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The Importance of Services Trade is Increasing Rapidly

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The importance of service trade is increasing rapidly

Government officials and business leaders said on Tuesday that services trade will be a key driver for the country to sustain its economy and develop new competitive advantages in the years to come. As China further expands its service sector expansion.

Chen Chunjiang, director general of the Ministry of Commerce, said that since the restructuring of the global value chain accelerated. Services such as research and development activities, finance, logistics, marketing and branding have become more prominent in both global and China’s economic growth. In service and commercial services at the Ministry of Commerce.

Increasing foreign direct investment is another factor driving the strong growth of services trade in China, he said.

Unlike trade in goods, trade in services refers to the sale and delivery of intangible services. Such as transportation, tourism, telecommunications, construction, advertising, computers and accounting.

Powered by knowledge-intensive services trade. China’s total trade rose 6.7 percent year on year to 2.38 trillion yuan ($367.97 billion) in the first half of 2021, according to the Ministry of Commerce.

Beijing-based China Academy researcher Li Jun said that while the global spread of traditional manufacturing has been hampered by uncertainties such as COVID-19. The disruption of the global supply chain, the globalization trend of services trade is gaining momentum. International Trade and Economic Cooperation.

He said China’s efforts for the high-quality development of its manufacturing industry will mean that the demand for innovation, technical aspects, knowledge. Professional assistance and design-related will continue to expand, fostering new business formats, industries and operational models. abroad.

While foreign investment strategies have long focused on global supply chains and leveraging China’s advantages,

Many multinational companies have already started using new sources of innovation logistics and digital solutions in China. In recent years to expand their market presence and increase their strength. He said trade in services is two-way.

In addition to further expanding its reach of foreign investment in the financial services sector. China last month announced its first negative list for cross-border trade for Hainan Free Trade Port. A key metric in the country’s administrative model for services trade. The new policy, the Hainan Cross-Border Service Trade Negative List, will go into effect on Thursday.

Su Qingyi, who conducts research on world economy and politics for the Chinese Academy of Social Sciences. In Beijing said that the advantages of China’s super-large market. Facilitated by these policy measures, will become stronger and attract more foreign capital.

He said that as services-based digitalization significantly expands the growth space for services trade,

Digital technologies are driving innovation on the supply side and consumption on the demand side and greatly improving trade in services.

Newborn Town Inc, a Beijing-based mobile internet service provider. Plans to focus more on user value growth in developed markets, including North America and Europe, over the next five years. The company has already established a market presence in Southeast Asia. The Middle East, South Asia, and countries such as Japan and South Korea.

The company’s chairman, Li Ping, said that Chinese companies’ pursuit of high growth rates and “globalization” moves based on innovation will support the country’s services trade. Continue to contribute to the growth of the world’s services trade and economic recovery from COVID. -19.

“In the ‘stay-at-home economy’ driving the rising global wave of commercial 5G networks. Many opportunities are also emerging from overseas demand for social media apps that facilitate real-time voice or video interactions,” he said.

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