The upcoming China International Fair for Trade in Services (CIFTIS) is an ambitious event that will send a positive signal to the world as most countries are endeavoring to contain the coronavirus pandemic, a member of the European Parliament said on Tuesday.
Jan Zahradil, chairman of the EU-China Friendship Group in the European Parliament, noted that the event, to be held later this week in Beijing, has been supported by international organizations such as the World Trade Organization and the Organisation for Economic Co-operation and Development.
"It would send a positive signal to the world that, despite some negative impact of the COVID-19 epidemic, states like China are still able to pursue the way towards economic recovery, international cooperation and foreign trade, particularly in the sector of services, which is a very important part of the global economy," he said.
China's total trade in services amounted to 2.62 trillion yuan (about 382.4 billion U.S. dollars) from January to July, down 15.2 percent year on year, Chinese Ministry of Commerce said on Tuesday.
The trade in knowledge-intensive services reached 1.15 trillion yuan, up 8.9 percent year on year, accounting for 44 percent of the total services trade in January-July.
Commenting on the statistics, Zahradil said some figures are positive and some are not that positive, but it seems that China is getting out of the crisis caused by COVID-19.
Since China is a vital part of the global economy, its partially recovered growth and improved situation in foreign trade will benefit the global recovery, he told Xinhua in an interview.
The progress will affect Europe as well, as the European Union (EU) is also a substantial part of the global economy, said Zahradil, who is also vice chair of the European Parliament's Committee on International Trade.
The MEP reminded both Europe and China to be alert to the possible second wave of the pandemic, which could mean another economic slowdown. As autumn is coming, some European countries have reintroduced restrictive measures, he noted.
Zahradil hoped the event, which feature 190 online and offline forums and business negotiation sessions, will not be spoiled by uncertainties stemming from the pandemic.
"I would be moderately optimistic, but I think we cannot say that we are out of the worst already. So let's be patient, let's be careful and let's be prepared for further complications."
As of Aug. 30, over 2,000 firms had signed up as offline exhibitors, while more than 4,000 companies will showcase their products and services online. More than 17,000 companies will attend CIFTIS, according to the organizers. (Source: Belt and Road Portal)
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