BEIJING, Sept. 17 (Xinhua) -- China's move to open up its trade in services presents a wealth of opportunities for foreign companies, creating a ripple effect that could significantly benefit the global economy, a Pakistani expert has said.
"As China continues to dismantle barriers and streamline access to its vast and dynamic market, foreign firms are gaining unprecedented opportunities to tap into a country that is rapidly becoming a global hub for high-end services and digital innovation," Farhat Asif, president of the Institute of Peace and Diplomatic Studies, told Xinhua.
By implementing a national-level negative list for cross-border trade in services, China has significantly lowered the barriers for foreign businesses to enter and operate within its market, Asif said, noting the policy has fostered a more competitive and dynamic environment, attracting a diverse range of international service providers.
With China's drive to integrate advanced technologies like artificial intelligence (AI), big data, and satellite internet into its services sector, foreign firms specializing in these fields can find fertile ground for growth and collaboration, she noted.
Additionally, measures such as the expansion of the 72/144-hour visa-free transit policy and the implementation of visa-free agreements with several countries have further boosted tourism and travel-related services, the scholar added.
As a testament to China's commitment to opening up, Asif highlighted the recently-held 2024 China International Fair for Trade in Services (CIFTIS) as a unique platform where countries and businesses can come together, exchange ideas, and forge new partnerships in a sector increasingly vital to global growth.
"Through CIFTIS, China showcases its capabilities while inviting other nations to engage in mutually beneficial cooperation," she said.
For Pakistan, a country keen to modernize its digital infrastructure and integrate more fully into the global digital economy, China's advancements in AI, big data, and e-commerce present a wealth of opportunities, said Asif.
Education and vocational training present another promising area for cooperation. "With China's growing expertise in knowledge-intensive services and Pakistan's young and dynamic population, there is immense potential for partnerships in education," the expert noted.
Tourism and cultural exchange also show significant potential for cooperation, she added, stressing that Pakistan could leverage China's ongoing opening-up of the tourism sector by showcasing its rich cultural heritage and natural beauty to Chinese tourists.
"By opening up its services trade, China is fostering a more interconnected and interdependent global market," Asif said, noting such opening-up measures not only promote the exchange of goods and services but also facilitate the transfer of knowledge and technology.
"The resulting collaboration and competition can drive global innovation, enhance productivity, and ultimately contribute to a more balanced and resilient world economy," Asif said. ■
