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Upcoming services trade fair to bolster domestic consumption in China, says expert

2020-09-03 14:54:52 Xinhua News Agency

CIFTIS will help bring more high-quality international services to China, meeting its demand to upgrade domestic consumption.

The China International Fair for Trade in Services (CIFTIS) will help bring more high-quality international services to China, meeting its demand to upgrade domestic consumption, a senior Chinese researcher has said.

The CIFTIS, scheduled for Sept. 4-9 , will also bolster China's efforts to export its high-quality services while creating more competition at home, Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told Xinhua in a recent interview.

As one of China's three major open exhibition platforms, along with the China Import and Export Fair, popularly known as Canton Fair, and the China International Import Expo, the upcoming CIFTIS 2020, also the first major international economic and trade event held offline in China since the outbreak of the COVID-19 pandemic, has attracted worldwide attention.

As the world's second biggest importer of services and with its large population, China has huge potential in the services industry, Li said.

"The service market in China is very attractive to the global market, and is of significance to countries around the world as well as multinational corporations," Li said.

The researcher pointed out that "China is constantly strengthening its domestic market, with consumption in services an important driving force."

Chinese consumers used to seek high-quality services abroad when it came to education, medical treatment and medical cosmetology. However, the CIFTIS and a further opening up of the service market are making it more convenient for the Chinese people to access these services at home, Li said.

The raging pandemic has hit the global services trade hard, especially traditional services such as tourism and overseas study. However, emerging sectors such as knowledge-intensive services is witnessing growth.

The expert said "there will be much room for growth in sectors including digital services and 'Internet Plus' businesses after the pandemic." Countries should open their markets to each other and seize such new growth opportunities, Li added.

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