China issues guidelines to promote service trade with opening up
China's State Council has recently issued guidelines aimed at promoting high-quality development in trade in services through high-standard opening up. These guidelines outline 20 key tasks across five specific areas, with a focus on accelerating the digitalization, intelligentization, and green development of trade in services.
The five areas highlighted in the guidelines include:
1.Institutional Opening-Up: Establishing and improving the management system for the negative list in cross-border trade in services, as well as enhancing the standardization of service trade.
2.Cross-Border Flow of Production Factors: Facilitating the cross-border movement of resources such as capital, technology, and skilled labor, particularly in sectors like international transportation, tourism, and financial services.
3.Innovative Development in Key Sectors: Driving innovation in critical areas to enhance international transportation services, strengthen the competitiveness of travel services, and support the growth of professional services like finance and consulting.
4.International Market Expansion and Cooperation: Expanding China's footprint in the global market by deepening international cooperation in trade in services, particularly with countries involved in the Belt and Road Initiative and other emerging markets.
5.Supportive Policies and Environment: Implementing innovative policies and measures to create an environment that encourages opening up, innovation, fair competition, and orderly development in the trade in services sector.
These efforts are expected to increase the scale of trade in services, optimize its structure, improve efficiency, and enhance competitiveness, thereby making significant contributions to building a higher-level open economy in China. This initiative reflects China's commitment to advancing its economic modernization and strategically positioning itself in the global services trade arena.
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