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Service Sector boosts China to integrate into the Global Value Chain

source: date:2017-06-14 09:10:17

The service sector plays an important role in boosting China to integrate into the global value chain and global economy. Since the accession into the WTO, China’s service industry has realized a five-fold growth, with an average growth of more than 25% annually. China’s outbound FDI also increased, 80% of them was in service industry. The development of China’s service industry should be attributed to the high attentions from the Chinese government and the market-oriented reform after China’s accession into the WTO. China needs to negotiate with other WTO members on the further liberalization of service industry and formulate more predictable multilateral rules.

According to the statistics by UNCTAD, 80% of the global trade limits are in service industry. Therefore, the liberalization and facilitation of the global service industry will further promote the global foreign direct investment. There is no doubt that China plays an important part in promoting the multilateral service trade system and the other WTO members also have high expectations for China. We hope the global main economies could take the lead and China will also play an essential part.