World praises China’s further opening-up

Experts welcome Xi’s calls for mutual benefits and win-win results in services

China’s new pledges to open the country’s services sector wider and enhance global cooperation to advance the economic recovery have been widely hailed.

Speaking via video link at the 2021 China International Fair for Trade in Services on Thursday, President Xi Jinping said China will work with other countries to uphold openness and cooperation for mutual benefits and win-win results, share opportunities created by the development of trade in services, and promote the world’s economic recovery and growth.

With the theme “Towards Digital Future and Service Driven Development”, the fair has attracted over 12,000 domestic and international enterprises. It is being held online and offline in Beijing until Tuesday.

Hisham AbuBakr Metwally, a researcher at the Egyptian Ministry of Foreign Trade and Industry, said that Xi’s speech is “full of confidence and hope for a better future” and based on clear and specific plans to develop trade in services and encourage the technology sector. He noted that Xi also emphasized the importance of global cooperation to advance the economy and overcome the COVID-19 pandemic.

“China is now the main supporter of multilateralism, and it has always called for the interests of all to be taken into account and to open up prospects for development for all,” he said.

Dennis Munene, executive director of the China-Africa Center at the Africa Policy Institute, said Xi’s message comes at a critical time when the global community is beginning to fully open up its economy through embracing the principles of the digital economy and online consumption services.

He said that Xi made a “clarion call” to have trade in services as a key component of international trade and an important area of economic and trade cooperation between countries, which could help bridge the deficits within global economies.

In his speech, Xi also committed to further supporting the innovation-driven development of small and medium-sized enterprises through concrete measures, including setting up a Beijing stock exchange as the primary platform serving innovation-oriented SMEs.

‘Significant policy’

Jin Lan, president of Octaxias Company, a US-China business consultancy in Oregon, said it is “a very significant and strategic policy to help small and medium-sized Chinese companies innovate without worrying about raising the capital to grow”.

Jin added:”It will greatly enhance their competitiveness in the marketplace and further speed up the dual circulation”.

Rochelle Wei, chief executive of JP Morgan Futures, said: “We are excited by China’s commitment and concrete actions to further strengthen its financial markets.”

The further opening-up of China’s financial market will present significant opportunities for the company and its clients, said Wei, adding that global investors have shown great interest in China.