The confidence conveyed by the Fair for Trade in Services has taught a lesson to those who criticize the Chinese economy

83 countries and international organizations set up exhibitions and events under the name of government or headquarters, held 155000 square meters of exhibitions and exhibitions, attracted nearly 280000 people, and achieved more than 1100 results... On the 6th, the 2023 China International Fair for Trade in Services concluded in Beijing. Within 5 days, a dazzling array of products, a bustling crowd, and impressive transaction data all conveyed tangible confidence. This also teaches a lesson to those in the United States and the West who criticize the Chinese economy.

Taking the host country of this year's Service Trade Fair, the United Kingdom, as an example. This time, it organized the largest delegation in four years to participate in the exhibition, with more than 60 enterprises and institutions participating. The British representative stated that they do not believe in the so-called "decoupling". American companies are also very enthusiastic, with Qualcomm, Intel, and others bringing multiple technologies and solutions. Considering the collective opposition of executives from multiple US chip companies in July to further restrictions on chip exports to China by the US government, the Fair for Trade in Services has conveyed a clearer message of "not decoupling".

According to foreign media analysis, some people in the United States and the West hype up a lack of confidence in China precisely because they cannot see hope for sustained economic growth in their own country, lose their goals and confidence, and seek some comfort from criticizing China. However, mass production's criticism of China cannot solve its own problems. They should face up to the "Chinese confidence" conveyed by the Fair for Trade in Services and seek opportunities for common development from it.

The new opportunities brought by China's large market and consumer transformation are the source of confidence. The internationalization rate of offline exhibitors in this service trade fair exceeds 20%, including more than 500 Fortune Global 500 and industry leading enterprises, covering 28 of the top 30 countries and regions in service trade. The further expansion of the "circle of friends" of the Service Trade Fair shows the importance that multinational enterprises attach to the Chinese market.

Currently, China is gradually shifting from a focus on commodity consumption to a balance between commodity and service consumption. Subsequently, there has been an increase in service consumption data. In the first seven months of this year, the retail sales of transportation, accommodation, catering and other services increased by 20.3% year-on-year. The summer tourism heat is significantly higher than the same period in 2019, and many scenic spots have received the highest number of tourists in history. The number of summer movie viewers exceeded 500 million. For multinational corporations, opportunities lie wherever the market is.

At the same time, China's continuously expanding policy of openness has deepened the confidence of foreign businesses in China. China has basically opened up foreign investment access to the manufacturing industry and is fully and orderly opening up the service industry. The report "China's Service Industry Opening up in the Changing World" released at this year's Fair for Trade in Services pointed out that the pace of China's service industry opening up has accelerated, and the level of opening up has significantly increased compared to the average level of other countries, especially in terms of foreign investment access and national treatment.

At this Service Trade Fair, China clearly proposed to "expand the opening up of service areas such as telecommunications, tourism, law, and vocational exams to the outside world," which has filled foreign investors with expectations. The relevant person in charge of Qualcomm said that China continues to promote high-level opening-up to the outside world, with clear benefits in key areas such as communication, further enhancing Qualcomm's confidence in the development prospects of the Chinese market. The Chinese side also revealed that the next step will be to accelerate the release of the national negative list of cross-border service trade, and to launch the construction of the first batch of national service trade innovation and development demonstration zones. For foreign businesses, a higher level of openness means greater development opportunities.

Equally important, China's continuous efforts to advance towards the high-end of the value chain have given foreign businesses more confidence to resonate with China on the same frequency. In 2022, China's total investment in research and experimental development reached 3087 billion yuan, an increase of 10.4% compared to the previous year, and the ratio to GDP reached 2.55%. At this service trade fair, 66 enterprises launched 125 new products and technologies in the fields of artificial intelligence, financial technology, medical health, culture and creativity, showcasing the vitality brought by high technology to the service trade industry. A Beijing education technology service provider told a commentator from International Sharp Review that their company's digital learning products have been sold to more than 100 countries and regions worldwide, and have long held the top spot on application lists in multiple countries.

Service trade is a new engine of China's economic growth, witnessing the resilience and vitality of the Chinese economy. Since the beginning of this year, the Chinese economy has continued to recover, with an overall recovery and improvement. The World Bank, OECD, and International Monetary Fund predict that China's economy will grow by 5.6%, 5.4%, and 5.2% this year, respectively. Analysts point out that in the foreseeable future, China will continue to maintain its position as a global growth engine.

Singing down others will not make oneself better, only then can China continue to develop and the world become more prosperous. Some people in the United States and the West may as well open their eyes and see the world instead of being keyboard warriors behind closed doors. What is the prospect of China's economy? The confidence conveyed by the Service Trade Fair is the best proof.