Journalists visit a venue of the China International Fair for Trade in Services at the China National Convention Center in Beijing, capital of China, Aug. 31, 2021. (Xinhua/Lu Peng)

China has made significant contributions to the successful conclusion of negotiations on the Joint Statement Initiative (JSI) on Services Domestic Regulation, according to the Ministry of Commerce (MOC).

China actively participated in the negotiations and took the initiative to put forward proposals, marking significant contributions to the successful conclusion of the negotiations, a MOC official said.

In addition to initiating negotiations on the JSI on Services Domestic Regulation with all participants, China has also fulfilled its responsibilities through the concrete action of opening-up, the official noted.

The country has been carrying out reform and opening up in the service sector. It has promulgated the Foreign Investment Law and its supporting regulations, and established a management system of pre-establishment national treatment plus a negative list for foreign investment.

In July, the MOC issued a negative list for cross-border trade in services at the Hainan free trade port, improving the business environment through reform and opening-up.

China also actively promoted negotiations to reach an agreement, showing flexibility when it was necessary to seek consensus, the official said, adding that China will complete the domestic approval process as soon as possible, and work with all parties to promote an early implementation of the negotiation outcomes.

The MOC noted that the outcomes of the negotiation will play an active role in service trade development in China, the second-largest service trade market in the world.

The JSI on Services Domestic Regulation involves 67 World Trade Organization (WTO) members including China, the United States and the European Union, and about 90 percent of the world's service trade. After coming into effect, it will save about 150 billion U.S. dollars in costs for businesses participating in service trade worldwide, according to a WTO report.

The agreement will facilitate Chinese enterprises to set up commercial entities overseas, obtain business licenses and related qualifications, and provide cross-border services. It will also help reduce the cost for Chinese companies entering the international market and provide regulatory guarantees for the high-quality development of China's service trade.

The conclusion of the negotiations will help revitalize the negotiation function of the WTO, providing an important reference for future negotiations of the organization, the MOC official noted.

Besides, the inclusion of a gender equality clause in the JSI on Services Domestic Regulation for the first time will serve as a new approach for the WTO to support the economic empowerment of women, the official said.