Trade in services set for sustained boom

Such efforts appeared to have paid off as Mohammed bin Abdulaziz Alajlan, deputy chairman of Ajlan &Bros Holding Group, or ABHG, a Saudi Arabia-based conglomerate, said the group has always been confident about prospects in the Chinese market and is now optimistic about the country's future economic development, especially in the area of trade in services.

"Given the increasingly close economic and trade exchanges between Saudi Arabia and China, we are looking forward to conducting in-depth exchanges with more Chinese companies, as well as strengthening cooperation in the fields of 5G, artificial intelligence, big data, biotechnology, financial technology and automation," he said.

By partnering with SF Express, a Chinese courier and logistics service provider, the company set up a joint venture in Saudi Arabia in the first quarter. The JV will introduce the latest technological solutions in the country's logistics sector.

Empowered by digital and telecommunication technologies, China's trade in services is expected to maintain robust growth in the second half as business activity continues to expand, said Zhang Wei, chief researcher of the Beijing-based China Association of Trade in Services.

China will accelerate the design of a construction plan for national demonstration zones for innovative development of trade in services, the Ministry of Commerce announced in late August.

The country started a three-year pilot program to promote innovative development of trade in services in 28 pilot areas, including Beijing, Tianjin, Shanghai, Hainan province, Dalian in Liaoning province and Qingdao in Shandong province.

Five adjustments to regulations in the pilot areas have been approved by the State Council, China's Cabinet. They involve expansion of market access in the sectors of tourism, commercial franchises, patent agency services, trade in technology and exhibitions.