Expo expected to boost services trade

The fourth China International Import Expo, held in Shanghai on Nov 5-10, injected new growth impetus into China’s services trade because the global trade gala brought together top services suppliers to showcase their offerings and served as an efficient platform to bridge supply and demand, according to experts and business executives.

At the expo’s trade in services demonstration area, more than 300 enterprises from 54 countries and regions displayed services ranging from testing and exhibitions to cultural services and consultancy.

Many high-tech companies also brought their latest solutions based on new technologies and products, which can be applied in industrial upgrades and digital trade.

“As online consumption in sectors such as retail, healthcare, education, commerce and finance has been growing exponentially, it is predicted that trade in knowledgeintensive services such as education, healthcare and design will also grow very quickly,” said Zhang Wenlang, chief macroeconomic analyst with investment bank China International Capital Corp.

Experts and business executives said the CIIE would also help accelerate digitalization and innovation in services trade.

“As the pandemic continues, enterprises have an urgent need to upgrade their equipment and technologies to adapt to the new environment,” said Huo Jianguo, vicechairman of the China Society for World Trade Organization Studies, which is based in Beijing.

China’s total imports and exports expanded 22.2 percent year-onyear to 31.67 trillion yuan ($6.17 trillion) in the first 10 months of this year, the General Administration of Customs said.