CGTN: Revving up services commerce, China is committed to higher-level opening

BEIJING, Sept. 5, 2022 /PRNewswire/ — With the 2022 China International Fair for Trade in Services (CIFTIS) drawing to a detailed on Monday in Beijing, the nation has despatched a sign of its unwavering willpower to push for a broader and deeper opening-up.

Titled “Cooperate for better development, innovate for a greener future”, this yr’s occasion options an exhibition space of 152,000 sq. meters with the participation of greater than 2,400 corporations, together with over 400 Global Fortune 500 corporations and industry-leading enterprises.

Data from the Chinese Ministry of Commerce (MOC) confirmed {that a} whole of 1,339 initiatives have been signed, amongst which 513 have been building initiatives, 175 funding offers, 128 strategic agreements, and 173 first-launch merchandise.

The CIFTIS is an important platform for China to develop opening-up, deepen cooperation and pioneer innovation, Chinese President Xi Jinping famous in a congratulatory letter to the 2022 CIFTIS Wednesday.

He voiced the nation’s willingness to work with different international locations to uphold actual multilateralism, inclusiveness and win-win cooperation, and collectively promote the open and shared services economy to inject impetus into the restoration of the worldwide economy. 

Green improvement highlighted

This yr’s CIFTIS has set up an environmental services part for the primary time. It’s specializing in inexperienced improvement, amid the nation’s efforts to obtain its carbon peak and carbon neutrality objectives.

This part covers an space of 16,700 sq. meters and focuses on subjects equivalent to low-carbon power, the local weather and carbon economy, and carbon neutrality and inexperienced know-how.

Quite a lot of new merchandise and applied sciences equivalent to inexperienced low-carbon cloud computing servers, ESG carbon footprint calculation, and inexperienced private computer systems have been demonstrated.

The organizers additionally hosted 24 discussion board and convention actions to deeply discover the worldwide cooperation path of inexperienced improvement.

“Visions will come true only when we act on them,” Xi famous in a written assertion to the twenty sixth United Nations Conference of Parties on Climate Change final yr as China has seen exceptional progress in power saving and carbon discount over the previous decade.

By 2021, China’s power consumption per unit of GDP has plunged 26.2 % from 2012 and has lowered its carbon depth by 34 % prior to now decade.

Burgeoning services commerce in China

China’s services commerce has delivered a meteoric growth with the added-value of China’s services sector hovering 1.49 instances over the previous 10 years and cumulative commerce in services exceeding $4 trillion.

In the primary half of 2022, China’s import and export of services additionally notched up 2.89 trillion yuan ($419 billion), a rise of 21.6 % year-on-year.

Overseas buyers additionally discover candy spots within the rising Chinese services sector. The MOC mentioned China’s precise use of overseas funding in 2021 surged by 14.9 % year-on-year to about 1.15 trillion yuan ($180.72 billion), of which the services sector accounted for 79 % of the whole.

In his congratulatory letter, the Chinese president additionally pledged that the nation stays committed to selling broadening market entry within the services sector, facilitating opening-up in cross-border services commerce, and striving to set up a high-standard opening-up system for the services sector.

Injecting vitality to international economy

In his congratulatory letter, Xi identified the CIFTIS making lively contributions to the event of world services and services commerce.

No doubt the CIFTIS is being held well timed to improve international cooperation, United Arab Emirates’ (UAE) Ambassador to China Dr. Ali Obaid Al Dhaheri echoed Xi’s phrases throughout a current interview with CGTN.

Addressing the Global Trade in Services Summit of the 2022 CIFTIS on Wednesday, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala confused at this time’s world economy is more and more pushed by the services sector, and with the accelerating digitalization of services commerce, the share of services commerce in international commerce will proceed to rise.

China’s services commerce has had a mean annual development charge of 6.1 % over the previous decade, 3.1 share factors larger than the worldwide degree, per the Commerce Ministry. The nation’s services commerce quantity has held the second spot globally for eight years in a row.

Currently, greater than 200 international locations and areas have services commerce with China.

The holding of CIFTIS totally demonstrates China’s dedication to additional opening up its services sector, which is welcomed by the world, Raja Dato‘ Nushirwan Zainal Abidin, Malaysian Ambassador to China informed CGTN.

https://news.cgtn.com/news/2022-09-05/Revving-up-services-trade-China-is-committed-to-higher-level-opening-1d5g2fAhn5m/index.html

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