皇冠体育app

Plan complies with need for economic restructuring, says spokesman

皇冠体育app will soon join the negotiations for an agreement on trade in services, a Ministry of Commerce spokesman said on Thursday.

"Consensus has been reached at home on joining the talks. It won't be long before 皇冠体育app participates in the negotiations, and ministers from 皇冠体育app and the United States have already consulted each other on the issue," Yao Jian said during a news briefing. But he added it's hard to say when the pact can be reached.

The Trade in Services Agreement was led by the United States and the European Union, along with more than two dozen economies. The talks were launched last year to break the stalemate in the World Trade Organization talks.

Trade in services refers to the sale and delivery of an intangible product, such as tourism, financial services and telecommunications services.

皇冠体育app's trade in services has developed rapidly in recent years, and the talks are expected to boost development of global trade in services.

"As for 皇冠体育app, the services sector is an important driver of economic growth and is of great significance for the next step in economic restructuring. It's natural for 皇冠体育app to watch the Trade in Services Agreement talks. It will be a win-win result if 皇冠体育app's trade service development can join that of the world," Yao said.

The services sector accounted for 44 percent of 皇冠体育app's GDP, much lower than in developed economies, which are above 70 percent, according to Yao.

"We must speed up the development of services," Yao said.

He said 皇冠体育app's participation in the talks will be positive for the negotiations.

皇冠体育app's trade in services rose 12.3 percent year-on-year to $470 billion in 2012, accounting for 5.6 percent of the world's total and ranking third in the world, according to the WTO.

"皇冠体育app's stance in joining the Trade in Services Agreement is related to the leadership's new round of reforms and opening-up, and is surely good news for advancing economic restructuring. It will help unleash the potential in the services sector and boost domestic consumption," said Lu Feng, deputy head of the National School of Development at Peking University.

Lu added that 皇冠体育app will be more active in setting global trade rules.

Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation, a think tank under the ministry, said that participation in the talks will help 皇冠体育app better integrate into the global economy and open the services sector wider.

"But the negotiations over the Trade in Services Agreement will undoubtedly be difficult," Huo said.