President Xi Jinping said on Saturday that China will expand the opening up of some service industries to facilitate cross-border trade and investment.
Zhao Xijun, a finance professor at Renmin University in Beijing, said promoting trade in services and opening up sectors will be a challenge for China as different countries and cultures adopt different standards.
“China has great markets for various services such as telecommunications, legal, tourism, and vocational exams. Ta.
“Additionally, there are national security concerns that need to be addressed. Dispute resolution mechanisms need to be put in place before the full opening of the service sector,” he said.
China has been facing a slowing domestic economic recovery since it lifted strict COVID-19 restrictions in December.
Wealthy Chinese and their wealth are growing at a slower rate, and the population under 40 is growing
Wealthy Chinese and their wealth are growing at a slower rate, and the population under 40 is growing
In recent months, the world’s second-largest economy has lost momentum as the yuan depreciates, fueling fears that a property crisis and local debt stress could pose mounting financial risks.
“China remains committed to promoting a high level of opening up, pursuing China’s modernization in all aspects with high-quality development, and creating new opportunities for open cooperation around the world,” Xi said. ‘ said.
Xi emphasized China’s service industry development plan, including promoting the integration of service trade and modern service industry, high-end manufacturing and modern agriculture.
He also called for the creation of a national trading market for voluntary greenhouse gas emission reductions and protection of free trade and the multilateral trading system.
The government-sponsored China International Services Trade Fair will be held in Beijing from September 2nd to 6th.
The country’s trade in services totaled about 3.67 trillion yuan (US$507 billion) in the first seven months of this year, up 8.1% year-on-year, with a service trade deficit of 589.9 billion yuan, according to data. Department of Commerce.
Service exports decreased by 6.3% year-on-year to about 1.54 trillion yuan, while service imports increased by 21.6% year-on-year to about 2.13 trillion yuan.
