China is poised to significantly elevate its trade in services through strategic high-level opening-up, fostering an innovative environment, and optimizing the conditions for cross-border trade. This ambition is captured in a recent policy document issued by the State Council, which outlines a forward-looking strategy to propel the development of the services sector via systemic reforms and international collaboration.

At a recent press briefing, Tang Wenhong, Assistant Minister of Commerce, highlighted the critical juncture at which China's services trade currently stands. He emphasized that the new policy framework is set to chart the future course of this sector, reinforcing its role as a vital engine of economic globalization. Over the past decade, global services exports have seen an average annual growth of 4.9%, outpacing the growth rate of goods exports by a factor of two, as reported by the World Trade Organization.

China has actively contributed to this global momentum, capitalizing on its WTO membership to progressively open its services sector. This has led to a dramatic expansion in both the scale and competitiveness of China's trade in services. From 2012 to 2023, the country achieved an average annual growth rate of 6.2% in services trade, surpassing global averages and outpacing its own trade in goods. A particularly noteworthy development is the rise of knowledge-intensive services, which now account for 57.5% of the total, positioning China as a burgeoning leader in the global services trade arena.

The policy document further underscores the establishment and enhancement of a negative list management system for cross-border trade in services. This system is designed to bolster transparency and predictability, thus improving the overall landscape for service providers. The Ministry of Commerce has committed to the comprehensive implementation of this system, ensuring that China's services trade continues to flourish within a robust and regulated framework.

In alignment with these initiatives, Beijing will soon host the 2024 China International Fair for Trade in Services (CIFTIS), a premier platform for advancing international cooperation in the sector. The event will draw participation from over 420 Fortune 500 companies and industry leaders, underscoring China's pivotal influence in the global trade in services.

Through these high-level opening-up measures and systemic innovations, China is laying a solid foundation for the sustained, high-quality growth of its trade in services. As the nation continues to refine its trade policies and expand its global reach, the services sector is expected to increasingly anchor China's economic development.