China’s trade in services market in 2020 total or more than one trillion US dollars

China's trade in services market in 2020 total or more than one trillion US dollars

“At the new crossroads of economic globalization, the trend of service trading is taking shape and becoming an important new impetus to economic globalization.” China’s Hainan Institute of Reform and Development, Chi Fulin said on parallel round table, the “fifth global think tank summit” hosted by the International Economic Exchange Center.

Chi Fulin proposed that the rapid development of trade in services is a prominent feature of the new round of economic globalization. With the acceleration of the global economic service process, the development of trade in services will be more prominent in promoting the global free trade process. Global trade in services has become an important engine of global trade growth.

Chi Fulin also suggested that China’s trade in services has great potential for growth, which not only has a significant role in China’s transformation and upgrading, but also will promote a new round of global development process.

The second is that China will become the world’s largest service trade market, a conservative estimate of the total trade in China by 2020, at least will be more than one trillion US dollars, accounting for the proportion of global trade in services to about 10%. t is eIstimated that by 2030, China will become the world’s largest importer of services. Third, China’s service trade development will be an important force to promote the global trade process, the next 5 to 10 years, China’s rapid development of trade in services, not only directly promote the domestic service market open, and will have a significant impact on the global governance structure.

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