Interview: China's services trade fair boosts confidence in global economy: Egyptian expert

CAIRO, Sept. 4 (Xinhua) -- The ongoing 2023 China International Fair for Trade in Services (CIFTIS) has opened new areas of cooperation with China in the services sector and added certainty to the global economy, an Egyptian expert said.

Themed "Opening-up Leads Development, Cooperation Delivers the Future," the CIFTIS is being held in Beijing from Sept. 2 to 6.

As this year marks the 45th anniversary of the country's reform and opening-up, China has promised that it will continue to support high-level opening-up.

"Through its high-level opening-up, China embraced the rest of the world with a huge consumer market and a firm determination to promote common development for all, thus boosting confidence and adding certainty into the global economy," Abu Bakr Al-Deeb, advisor to the Cairo-based Arab Center for Research and Studies, told Xinhua during a recent interview.

The Egyptian expert pointed out that the most important aspects of China's high-level opening-up include sharing opportunities, developing together, and improving livelihoods, "all with the ultimate goal of building a community with a shared future for humanity."

By adopting the opening-up policy, China has taken a series of measures to level the playing field so that foreign companies can have access to a better business environment, he added.

"China has set up various platforms to reach out to foreign companies, including the China International Import Expo, China International Consumer Products Expo, and China International Fair For Trade In Service," Al-Deeb said.

The services sector represents a great driving force for both Chinese and Egyptian economies, and there are plenty of opportunities for expanding bilateral cooperation in the field, the expert noted.

"The services sector played a crucial role in China's recovery from the repercussions of COVID-19 pandemic, boosting its economic growth over recent months. Meanwhile, the sector has registered significant growth in Egypt, contributing more than 50 percent of Egypt's GDP," said Al-Deeb.

China has already started cooperation with Egypt in the services sector, mainly in the maritime and transportation areas, investing billions of U.S. dollars in the sector in recent years, "especially in the Suez Canal, which is a vital component of China's Maritime Silk Road," the Egyptian scholar said.

China and Egypt have also deepened their cooperation in the fields of digital economy, information and communication technology, Al-Deeb said, adding that "Chinese enterprises have facilitated Egypt's digital transition and social and economic development."

He praised China's commitment to expanding opening-up, as opposed to the protectionist practice by some Western countries at a time when the world economy is full of uncertainties.

The CIFTIS encourages other partners to expand areas of cooperation with China in the services sector, which will help all parties achieve the goals of the win-win cooperation policy adopted by China, the scholar said.

"China is one of the world's largest exporters and importers of services, which means that expanding the trade in services will definitely benefit the global economy," he concluded.