【CCTV】William Jones: China International Fair for Trade in Services conveys confidence of economic recovery


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【CCTV】William Jones: China International Fair for Trade in Services conveys confidence of economic recovery


Source: CCTV   Published: 2020-09-09

Question: At that moment, the 2020 China International Fair for Trade in Service are going on, so in your opinion, what are the highlights of the international fair? And what will it bring to the development of world trade in services?

William Jones: Trade in services now is extremely important in the world. For most countries, almost 50% of its  economy is from services, like services mobile tele communication. It affects every area of manufacture production, every area of medical production. And especially now with COVID-19, which is also I think major focus in the trade fair, all the technologies which can be used, AI, 5G communication, tele medicine in order to create a more comprehensive and effective medical system. This is extremely important. And most economies have been developing, moving from being simply manufacturing to moving into the stage of services. Which means in manufacture, we still need to produce things. But the notion of productivity is getting widen, which are very far from the production line, in terms of communications, control and robotics. All of the stuffs are in the services area, so these are the interests, business is going to be done. No other countries can do anything like that, because of the serious COVID. And it’s only in China, this is been relatively broader under control. And you can hold such conference, which also send the things to the world that we will get out of this epidemic.

Question:Recent date shows that China non-manufactory activity index is rising back. How do you interpret this increase of index of China’s services sector?

William Jones: I think it is the indication of the overall economic development. As China has becoming a middle-income economy, services become even more important. Productivity and industry mean that you have fewer workers in the industry capacity, where the workers will go primarily into the service industry, into the development of new technology, into the computers, into tele medicine. All of these things are involved. And I think in the fact the figure in this sector is overall the indication that things are moving to the right direction.

Question: Because of the COVID-19, the global economy is really facing a downturn right now, but there is a fact that since to the pickup of consumption in China. Multi-national enterprises, such as Tesla, Moet Hennessy, Louis Vuitton group. They have recovered severe the business decline in other countries, so there is a such saying that the Chinese market has become a shelter for these multi-national enterprises. So, in your opinion, what can China’s economic recovery bring to the world?

William Jones: Well, it will bring the development to economies. The economies are closely connected, we won’t get away from it. You cannot take your country and set the isolated areas, and think you have the same high standard living that you have before. We become closer, not more isolated, in order to have development. Most people realized that it’s only in cooperation with China, working with China, and overcoming culture whatever differences it might exist, and the world would move forward. And the cooperation has been mentioned before, it will be focus on the medical field, because China has a lot of offer, in terms of technology, PPP, PPE, in terms of all the other necessary in overcoming COVID-19.

The author is the Washington Bureau Chief of Executive Intelligence Review and a non-resident fellow of the Chongyang Institute for Financial Studies at Renmin University of China (RDCY).

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