China will import $10 trillion of services in the next 15 years

According to estimates, China will import $10 trillion of services in the next 15 years. It can be predicted that the opening and development of China's service trade will not only add new momentum to the high-quality development of China's economy, but also bring tremendous development opportunities to the world.

When it comes to trade, people usually think of import and export of goods. In recent years, with the global economy tilting towards service industry, especially the adjustment of China's economic structure, service trade has become more and more important to both the world and China. From May 28 to June 1, "China International Trade Fair in Services 2019" (also known as "Beijing Fair") was held in Beijing, which is a vivid case of China's service industry opening up. The connotation and form of service trade determine its importance. According to the WTO General Agreement on Trade in Services, trade in services includes 12 major sectors, including commercial services, distribution services, financial services, transport services, communications services, education services, health services, cultural and entertainment services, construction services, environmental services, tourism services and other services, and is subdivided into more than 150 sub-sectors. Services can be traded through cross-border delivery, overseas consumption, commercial presence and natural person movement. The development of service industry can not only provide a strong industrial base for service export, but also create numerous jobs (for example, 86% of service industry employment in the United States). As the added value of service industry is generally higher than that of primary and secondary industries, the development of service trade can gain higher added value in the global value chain system. Moreover, with the rapid development of information technology, especially the arrival of the era of interconnection of all things, modern service industry is more widely and profoundly integrated into agriculture, mining and manufacturing, becoming a new engine affecting the development of traditional industries and even the progress of social management. In today's world, trade in services is a sign of industrial progress and international competitiveness.

China is the second largest service trade country in the world, but the economic and social development still shows strong demand for service industry and service trade. The ratio of output value of service industry is lower than the global average, and the development of producer services related to industrial and agricultural production, especially R&D and design services, is still lagging behind, affecting the quality level of Chinese manufacturing industry to a certain extent. Therefore, the central government calls for "promoting the deep integration of advanced manufacturing industry and modern service industry, unswervingly building a strong manufacturing country" and promoting the high-quality development of manufacturing industry. At the same time, the service industry which involves the residents'life can not meet the new needs of the people to live a better life. Especially when the problem of food and clothing is solved, the service demand related to people's health, entertainment, education and tourism has increased explosively, which has led to a substantial increase in service imports.

China's trade deficit in services is huge. The deficit has been growing steadily over the past 20 years, offsetting most of the trade surplus in goods and even affecting China's balance of payments. Therefore, to expand employment, guard against external risks and achieve high-quality development, we need to vigorously develop the service industry, expand the two-way opening of the service industry, and vigorously promote service exports. The Beijing Fair has set up a stage for the opening and development of world trade in services.

It is estimated that China will import $10 trillion of services in the next 15 years. Compared with previous sessions, this year's Beijing Fair has a higher level of internationalization and a larger scale, which further demonstrates the determination of China's service industry to expand its opening up. It can be predicted that the opening and development of China's service trade will not only add new momentum to the high-quality development of China's economy, but also bring tremendous development opportunities to the world. In the future, China will not only import more services, but also increase business opportunities for investors at home and abroad to invest in China. College students will be more active in employment and entrepreneurship. Modern service industries such as virtual reality technology, big data, artificial intelligence and industrial Internet will be more deeply integrated into traditional industries, which will significantly improve the level of manufacturing industry. Life service industry will meet the material and quality of residents to a greater extent. God needs to live.