Seize the opportunity to enhance 'gold content' of trade in services

As an important platform for promoting cooperation in the service industry and trade in services, the China International Fair for Trade in Services, since its inception in 2012, has gained increasing worldwide attention and influence.

That explains why the 2024 CIFTIS, which concluded in Beijing on Monday, achieved 1,000 practical outcomes, including transactions and investments in fields such as construction, finance and business services, with over 20 percent of the exhibitors being international companies.

Since its accession to the World Trade Organization, China has fulfilled its commitments, accelerating the opening of its service sector and gradually establishing a management and promotion system for trade in services, which has contributed to its development into a global powerhouse for the service trade.

As digital transformation becomes more profound, the innovative development of trade in services remains an unstoppable trend.

The central authorities recently made an overall policy deployment for innovating and improving China's trade in services, setting the key points and development path for its service trade in the coming period.

Promoting innovative development of trade in services means taking innovation as the driving force for reform and building a more stable, transparent and predictable environment for the development of trade in services.

From 2016 to 2023, China has carried out three rounds of pilot projects for the innovative development of trade in services in 28 regions, exploring institutional mechanisms, policy systems and opening paths compatible with the development of its trade in services, and spreading 157 pilot experiences and cases to the whole country.

More successful local experiences adapted to the development of service trade are expected to be popularized across the country to stimulate the development potential of the service trade on a larger scale. Although the international economic situation remains complex and volatile, and trade protectionism and trade frictions are increasing, the digitization, intellectualization and green development of China's service trade continues to accelerate, and the appeal of its service industry continues to rise.

As the 2024 CIFTIS plays an important role in expanding multilateral, bilateral and regional cooperation mechanisms for trade in services, more enterprises should take the event as an opportunity to strive and promote high-quality development of the service trade.

Given that trade in services now remains an important driving force for economic globalization, China needs to promote the institutional opening-up of the trade in services, advance the cross-border flow of resources and factors, and advance innovative development in key areas, so as to promote the new and smart development of the trade in services and enhance its "gold content".

ECONOMIC DAILY