International Sharp Review | What sense of gain does this surging new momentum bring to the world?
At the Qualcomm booth, the world's first generative AI model that can run on Android phones is being demonstrated; Philips showcases innovative medical solutions, Tesla brings a new experience of smart lifestyle... If you ask the audience what they can find at the China International Trade in Services Fair, which will open on the 2nd? The answer is: the latest global technology and first-hand business opportunities in service trade.
In recent years, service trade has become a new engine of global trade. The World Trade Organization predicts that by 2040, the proportion of service trade in global trade will reach 50%. It is not difficult to understand why this year's Service Trade Fair has attracted more than 2400 offline exhibitors, including more than 500 Fortune Global 500 and industry leading enterprises, covering 28 countries and regions in the top 30 of service trade. As the guest of honor of this year's Fair for Trade in Services, the UK sent the largest business delegation to China in four years to attend. British Trade Ambassador to China, Du Tao, expressed great anticipation for deepening cooperation between China and the UK in the field of service trade.
According to data from the Chinese Ministry of Commerce, the total import and export of services in China reached nearly 6 trillion yuan in 2022, ranking second in the world for the ninth consecutive year. Domestic and foreign exhibitors actively participate in exhibitions, and the first thing they are interested in is the new opportunities brought by China's super large market and continuous industrial upgrading.
The series of new measures proposed by China, including expanding the opening up of service areas such as telecommunications, tourism, law, and vocational exams, actively expanding the import of high-quality services, and encouraging the export of knowledge intensive services, have brought more opportunities for the world to share the Chinese market. In terms of service imports, analysts predict that the proportion of service-oriented consumption expenditure by urban and rural residents in China will increase from 43.2% in 2022 to around 50% in 2025, bringing about an additional consumption market of about 10 trillion yuan. In terms of service exports, expanding the export of knowledge intensive services will also benefit the world. At this year's China International Fair for Trade in Services, an education technology exhibitor in Beijing, who had previously held the top spot on education apps in multiple countries, expressed its hope to work together with foreign counterparts to promote the digital transformation of education.
The environment is crucial for the development of service trade. In the 45 years since the reform and opening up, China has not only opened its own door, but also provided a "clean room" for world development. From the perspective of service trade and service industry cooperation, China is continuously relaxing market access for the service industry. In 2022, the negative list for foreign investment access decreased to 31 items, including 23 items in the service industry, accounting for 74%. Taking the recent signing of the Free Trade Agreement between China and Nicaragua as an example, it is the first time that cross-border trade in services and investment has been opened up through a negative list.
"Expand the network of globally oriented high standard free trade zones", "actively carry out negotiations on the negative list of trade in services and investment", "ease market access in services", "deepen cooperation in trade in services and digital trade with the" the Belt and Road "countries"... The information released by China at this trade in services conference will not only steadily expand institutional openness, but also let the world see the determination to create a more open and inclusive development environment.
At the same time, as service trade has become a new driving force for economic growth, people have also seen more surging new momentum at the Service Trade Fair, which is also urgently needed for the development of world service trade.Among them, digital technology has improved the tradability of services. In 2022, the import and export volume of digitally deliverable services in China reached 2.51 trillion yuan, an increase of 7.8%. This year's Service Trade Fair also highlights the leading role of technological innovation, showcasing new achievements such as chip technology, quantum measurement and control, satellite remote sensing, and artificial intelligence. Selchuk Cholakolu, director of Türkiye Asia Pacific Research Center, believes that CIFIT will shape the future of carbon neutral, artificial intelligence, metauniverse and other industries.
This year marks the 45th anniversary of China's reform and opening up. As an important platform for China's high-level opening-up, the Fair for Trade in Services has witnessed China's contributions to global service trade and economic growth. Pakistani economic expert Sharif believes that the Fair for Trade in Services will increase the volume of world trade in services. International Monetary Fund President Georgieva recently stated that China's economy contributes one-third of the world's economic growth.
It can be predicted that with the continuous advancement of Chinese path to modernization, China will continue to expand its high-level opening up. In this process, more and better Chinese services will be created, bringing more sense of gain to people around the world.
