Conference highlighting development of services trade opens in Beijing

“Trade in services helps better allocate resources and increase national competitiveness,” said a senior World Trade Organization (WTO) official in Beijing during a two-day conference starting on Nov 27.

Antonia Carzaniga, counselor of the Trade in Services and Investment Division of the WTO, also said that trade in services helps “reduce economic inequalities and foster an inclusive growth in the economy” at the 2019 Autumn Conference of Global Trade in Services Vision Committee.

Themed “Global Services, Reciprocal Sharing”, the two-day event, attracting nearly 100 entrepreneurs, scholars and experts from home and abroad, was held at Beijing Yanqi Lake International Convention & Exhibition Center.

The services trade has become the most dynamic part of world trade and has played an increasingly important role in the global economy, according to the World Trade Report 2019.

Attendees shared their insights on the trend towards a global trade in services and discussed how to foster the high-quality development of the China International Fair for Trade in Services (CIFTIS).

Digital transformation is changing the pattern of the trade in services. “Data is the new petroleum,” said Kai-Fu Lee, co-chair of the AI Council World Economic Forum, chairman and CEO of Sinovation Ventures.

Artificial intelligence has found its way into various aspects of the services industry and created considerable value for society, Lee added.

Many experts have said that the global trade in services, while growing, is also facing complexities such as trade barriers in industries and a lack of advanced mechanisms and policies. This brings both opportunities and challenges for the development of the CIFTIS.

Yvonne Zhou, managing director and partner of Boston Consulting Group, said that Beijing, as capital of China, should make full use of its advantages to attract international talents in the high-end services industry and provide a favorable business environment for domestic and overseas investors.

Norman Sze, member of the Deloitte Global Public Policy Committee, Deloitte China Government Affairs National Leader, mentioned that it is important to create a distinct brand for the CIFTIS - namely technology, sustainability and inclusiveness - to increase its influence.

China will further open up its services industry, promote innovation in trade in services, and strengthen international and regional cooperation via the platform of the CIFTIS, said Wang Bingnan, vice chairperson of Global Trade in Services Vision Committee.