Chinese President Xi Jinping vows to open service industry for foreign competitors

Chinese President Xi Jinping on Friday, September 4 promised to open the domestic service industries to wider foreign competitors. Jinping in his speech said that China will expand its opening to the outside world, continue to relax market access for the service industry, and develop new forms of service trade. 

"Looking to the future, open cooperation in the service industry is increasingly becoming an important force for development," Jinping said in his speech as he appeared via video link at the 2020 China International Trade in Services Global Service Trade Summit.

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Xi Jinping stressed the fact that the world economy has prospered when it is open, and it has declined when it is closed adding that the service industry needs an open, transparent, inclusive, and non-discriminatory industry development ecology.

The Chinese President further urged countries to work hard to reduce the barriers on the border and behind it. This comes amid the ongoing trade war between Beijing and Washington, which has seen both countries impose a series of heavy tariffs on each other for the past two years. 

'Win-win for all'

Jinping emphasised that the COVID-19 pandemic, that has spread outwards from China, has blocked global gathering for a period of time adding that it cannot stop the development of service trade and urging the international community to cooperate for a "win-win" situation.

China is the only major power in the world right now whose economy is growing at 3.2 percent amid the current health crisis. The global economy has crashed due to the pandemic with many nations recording a negative growth during this period. 

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