President of China Xi Jinping promises more market opening at the trade fairBy Suvan Bose
By Suvan Bose
President of China, Xi Jinping promised to open China’s service industries larger to offshore competitors as a trade fair after the coronavirus outbreak unlocked under intense anti-disease controls.
On Friday night, Xi provided no details in his speech, but Chinese leaders are accenting the development of retailing, tourism and other services. They are part of a campaign to develop economic growth compelled by consumer spending rather than of investment and exports.
China will ease market access for service industries and seriously expand imports of high-quality services, Xi says at the China International Fair for Trade in Services.
Xi appeared on a video screen before Chinese business people and a couple of foreign VIPs who wore masks and sat in large spaced chairs at a convention center adjoining the site of the 2008 Summer Olympics. Most exhibitors from overseas are joining via the internet due to the fact that Beijing has yet to ease restraints that bar most foreign visitors from the country.
China’s manufacturers are flexible, efficient global competitors, but its novice tourism, health care, finance and other service industries delay their Western counterparts. Regulatory restraints limit the capacity of foreign banks and other suppliers to compete in China two decades after Beijing involved the free-trading World Trade Organization.
U.S. officials who are carrying out a tariff war with Beijing over its trade record point to services, whereupon the United States runs a surplus with China, as a promising area.
Organizers state that 18,000 companies and 100,000 people from 148 countries and regions registered up to take part in the trade fair, which runs through Wednesday.
On Thursday reporters said that the trade fair has three-dimensional technology for foreign vendors to display goods and protect online communications to speak to customers, the director of the Beijing Municipal Bureau of Commerce, Yan Ligang.
According to Yan, Guests and staff should wear masks and will be inspected during the whole of the day for fever. He says organizers will curb the flow of people and the building will be tested for the virus and disinfected every day.
According to the Beijing Health Commission, Chinese companies plan to display possible coronavirus vaccines that are under development. It says that few will show tools that can identify the virus in 30 minutes.
Other planned exhibitions include public health services and cultural, financial, service robots and next-generation telecoms.