Xi unveils new measures to facilitate trade in services

President Xi Jinping yesterday unveiled a slew of new measures to facilitate trade in services in the country’s latest efforts to share its development opportunities and boost global economic recovery.
China will explore the development of national demonstration zones to promote the innovative development of services trade and increase support for services sector in countries participating in the Belt and Road Initiative, Xi said while addressing the Global Trade in Services Summit of the 2021 China International Fair for Trade in Services (CIFTIS) held in Beijing.
The country will optimize the rules for the services sector by supporting Beijing and other localities in piloting the alignment of domestic rules with the ones in high-standard international free trade agreements and in building digital trade demonstration zones, Xi said.
A stock exchange will be set up in Beijing to serve innovation-oriented small and medium-sized firms, Xi said.
“Let us join hands to defeat the COVID-19 pandemic and get through these tough times,” Xi said.
“Using peace, development and win-win cooperation as the ‘golden key’, we will be able to address the challenges facing the world economy and international trade and investment, and create a brighter future for all,” he said.
With more than 10,000 enterprises from 153 countries and regions signing up for participation, this year’s IFTIS.
Appreciating China’s endeavors to promote global trade in services, experts and business leaders have said the event will help the world share China’s development opportunities and bolster global confidence in the economic recovery amid the COVID-19 pandemic.
“China is growing faster in the service sector than any other country in the world,” said Stephen Perry, chairman of Britain’s 48 Group Club.
China’s services trade fair will provide people with a great opportunity to get a sense of the world’s digital future, as well as China’s fast expanding service industry, said the business leader.
The services trade fair is an important platform that demonstrates China’s opening-up, said Dennis Wilkens, Germany Trade and Invest’s director for China.
“A large number of companies have emerged in China that are being offered opportunities in Germany and Europe. The development shows the performance of China and its companies in the digital and services sector in recent years,” Wilkens said.
Themed “Towards Digital Future and Service Driven Development,” the 2021 CIFTIS will last from Sept. 2 to Sept. 7. MDT/Xinhua