Experts say Xi's speech at services trade fair shows China's resolve for economic globalization

BEIJING -- Chinese President Xi Jinping's speech at the China International Fair for Trade in Services (CIFTIS) held here has demonstrated China's determination and confidence in economic globalization, experts worldwide have said.

They added that Xi's speech has also shown China's willingness to work together with other countries to push for a global economic recovery.

"We hope that this year's CIFTIS, held under the theme of 'Global Services, Shared Prosperity,' will present an opportunity and serve as a platform and a bridge for people from across the world to fully showcase the new progress and breakthroughs in services trade and share in the new technologies and benefits of human progress," said Xi, while addressing the Global Trade in Services Summit of the CIFTIS via video on Friday.

Noting China has effectively controlled the COVID-19 pandemic and its economy continues to recover, Guo Jie, professor in finance at Durham University of Britain, said the CIFTIS reflects the strong momentum and vitality of China's economy and will promote the high-quality development of China's service industry.

The fair will help accelerate the establishment of a new development pattern featuring dual circulation, which takes the domestic market as the mainstay while letting domestic and foreign markets boost each other, said Guo.

It will also help the global economy find a way out of the crisis and achieve a recovery from the recession, Guo added.

Li Yuan, professor of Institute of East Asian Studies at University of Duisburg-Essen in Germany, said the CIFTIS sends a clear message to the world that China's economy is recovering and the country is willing to join hands with others to promote the recovery of the world economy as soon as possible.

Xi's inspiring words have boosted the confidence of all countries in coping with this difficult moment in human history, said Li.

Costantinos Bt. Costantinos, former economic advisor to the African Union and the United Nations Economic Commission for Africa, said China's holding of the CIFTIS has once again demonstrated that China is not only an active promoter of global multilateralism but also a significant contributor to the building of a more reasonable global political and economic order and the cause of equal development.

China is taking concrete actions to push global governance to develop in a more equitable manner, said Costantinos.

Noting the CIFTIS offers new solutions to problems in a more connected world, Alvaro Echeverria, vice-president of the Asia Pacific Chamber of Commerce in Chile, said China is working with its partners from all over the world to create new business and service models.

The CIFTIS will play a very positive role in the recovery of the world economy, Echeverria said.

Oh Ei Sun, principal advisor of Malaysia's Pacific Research Center, said the holding of the CIFTIS will help countries conduct more in-depth exchanges in services.

Against the backdrop of the pandemic, Oh said he expected China to play a greater role in promoting the liberalization of the services trade.

Alexey Maslov, acting director of the Institute of Far Eastern Studies of Russian Academy of Sciences, said the structure of global trade has dramatically changed amid the pandemic and services have become vital in promoting trade.

China attaches great importance to trade in services and has huge potential in this area, said Maslov.

Calling China's holding of the CIFTIS a positive move, Maria Gustava, Mozambique's ambassador to China, said the fair demonstrates that there are diverse ways to promote investment and service exchanges among countries even amid the pandemic.

"China, by taking such strong measures as hosting the CIFTIS despite the risks and challenges of COVID-19, demonstrates its resolve to attain a higher level of opening-up to the outside world," said Yu Hong, senior research fellow at the East Asian Institute of the National University of Singapore.

"The CIFTIS will be beneficial not only to the development of the service industry in China, but also to stabilizing the service industry elsewhere when global economies have been badly battered by COVID-19," Yu said.