The 2023 China International Fair for Trade in Services (CIFTIS) opened in Beijing on Saturday. Chinese President Xi Jinping delivered a video speech at the Global Trade in Services Summit of the CIFTIS. President Xi’s address not only reiterated China’s unshakeable commitment to expanding high-level opening-up, but also proposed a series of new opening-up measures, such as “actively engaging in negotiations on the negative list for trade in services and investment,” and “opening wider in such services areas as telecommunications, tourism, law and vocational examinations.” These have gotten a lot of attention and a warm reception from participants and international public opinion.
The theme of this year’s CIFTIS is “Openness leads development, cooperation creates a win-win future,” which reflects China’s clear attitude. It’s now been 11 years since the first CIFTIS in 2012. During this time, the globe has faced many upheavals and difficulties, such as the escalation of anti-globalization sentiment, regional conflicts, the COVID-19 pandemic, and climate change. However, despite the hurdles, China’s commitment to opening up and multilateralism has become even clearer and firmer. Today, CIFTIS, along with the China International Import Expo and the China Import and Export Fair, forms a multi-faceted platform for China’s high-level opening-up. Their regular holding itself conveys confidence and strength in unity and cooperation to the world.
One striking impression is that this year’s CIFTIS is more vibrant and international than ever before, with more firms participating and with a stunning array of new technologies and industries. It is reported that this CIFTIS has attracted 59 countries and 24 international organizations to set up exhibitions and conferences, with more than 2,400 companies participating offline, and more than 500 Fortune 500 companies and industry leaders attending. The overall internationalization rate exceeds 20%. It is expected to see over 200 varied events, including a global services trade summit, forums, business promotion conferences and supportive activities. And over 100 pieces of authoritative information, including the China Service Trade Development Report, will be released. Over 60 enterprises and institutions will launch an array of new products and technologies at the 2023 CIFTIS. These numbers by themselves are significant amid the present geopolitical and economic situations.
It should be noted that the monumental event of this CIFTIS has also dispelled a number of widely held myths in the realm of global public opinion from a variety of angles. First of all, the claim that China’s economy is no longer attractive is self-defeating. Due to the severe situation of goods trade exports in recent times and the impact of other factors, some foreign media outlets that are accustomed to belittling China’s economy have made many so-called judgments about China’s economy, such as “foreign capital leaving China” and “China’s economy is no longer attractive.” The reality shown at CIFTIS is exactly the opposite of these views. For most multinational companies and many countries, they are eager to seize opportunities in China after the pandemic. Both the development potential of China’s trade in services and the new measures taken by the Chinese government have encouraged them.
Second, it has been proven that “decoupling” from China is an extremely naive viewpoint. For example, the high-tech sector, of which the US aims to “kick China out,” has ironically become one of the key points of this year’s CIFTIS. Take Qualcomm, an American company that has participated in the fair for four consecutive years, as an example. 5G, large language models, virtual reality, and other advanced technologies have become the highlights of its exhibition this year. Qualcomm has once again expressed confidence in the development prospects of the Chinese market. Similarly, despite the frequent propaganda by anti-China politicians in the UK about “decoupling” from China, the UK, as the guest country of honor at this year’s CIFTIS, not only sent the largest delegation, consisting of more than 60 British companies and institutions, but also expressed hope to deepen cooperation with China in areas such as financial services and education, recognizing the enormous opportunities in the Chinese market. For many global multinational companies, a basic reality is that they cannot maintain global competitiveness without coming to China. Although there are some voices in the West advocating for “de-risking,” it is certain that no one can ignore the huge Chinese market.
Thirdly, globalization has not collapsed, and the globalization of service trade presents a unique landscape in which China’s high-level opening-up plays an important role. The growth of global trade in goods, while slowing down due to a variety of factors, is only one aspect of globalization as it exists today. In the service sector, which accounts for an increasingly larger proportion of the world economy, the process of globalization is still thriving. If we consider the large-scale digital transformation of traditional industries and the continuous emergence of leading achievements in emerging fields such as artificial intelligence, the globalization led by service trade will go far beyond narrow analyses based on geopolitics. As the world’s fourth-largest exporter and second-largest importer of services, China is promoting the development of service trade with its high-level opening, sharing development opportunities with the world.
President Xi at the end of his remarks stressed that the world economy thrives in openness and withers in seclusion. Amid weak global economic recovery and various headwinds, openness, inclusiveness, mutual benefit and innovation-driven development showcased at the CIFTIS bring real and powerful confidence to the world.
(Global Times)
