World Trade Organization Director-General Ngozi Okonjo-Iweala addresses the Summit of the 2022 China International Fair for Trade in Services via video on Aug 31. (LI XIN / XINHUA)

President Xi Jinping on Aug 31 reaffirmed China’s commitment to working with different nations in practicing true multilateralism and jointly promoting the growth of a service economy that is open and ensures shared benefits.

In a letter to congratulate the opening of the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, Xi said the nation stands ready to make joint efforts with different countries in upholding inclusiveness and win-win cooperation to inject impetus into the recovery of the global economy.

He highlighted the fair as a key platform for China to expand opening-up, deepen cooperation and lead the way for innovation, saying it has made positive contributions to the growth of the global services sector and trade in services.

China has adhered to promoting high-quality development with high-level opening up, kept widening its market access in the services sector and lifted the level of opening-up for cross-border services trade, he said.

He added that the nation has expanded the functions of its opening-up platforms and striven to build a high-standard set of systems for the opening-up of the services sector.

Xi’s message was read out at the opening in Beijing by Vice-Premier Hu Chunhua. Vice-Premier Han Zheng delivered a keynote speech. 

Addressing the opening ceremony via video on Aug 31 were World Trade Organization Director-General Ngozi Okonjo-Iweala, United Nations Conference on Trade and Development Secretary-General Rebeca Grynspan and OECD Secretary-General Mathias Cormann.

Also delivering speeches via video at the ceremony were Vice-President Hamilton Mourao of Brazil, Iranian First Vice-President Mohammad Mokhber, Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat, Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan Jamshid Khodjayev, and Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto.

Trade in services refers to the sale and delivery of intangible products such as transportation, tourism, telecommunication, advertising, computing and accounting, according to the WTO.

China’s trade in services is expected to grow at a fast pace as the country continuously expands high-level opening-up and adopts more liberalization and facilitation measures in the sector, experts and business leaders said.

The fair, which runs until Sept 5, will stimulate global trade in services as it bridges supply and demand, helping to shore up the stalling world economy, they said.

China’s service trade value grew 21.6 percent year-on-year to 2.89 trillion yuan ($420 billion) in the first half of 2022, according to the Ministry of Commerce.

Service exports expanded 24.6 percent year-on-year to 1.4 trillion yuan, and service imports were 1.49 trillion yuan, up 18.9 percent.

“The fair can substantially promote the development of the modern services industry and the structural upgrades of China’s trade in services,” said Jack Chan, chairman of EY China and regional managing partner of EY Greater China.

Driven by emerging technologies such as cloud computing, big data and the internet of things, the tradability of services has been greatly improved, while market demand for high-quality services is also on the rise as new technologies and new business formats continue to grow, he said.

Li Jun, director of the Chinese Academy of International Trade and Economic Cooperation’s Institute of International Trade in Services, said the fair is an important platform demonstrating China’s firm resolve and concrete actions in expanding high-level opening-up in trade in services, and would also showcase latest trends in the sector. 

It also provides huge opportunities for enterprises from home and abroad to communicate and tap trade potential, he said.

A total of seven summit forums, 128 themed forums and five sideline events are being held during the 2022 CIFTIS. They include the 2022 China Electronic Commerce Conference, a fashion show, an investment conference, and a signing ceremony for a group of major projects.

Sponsored by the World Federation of Tourism, the 2022 World Tourism Cooperation and Development Conference is also being held during the fair.

Contact the writers at xuwei@chinadaily.com.cn