China's non-financial outbound direct investment (ODI) in BRI partner countries increased 27.7% year on year to 164.71 billion yuan in the first nine months of 2023, according to the latest data released by the Ministry of Commerce.
Photo Credit: cfp.cn
In terms of foreign contracted projects, the contract value of new contracted projects undertaken by Chinese enterprises in BRI partner countries reached 818.77 billion yuan, up 2.6% from a year ago; while a turnover of 628.53 billion yuan was completed, a year-on-year increase of 10.1%.
The 2023 China International Fair for Trade in Services (CIFTIS) took place in Beijing from September 2 to September 6. The Sixth Belt and Road Forum for International Cooperation on Trade in Services was held during the Fair to promote digital and innovative development of the global services sector and foster the "dual circulation" development paradigm for domestic and overseas markets. The main goals are to integrate and facilitate the strategy for digital transformation and development of the services sector in developing countries, channel advantageous resources of global trade in services into BRI partner countries and regions, enhance international exchange, cooperation and innovation in digitalizing the services sector, and advance the training of personnel in developing countries, thus forming an all-round, multi-level and diversified pattern of open cooperation and contributing to the global economic recovery.
Photo Credit: Shanghai Observer
This forum featured not only the insights shared by senior experts in trade in services represented by Dorothy Tembo, deputy executive director of the International Trade Centre (ITC), but also the latest industrial news revealed by practical cases from Ant Group Co., Ltd. and Hangzhou PingPong Intelligent Technology Co., Ltd., benchmark companies engaged in cross-border e-commerce.
The keynote speeches covered several fields. Long Guoqiang, vice-president of Development Research Center of the State Council, delivered a professional report titled "Research on Opportunities, Challenges and Paths of Belt and Road Trade in Services driven by Digital Technology". Yi Xiaozhun, former vice minister of commerce and former deputy director-general of the World Trade Organization (WTO), gave an authoritative interpretation on "Developing Rules to Promote Belt and Road International Digital Trade in Services". Wang Lijuan, vice president of Ant Group, and Xu Zheng, global vice president and partner of PingPong, contributed insights into cross-border payment, which emerged in the recent tide of digital trade, with their reports: "Expanding New Opportunities for Digital Transformation and Cooperation in Belt and Road Services Sector" and "New Ecosystem of Global Payment, Joint Promotion of Services Sector to Open up Belt and Road Market".
Photo Credit: Shanghai Observer
"Excellent Cases of Digital Solutions for the Services Sector" were released during the forum, covering excellent solutions in multiple fields of the services sector, such as digital transformation, digital trade and cross-border e-commerce. The release of these cases marks China's outstanding achievements in digitalizing trade in services.
● China International Fair for Trade in Services (CIFTIS) is co-hosted by the Ministry of Commerce of the People’s Republic of China and the People’s Government of Beijing Municipality.
● CIFTIS is the first state-level global comprehensive fair for trade in services, serving as an exhibition window, communication platform and cooperation bridge for the service industry and trade in services.
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