Xi: Step up support for services sector
Nation to share opportunities brought by growth of trade, promote global recovery, president says
Xi also committed to further improving rules for the services sector and supporting the innovation-driven development of small and medium-sized enterprises through concrete measures.
China's trade in services reached more than 2.8 trillion yuan ($434 billion) during the first seven months of the year, growing 7.3 percent year-on-year, according to the Ministry of Commerce.
Digital services are experiencing a gradual shift from an alternative to a necessity, as traditional forms in the services sector, such as tourism and transportation, have been hit hard by the COVID-19 pandemic.
In 2020, China's digitally deliverable trade in services rose 8.4 percent year-on-year and accounted for 44.5 percent of the total services trade, Ministry of Commerce data show.
While livestreaming, e-commerce, unmanned logistics and other forms of digital services are booming, China has also been strengthening its regulation of the digital industry to provide fertile soil for high-quality growth. Chinese authorities have been making progress in breaking the monopoly of a few internet giants to maintain fair and healthy market competition.
Nie Pingxiang, a researcher with the Chinese Academy of International Trade and Economic Cooperation, said the fair fully demonstrates China's unwavering commitment to opening-up and international cooperation.
"As China steps up reforms and opening-up in the services sector and further unleashes the potential of its huge, continuously expanding domestic market, the prospects of the nation's international economic and trade cooperation in the services sector are very bright," Nie said.
Jens Eskelund, managing director for China of Maersk Group, a Danish shipping and logistics service provider, said China can still improve efficiency and develop logistics infrastructure in many inland regions to support the growth of trade in services.
"As China has the most efficient logistics in the coastal provinces, there is still room to improve efficiency and develop logistics infrastructure in many inland locations," he said.
Zheng Yiran contributed to this story.
