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Commentary: China int’l services trade fair, a ray of warmth in economic winter

2020-09-07 14:00:20 Xinhuanet.com

As the world economy is shivering in a harsh winter a the coronavirus pandemic, the CIFTIS brings a ray of warmth to boost economic recovery and crack open new space for global growth.

As the world economy is shivering in a harsh winter amid the coronavirus pandemic, the China International Fair for Trade in Services (CIFTIS) opened here on Friday brings a ray of warmth to boost economic recovery and crack open new space for global growth.

As one of the world's most comprehensive fairs for trade in services, the CIFTIS provides over the coming five days both online and offline platforms for exhibitions, forums and business negotiations in different services trade sectors.

The CIFTIS is one of China's three major open exhibition platforms, together with the China Import and Export Fair, popularly known as Canton Fair, and the China International Import Expo, which have yielded fruitful results over past years.

The world economy is now grappling with perhaps the worst recession since the Great Depression in the 1930s, and is desperately searching for a fresh and strong boost.

The fair can act as an important gateway for high-quality international services to enter the ever-opening Chinese market, and for China to promote its own competitive services brand names among customers worldwide.

China has become an important growth driver in services trade in recent years, according to a 2019 report issued by the World Trade Organization. China's own official statistics show that the country's trade in services grew from 654.2 billion U.S. dollars in 2015 to 785 billion dollars in 2019, with annual average growth hitting 4.7 percent, ranking second in the world.

Despite the disruption brought about by the pandemic, Beijing's relentless drive to further press ahead with China's domestic consumption upgrade signifies potential business opportunities for China's services trading partners all around the globe.

According to the Chinese Ministry of Commerce, in the first half of this year, China's services trade totaled 320 billion dollars, with the trade deficits narrowed by 46.1 percent year on year.

And by further bolstering services trade, China is actively optimizing its trade structure, and deepening its participation in the global value chain.

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