Digital Technologies Drive Global Service Trade Growth at 2023 CIFTIS
Digital technologies have become a driving force behind the growth of global service trade, with the China International Fair for Trade in Services (CIFTIS) showcasing their importance. The event, held in Beijing, highlighted how digitalization is reshaping patterns, structures, and rules in the service trade industry. The World Trade Organization reports that global digital service trade reached $3.82 trillion in 2022, accounting for over half of global service trade.
Deputy head of the Development Research Center of the State Council, Long Guoqiang, emphasized the impact of the digital technology revolution on the service trade. He stated that the ongoing information technology revolution, combined with industrial transformation, has ushered in a new era of data-driven economic globalization.
The five-day event featured the unveiling of a report on digital trade by the Development Research Center of the State Council and the China Academy of Information and Communications Technology. The report highlighted the remarkable growth of global cross-border data flows and digital service trade, outpacing the growth rates of global service and goods trade.
Various speakers at the event stressed the significance of digital service trade in today’s challenging global economy. Gianpaolo Bruno, trade commissioner of the Italian Trade Agency Beijing Office, highlighted the vibrant nature of the service trade sector. He noted that digitalization plays a crucial role in fostering economic growth, driving innovation, and enhancing productivity.
China has made significant investments in research and development, making it an attractive market for international companies. In 2022, China’s total digital service import and export value reached $371.08 billion, marking a 3.2 percent year-on-year increase.
Steven Alan Barnett, IMF Resident Representative for the People’s Republic of China, emphasized the importance of promoting global service trade development, with China serving as a key hub in Asian trade. He highlighted the significant opportunities presented by the thriving digital economy and expansive market.
The CIFTIS event saw the participation of many foreign-funded enterprises and international exhibitors, showcasing their technologies and exploring potential business partnerships. Intel China, for instance, exhibited technologies and solutions in areas such as artificial intelligence, personal computers, data centers, and smart retail sales.
Zhou Bing, vice president of Intel, expressed enthusiasm for the vitality and opportunities presented at CIFTIS. The company announced several collaborations with Chinese partners during the event.
In conclusion, digital technologies are driving global service trade growth, offering new possibilities for the service sector. The CIFTIS event highlighted the increasing importance of digitalization in reshaping trade patterns and fostering economic development. As countries invest in research and development and actively foster digital trade, the digital era presents significant opportunities for global economic growth and innovation.
