by Liu Qiyu

The 8th China Inbound-Outbound Forum themed "Beijing 'Two Zones' and Corporate Globalization" is held in Beijing, China. [Photo/Center for China and Globalization (CCG)]

BEIJING, Sept. 8 (China Economic Net) - "The mission [of boosting China's trade in services] is arduous but the future is wide open," noted Chen Jian, former vice minister of Commerce of China and CCG Advisor, while addressing the 8th China Inbound-Outbound Forum themed "Beijing 'Two Zones' and Corporate Globalization"on September 4th in Beijing.

According to the United Nations Conference on Trade and Development (UNCTAD), global trade in services totaled about $9.67 trillion in 2020, and China's international trade in services totaled around $661.7 billion, accounting for 5.63% of the global total.

International trade in services of China. Source: United Nations Conference on Trade and Development (UNCTAD)

"China's GDP makes up over 17% of the world economy in 2020, so its service trade share of about 6% is relatively low," Chen explained. It is also worth mentioning that China, the top exporter of merchandise trade in 2020, accounted for 13% of the world's total (up from 12% in 2019), totalling $2,323 billion, as per WTO-UNCTAD.

Therefore, he stated, tapping the potential of trade in services is of great significance as it helps accelerate China's sustainable economic growth, and ensure a safe economic operation.

Chen Jian further called for an accelerated development of the service sector and an open environment for the service industry, adding that an open environment should embark upon the road of attracting foreign investment and going global.

Co-organized by Center for China and Globalization (CCG) and Beijing Two Zones Office, the forum is held under the 2021 China International Fair for Trade in Services (CIFTIS).

The 2021 CIFTIS took place from September 2nd to 7th in Beijing, highlighting China's new pledges to open the country's service sector wider and enhance global cooperation for further economic recovery.