Foreign firms are striving to tap into China’s services sector as they continue to see robust demand amid the country’s opening-up efforts. China announced at the 2021 China International Fair for Trade in Services (CIFTIS) that it will implement across the country a negative list for cross-border services trade, scale up support for the growth of the services sector in Belt and Road markets and share the nation’s technological achievements with the rest of the world. In July, China introduced its first negative list for cross-border trade in services at the Hainan Free Trade Port, marking the highest level of opening-up in the country. China’s high-quality development and dual-circulation strategy will undoubtedly bring more opportunities, said Gao Tan, General Manager of GLP Supply Chain Services. “We have provided integrated supply chain services to our clients in China during the pandemic and helped them move their products to fulfill overseas demand through our smart global logistics network,” said Gao. “With booming demand in cross-border trading services, we are highly confident in the Chinese market.”
Statistics have shown the encouraging performance of the services industry in China. In the first seven months, the country’s services trade rose 7.3% year-on-year to nearly CNY2.81 trillion. JPMorgan Futures Co has completed a new round of capital injection of over CNY300 million in June this year, showing the firm’s confidence in the prospects of China’s financial services sector. “The Chinese market is so huge that our global clients have shown great interest in it,” said Rochelle Wei, CEO of JPMorgan Futures Co. She added the company has been helping its clients in China and abroad to expand their business. Vivian Jiang, Deputy CEO of Deloitte China, said there is still a gap between China and developed countries in the proportion of the services sector in their gross domestic product (GDP). “But we are confident of the Chinese services market as the country pursues balanced development between its manufacturing and services sector amid high-quality development,” she said, as reported by the China Daily.