CIFTIS sign of economic growth momentum: China Daily editorial

Will China's economy experience a deep recession? Is China facing an unprecedented economic crisis? Will China's economic woes worsen? Such questions are catching the attention of the world.

Some in the West who fear China's rise and keep talking about a "China threat" have indulged in schadenfreude making such forecasts of gloom and doom for the Chinese economy. Some who know how important China's growth is to the development of the global economy worry the answer to such questions is "yes".

China's economy has continued to go from strength to strength despite such forecasts about its collapse having been heard numerous times in the past. The resilience of China's economy which enables it to overcome difficulties makes a mockery of the doomsayers.

The current China International Fair for Trade in Services, being held in Beijing, sends a strong message that China's economy will continue to maintain its momentum for growth, and China's market still has great appeal for international investment.

A total of 82 countries and international organizations have participated in the offline exhibitions and meetings of the CIFTIS, and 2,400 companies, including 424 of Fortune 500 and top industrial players will exhibit online and offline. More than 70 renowned enterprises and institutions are unveiling innovations at the fair.

CIFTIS will host 202 activities including 10 summits, 107 themed forums, 17 side events, two highlight events and 66 promotional business talks.

What is particularly noteworthy is the conference on the wider opening-up of the service sector, which highlights the continuation of the country's efforts to open its market wider to the world.

The output of the service sector makes up two-thirds of the global gross domestic product and two-thirds of global foreign direct investment is in this sector as well. This fair, the largest of its kind in the world, is of great significance to both China's economic growth and the development of the global economy.

The trade in services has become an important engine for the growth of China's economy. Its foreign trade in services totaled nearly 6 trillion yuan ($826.3 billion) in 2022, an increase of 12.9 percent year-on-year, and the second largest in the world for the ninth consecutive year.

The hosting of such a large-scale international event for the trade in services will provide a boost to the development of the global economy. The opportunities CIFTIS will create for foreign investors to invest in the increasingly open service sector in China will be a boon for the recovery of the global economy.