China International Fair for Trade in Services in 2020 will be held in Beijing. It will be the first major international economic and trade event held offline in China since the outbreak of COVID-19, and will showcase China's remarkable achievements in epidemic prevention and control and economic and social development to the international community.
At present, the service sector has accounted for half of China's economy, and China is entering an era of service economy. In 2019, value-added of the service sector accounted for 53.9 percent of GDP and 59.4 percent of economic growth.
At the same time, the share of China's service sector in GDP is about 20% lower than that of developed countries, and the share of China's service trade in total trade is about 10 percentage points lower than the global average. Especially since the outbreak of COVID-19 this year, China's service sector and trade in services have been greatly affected.
Zhuang Rui, deputy dean, Institute of International Economics, University of International Business and Economics said, from the domestic market, the space is large, strong ability to absorb employment in service industry. Under the outbreak hit, holding CIFTS to stabilize foreign trade expectations, find new partners and reach new cooperation intentions are conducive to boosting the development of the domestic service industry and implementing the "six stability" and "six guarantees" work.
From the international market, for a long time, China's foreign trade structure trade in goods is surplus, trade in services is deficit. In the first half of 2020, the balance of payments surplus in goods was $184.4 billion and the deficit in services was $76.5 billion. Therefore, the rapid development of trade in services is seen as an important way for China to optimize its trade structure and deepen its participation in GVCS.
Beijing business bureau Yan Ligang said, CIFTS will be the important platform to promote a new round of high level of opening to the outside world. Through the display of the latest product technology model results of global trade in services, it can help to promote mutual sharing of global trade in services learning and exchange, promote the exchange and development of China's service industry trade in services, and improve global competitiveness.
Zhuang Rui said that China's service trade deficit has some key sources and sources of the industry, through the service trade will reach some new cooperation, let China's service brands go out, promote China's service trade export, will bring some improvement to China's service trade deficit.
