Burgeoning services trade highlights China’s opening-up process in past decade

China’s services trade has delivered a meteoric expansion and showcased a growing presence in the global arena over the past decade, as the country moves into a higher-level opening-up economy.

Since 2012, China’s services trade has sustained robust momentum, with an annual growth rate of 6.1 percent, 3.1 percentage points higher than the global level, said Wang

Dongtang, a senior official with the Ministry of Commerce, at a press conference on Tuesday.

From August 31 to September 5, the 2022 China International Fair for Trade in Services (CIFTIS), which was launched in 2012, is set to be held in Beijing, providing platforms for exchanges in services trade.

This year’s fair will include a global services trade summit, exhibitions, forums, new product and technology releases, business promotions and discussions, and supporting activities.

In light of this increased participation, the exhibition area has grown 26,000 square meters from last year’s event, with its thematic exhibition area doubling from a year ago to reach 20,000 square meters.

Over the past decade,

China’s strength of having a super-large market has become more apparent. The cumulative import value of services trade has surpassed $4 trillion, according to Wang.

The total value of China’s service trade has retained second spot in the world for eight years in a row, Wang added.

China has shortened its negative list for foreign investment for five consecutive years.

The RCEP agreement – the world’s largest free trade deal among 10 ASEAN member states plus China, Japan, South Korea, Australia and New Zealand – came into force this year.