Multinationals gain pace amid China’s push for wider opening-up

BEIJING: China has been able to demonstrate leadership in service liberalization both regionally and globally as cross-border trade in services has become the most dynamic part of global trade, said a World Bank official at the 2020 China International Fair for Trade in Services (CIFTIS).
The service industry will create more opportunities. “We hope to learn from China’s reform efforts. And we are ready to contribute in any way to the success of these reforms,” said Victoria Kwakwa, World Bank vice president for the East Asia and Pacific.
She made the remarks at the Forum of Trade Facilitation in Services: Perspective of Multinationals held during the ongoing CIFTIS in Beijing. At the trade fair, themed “Global Services, Shared Prosperity,” China highlighted higher-level opening-up, providing new impetus and creating new opportunities for multinationals.
“With China’s opening-up and a strong focus on advanced technology, we are confident that the country’s growth and development journey will continue,” said Bjorn Rosengren, CEO of ABB Ltd.
China has vowed to deepen reforms and pursue higher-level opening-up to provide a strong impetus for establishing a new development pattern featuring dual circulation.
“Under the new circumstances, trade service is of vital importance to China’s economic and foreign trade development,” said Li Jun, director with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.
“China’s service trade has entered a new level, becoming a fresh driving force for the high-quality development of foreign trade and a new engine for promoting higher-level opening-up,” Li said.
China is sending positive signals: 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.
The country will also continue to ease market access in the service sector and actively expand imports of quality services. – Agencies