BEIJING: President Xi Jinping’s call to further open up the services sector and enhance global cooperation to propel global economic recovery, as well as to develop new technologies and business forms and models, has boosted the confidence of foreign businesses, said executives and experts.
It also has given these enterprises more opportunities to expand their presence in the Chinese market, they said. They made the remarks during the 2023 China International Fair for Trade in Services, which runs through Wednesday in Beijing, after Xi addressed the Global Trade in Services Summit via video link on Saturday, when the fair opened.
In developing the services sector and trade in services, China will work with all countries and parties to advance inclusive development through openness, Xi said. It will also promote connectivity and integration through cooperation, foster drivers for development through innovation, and create a better future through shared services, in a bid to jointly get the world economy on the track of sustained recovery, he added.
As the world’s second-largest economy heads toward a development path driven by greater openness, cooperation and innovation in its services sector, executives of foreign companies are optimistic about the massive opportunities provided by China’s huge market and its enabling business climate.
“China has emerged as a catalyst for the upgrading of global consumer demand, showcasing the robust resilience of its economy and injecting vitality into worldwide economic growth,” said Jack Chan, chairman of EY China. In the first half of 2023, the country’s trade in services garnered remarkable achievements, ranking at the forefront globally. This accomplishment is attributed to the profound adjustments in economic structure and the optimization and upgrading of industrial composition, Chan said. –The Daily Mail-China Daily news exchange item
