Xi stresses promoting prosperity of service trade, early recovery of global economy

Chinese President Xi Jinping on Friday called for joint efforts to overcome difficulties to promote the development and prosperity of global trade in services and push for global economic recovery as early as possible.

He made the remarks while addressing the Global Trade in Services Summit of the 2020 China International Fair for Trade in Services (CIFTIS) via video, underlining the need to boost global cooperation amid challenges.

“Today, with COVID-19 yet to be brought under full control at the global level, all countries face the formidable task to defeat the virus, stabilize the economy, and protect livelihoods,” he said.
“It is against such a backdrop that China decided to hold this important international trade event despite many difficulties in preparation. It shows China’s willingness to join hands with all of you in this trying time and work together to enable global trade in services to thrive and the world economy to recover at an early date,” he said.

PROPOSALS FOR COOPERATION
Calling the open cooperation in the service sector “an increasingly important driver for development,” he made three proposals.
Firstly, all countries should jointly foster an open and inclusive environment for cooperation, Xi said.

China will stay committed to further opening up, with measures including the establishment of a sound negative list management system in cross-border service trade, and the advancement of constructing open platforms for piloting innovative development of trade in services, Xi said.

The country will also continue to ease market access in the service sector and actively expand imports of quality services, he said.
Secondly, all countries should work together to invigorate momentum for cooperation driven by innovation.

China will work with all countries in enhancing the protection of intellectual property rights and actively promote the development of digital economy and sharing economy, Xi said.

Thirdly, Xi called for joint efforts to break new ground in win-win cooperation.
All countries should strengthen coordination in their development of trade in services, innovate the ways of cooperation, deepen the areas of cooperation and seek to maximize common interests in development.

BEIJING’S SPEARHEADING ROLE
In his speech, Xi pledged support to better leverage Beijing’s role in spearheading the opening-up of China’s service sector. He said the country will support the municipality in developing a national integrated demonstration zone for greater openness in the service sector.

A pilot free trade zone characterizing scientific and technological innovation, opening-up of the service sector, and digital economy will be established in Beijing, Xi said, noting that it will serve as a platform of high-standard opening-up for the coordinated development of the Beijing-Tianjin-Hebei region.

CIFTIS, a large exhibition and trading platform dedicated to trade in services, has already been held six times since 2012. The theme of this year’s CIFTIS is “Global Services, Shared Prosperity.”

Xinhua News Agency