTIS) via video, he reinforced the significance of trade in services as a pillar of international commerce. Xi emphasized the sector’s crucial role in forging global economic and trade partnerships.
The New Paradigms in Trade
Xi pointed out the evolving dynamics in global trade, stating that the intensified global cooperation in the services arena, coupled with advancements in technology, digitalization, and sustainable initiatives, holds the power to rejuvenate global economic growth. Furthermore, the advent of innovative business models and digital solutions will bolster economic globalization, infusing resilience into world economic frameworks.
China’s Dedication to Openness
As China marks its 45th anniversary of reforms and opening up, Xi reiterated the nation’s unwavering commitment to leading with high standards. This commitment will shape China’s quest for modernization across various sectors. By emphasizing high-quality development, China is setting the stage for presenting nations worldwide with fresh opportunities for collaboration and integration.
Xi’s vision for the services sector in China is both inclusive and broad-reaching. “China seeks to walk hand in hand with all nations, endorsing inclusive growth through openness, championing interconnectedness through collaboration, nurturing innovation as the growth engine, and envisioning a shared future through combined services,” Xi declared. The ultimate goal? Steering the global economy towards sustainable revival.
Steps to Cultivate Openness
The Chinese President detailed a comprehensive plan designed to foster a “more open and inclusive” developmental environment:
- Expansion: Xi pledged to broaden China’s network of globally-aligned, high-standard free trade regions.
- Negotiations: He emphasized engaging in discussions regarding the negative list for trade in services and investments.
- Broader Horizons: China aims to open doors wider in domains like telecommunications, tourism, legal services, and vocational exams.
- Policy Alignment: Regions in China, like the national integrated demonstration zone for openness in services and select free trade zones, will synchronize their policies with international economic and trade regulations.
- Enhanced Access: Plans to provide increased access to China’s services sector, refine the cross-border services trade, elevate the services trade’s standardization, and methodically widen institutional openness were unveiled.
- Cooperation: Xi expressed China’s intention to fortify mutual ties by aligning with the developmental strategies of other nations. This includes deepening ties on services trade with countries along the Belt and Road Initiative, easing cross-border resource flows, and identifying new areas for economic collaboration.
Innovation at the Forefront
China’s strategy for economic growth places a considerable emphasis on innovation, especially in the services sector. The country plans to expedite the digitization of services trade, initiate pilot reforms for foundational data systems, and champion the growth of digital tradeBelt and Road Initiative through novel reforms and innovations.
Green development also found a notable mention in Xi’s address. The President announced the inception of a national voluntary greenhouse gas emission reduction trading market, underscoring the services sector’s part in sustainable growth.
Xi envisions a symbiotic relationship between services trade and modern industries, including high-end manufacturing and contemporary agriculture. This integration is projected to catalyze innovation further.
Sharing China’s Progress
Xi was emphatic about China’s intent to share the fruits of its modernization journey with the global community. He talked about amplifying domestic demand, strengthening the domestic market, actively boosting the import of top-notch services, and promoting the export of knowledge-centric services.
China’s expansive market is not just a growth engine for itself but also for the world. “By leveraging the vast potential of China’s market, we aim to invigorate global growth, providing enhanced services from China to the global community, aiming to enrich the lives of people worldwide,” Xi emphasized.
A Plea for Openness and Unity
Concluding his address, President Xi underscored the criticality of preserving an open global economy. He cautioned against the perils of isolationism. Advocating for the sustenance of free trade and the multilateral trading system, Xi urged global entities to seize the historic opportunities presented by the evolution of global trade in services. His message was clear: stand united for a more luminous and affluent future for all.
The 2023 CIFTIS, convened in Beijing, revolves around the theme: “Opening up leads development, cooperation delivers the future,” resonating with the essence of Xi’s discourse.
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