Services Trading Signals A Bright Digital Future
CIFTIS highlights the industry’s ability to attract investment and boost growth
China’s services trade rose 7.3 percent year on year to 2.81 trillion yuan ($434.99 billion) in the first seven months of this year. Significantly boosting economic growth, the Commerce Ministry said on Thursday.
During the same period, trade in information-intensive services was worth 1.28 trillion yuan. Up about 12 percent year on year, accounting for about 46 percent of total trade in services. total service trade according to ministry data.
The newly appointed spokesperson of the ministry, Shu Yuting, said the areas where exports are growing faster are personal. cultural and entertainment services, intellectual property rights, telecommunications and information services.
The ministry released trade figures during the 2021 China International Service Trade Fair-CIFTIS
which opened both offline and online on Thursday and will close in Beijing on Tuesday. Participants from around 153 countries and regions are participating in the event.
He said this year’s fair, which has an exhibition area of 130,000 square meters. Which is 18 percent larger than last year will host 198 summits, forums, meetings and promotional events.
The services trade encompasses a wide range of tradable services such as finance, telecommunications, logistics, human resources, education, healthcare, construction, advertising, computers and accounting.
In July alone, China’s services trade reached 431.92 billion yuan, up 10 percent year on year, according to ministry data.
As digital services become a new engine for global commerce. A 11,000-square-foot digital services exhibition space was established for the first time this year.
The World Trade Report 2020, published by the World Trade Organization showed that nearly 115 countries are revealing policies related to digitalization and promoting digital production and innovation from different perspectives.
“In this era of increasing globalization. Digital commerce has become a high ground that US-led countries are trying to seize,” said Liu Yingkui. A researcher at the China International Trade Promotion Council.
A huge gap in the digital dimension separates a handful of leading countries from the rest of the world. According to a recent report by global consulting firm McKinsey & Co. The report ranked 139 countries by goods, services, finance, people and data inputs and outputs. Singapore ranked first, followed by the Netherlands, the USA and Germany.
Liu said the report shows that China is growing more connected and reaching seventh place globally. But overall advanced economies are more connected than developing countries.
The industry has grown strongly and has helped attract large amounts of foreign investment in recent years. As higher level opening has increased trade by removing restrictive measures, said Chen Chunjiang. General manager of the ministry’s services trade department. and business services.
Marriot International, a US-based hotel chain, opened two hotels in Beijing’s Yanqing district last week amid rising demand for holiday travel in China. Furthermore, Yanqing will be one of the venues for the Beijing 2022 Winter Olympic Games.
Henry Lee, president of Marriot International in China. Said that consumers in China are seeking high-quality tourism services more than ever and that better tourism service quality and travel management can help create excellent travel experiences for tourists and increase customer engagement.
“We currently operate more than 23 hotels in the Chinese capital and we look forward to further expanding our portfolio to provide unique and personalized services to travelers with varying spending preferences,” he said.