At the noteworthy address during the 2023 China International Fair for Trade in Services (CIFTIS) Global Trade in Services Summit, Chinese President Xi Jinping underscored China’s ambition to elevate its services sector, targeting a pivotal role in the global economic resurgence.
Facing transformative global dynamics and an economic rebound challenge, Xi underscored the services trade’s critical role. “The world today is confronted with accelerated changes unseen in a century and sluggish economic recovery,” he articulated.
President Xi identified the tenets of a resilient, globalized economy: extended service trade cooperation, green growth fueled by digital innovations, and adoption of emergent business strategies and technologies. Such elements, according to Xi, shape the foundation of economic globalization, global growth trajectory, and robust worldwide economic progression.
With China marking 45 years since its pivotal reform initiative, Xi’s discourse highlighted the nation’s dedication to excellence in development and holistic modernization, presenting diverse collaboration vistas to countries across the globe.
Eyeing a future championed by shared services, Xi expressed, “China will work with all countries and parties to advance inclusive development through openness, promote connectivity and integration through cooperation, foster drivers for development through innovation, and create a better future through shared services, in a bid to jointly get the world economy onto the track of sustained recovery.”
Xi unveiled strategies to bolster an environment of growth and inclusivity. These encompass a vast, globally synergized free trade ecosystem, dialogues for unified standards in services trade and investments, and expansive accessibility across pivotal services domains such as telecommunications, tourism, law, and vocational evaluations.
Furthermore, China aims to synchronize its national zone dedicated to services sector expansion with superior international economic and trade protocols. Xi is committed to enhancing the nation’s services sector, standardizing services trade, and amplifying structural accessibility.
Xi’s collaboration blueprint reflects China’s focus on mutual growth and development. This entails aligning with diverse national agendas, solidifying ties with Belt and Road Initiative allies, and nurturing prolific economic partnership avenues.
Digital evolution remains paramount for China. Xi introduced initiatives to expedite the digital shift in services trade, pilot transformations in foundational data structures, and catalyze digital trade through groundbreaking reforms.
Acknowledging environmental imperatives, Xi announced the inception of a voluntary national greenhouse gas emission trading arena, emphasizing the service sector’s commitment to sustainable development.
Xi articulated China’s integrated strategy, merging services trade with cutting-edge industries, avant-garde manufacturing, and agrarian modernization to fuel innovation-centric growth.
Concluding, President Xi emphasized China’s pledge to share its modernization benefits with the global arena by rejuvenating domestic demand, prioritizing top-tier service imports, and bolstering knowledge-centric service exports. “We will lend new impetus to global development with the opportunities generated by China’s vast market, and offer more and better Chinese services to the world through high-quality development in a bid to increase the sense of gains of people around the world,” Xi emphasized.
Stressing the indispensability of global economic collaboration, Xi flagged potential risks of insularity. He advocated for the sustenance of free commerce and a multilateral trading architecture, urging global participants to seize the transformative prospects offered by global services trade.
The five-day 2023 CIFTIS, themed ‘Opening up leads development, cooperation delivers the future.’ unfolds in Beijing.
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