At the "Living a Wonderful Life • International Consumption Global Trends Conference" held during the 2022 China International Fair for Trade in Services (CIFTIS), Jiang Zengwei, President of the Global Alliance for Trade in Services, said in his speech that apart from further unleashing the potential of investment and export, all countries need to put more emphasis on the role of consumption in driving economic growth. At present, there are about 1.05 billion middle-income people in the world, accounting for nearly 12.5% of the global population. According to the latest data of the United Nations Statistics Division (UNSD), the proportion of global final consumption expenditure in GDP in 2020 was only 7.8%, meaning that expanding consumption can play a pivotal role in stimulating global economic growth.
Jiang stressed, first, it's necessary to enhance the level of balanced development among countries. Second, all countries need to unlock the potential of service consumption. Third, they need to increase the resilience of the global supply chain network. It's necessary to accelerate logistics by removing obstacles in the global supply chain network and further improve the connectivity of all countries. The alliance encourages commodity circulation enterprises around the world to embrace digital transformation, intelligent upgrading and Internet-based development, spur innovation in model and form of business, and explore all-weather and multiple-channel supply to offer consumers greater convenience in shopping.
In addition, the China Intelligent Industry Forum was held under the theme "Lead the Future in the Intelligent Era" during the CIFTIS. Su Bo, Deputy Director of the National Committee of the Chinese People's Political Consultative Conference and former Vice Minister of Industry and Information and Technology, said in his speech that as the world's manufacturing powers focus on intelligent manufacturing to strive for a leading position in the new competition, China, now on track for high-quality development, needs more than ever to keep intelligent manufacturing high on its agenda and leverage the firm foundation and comparable advantages that have built in its promoting intelligent manufacturing over recent years to advance industrial and technological reform, make the Chinese manufacturing industry high-end, intelligent and green, and propel the industry to the mid-to-high end of the value chain.
