The service trade prosperity index released by the World Trade Organization (WTO) rose to 105.5 as of June, which was significantly higher than that of trade in goods, showing the resilience of the global service trade and a shift in people’s consumption patterns from products to services, Yi Xiaozhun, former WTO Deputy Director General told the Ninth China Inbound-Outbound Forum in Beijing on September 2.  

The event was co-hosted by the Center for China and Globalization (CCG) and the Beijing Two Zones Office as part of the 2022 China International Fair for Trade in Services (CIFTIS) from August 31 to September 5.  

According to CCG President Wang Huiyao, the CIFTIS is a comprehensive platform for Chinese and foreign service trade enterprises to explore business opportunities, and its growing attractiveness and influence demonstrate China’s determination to expand opening up and strengthen economic and trade cooperation with the rest of the world.  

“China pursues higher-level opening up and is committed to mutually beneficial cooperation. We hope economic, trade, cultural and people-to-people exchanges can be restored to pre-epidemic level as soon as possible,” Wang said. 

Ali Obaid Al Dhaheri, Ambassador of the United Arab Emirates (UAE) to China, told the forum that the UAE has outlined several goals for its trade in goods and services, first among which is to increase trade with China, especially trade in services, to a higher level over the next 10 years.   

“The world is becoming more diverse, and we need to address looming and emerging challenges on a global basis. We need to work together to achieve a consensus on how to solve current cross-border challenges and to promote and generate new development opportunities,” Dhaheri said. 

Copyedited by G.P. Wilson   

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