It’s showtime at CIFTIS 2025 in Beijing! This mega-event is spotlighting how the services trade is becoming a 🔑 engine for the Chinese mainland’s high-quality development.
Global experts like Marshall Mills from the IMF highlight massive potential: total factor productivity in services—especially finance and commerce—is on the rise, supercharging growth on the mainland. 🔍💹
Tu Xinquan from the China Institute for WTO Studies notes that while services now account for over 50% of GDP, there’s room to grow toward the 70–80% seen in developed economies. As industries expand, trade in services naturally follows, creating a win-win loop of domestic supply and consumer demand. 🤝📈
According to a report by the Chinese mainland’s Ministry of Commerce, services trade hit a record-breaking $1 trillion in 2024, securing the second spot globally! 🌍🏆 Vice Commerce Minister Sheng Qiuping adds that services have grown at an average of 6.7% annually since 2012, outpacing goods trade by 1.7 times.
Digitalization and AI are turbocharging this trend. Long Guoqiang from the State Council’s research center explains how tech is turning once-hard-to-trade services into cross-border hits. 🤖 From AI classrooms and telemedicine to humanoid robots serving coffee and playing football, innovation is on full display at CIFTIS.
Smaller companies on the Chinese mainland are joining the global stage, boosting exports of knowledge-intensive services. 🔥 Looking ahead, the mainland will roll out more pilot programs in telecom and medicine, open up education and culture, and deepen integration with world markets. The goal? Inject fresh momentum into global prosperity through the services trade. 🚀
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CIFTIS emerges as key engine for China's high-quality development
cgtn.com
