China will further open up its services sector, promote convenient cross-border flow of various innovation elements, and optimize the environment for the growth of trade in services, a senior official said.

The State Council, China's Cabinet, released a policy document earlier this month regarding promotion of the development of trade in services through high-standard opening-up. The guideline addressed key points in supporting the development of trade in services and will encourage an innovative environment for the growth of the sector.

"Currently, China's services trade is embracing an important period of innovation and growth. The document will guide China's services trade growth in the future," Tang Wenhong, assistant minister of commerce, said during a news conference on Tuesday.

"The services sector has been an important driving force for economic globalization. Compared with trade in goods, trade in services is still a relatively new field in China with significant growth potential," Tang said.

From 2013 to 2023, the average annual growth rate of global services exports reached 4.9 percent, which doubled the average growth rate for the global export of goods. Exports of services accounted for one-fourth of total exports, said the World Trade Organization.

Since joining the WTO in 2001, China has been fully fulfilling its commitments, accelerating the opening up of its services sector to the outside world, and successfully boosting trade in services.

China's services trade steadily expanded in scale, optimized its structure and enhanced overall global competitiveness. Last year, China's total value of trade in services reached $933.1 billion, surging 233-fold over levels seen in 1982, when the country was at the early stage of reform and opening-up, Tang's ministry said.

From 2012 to 2023, in US dollar terms, the average annual growth rate of China's services trade reached 6.2 percent, higher than the global average growth rate and the growth rate of China's trade in goods, the ministry said.

"In particular, over the same period, knowledge-intensive services exports have increased to make up 57.5 percent of the total, and China's competitiveness and value of services exports have continued to improve," Tang said.

In addition, the document said China would establish and improve a negative list management system for cross-border trade in services. A comprehensive negative list for cross-border trade in services will be implemented, accompanied by the establishment of a corresponding management system.

The Ministry of Commerce said it will fully implement the negative list for cross-border services trade, establish and improve the management system for the negative list, and strengthen the links between various administrative approvals, licenses, filings and negative list adjustments.

Meanwhile, Beijing will host the 2024 China International Fair for Trade in Services from Thursday to Monday to continuously boost the growth of trade in services.

The fair, a crucial platform for China to expand opening-up and cooperation, has attracted the participation of over 420 Fortune 500 companies and industry leaders.

French industrial and technology company Schneider Electric will attend the CIFTIS for the fifth time and it hopes to contribute to the transformation and growth of enterprises with its electrification and automation technology and services.

"We plan to sign a service cooperation agreement with Chinese company Jingye Group and share our insights about the sector at the CIFTIS," said Xu Shaofeng, senior vice-president of Schneider Electric and head of medium voltage and services for the China market.

CPA Australia will show up for the first time this year. As an international membership organization, it looks to cooperate with Chinese industry players to foster more accounting professionals.

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