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Overseas experts praise China’s services trade show as a critical venue for win-win collaboration

Adam Layaan Kurik Riza

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The six-day 2021 China International Fair for Trade in Services (CIFTIS) concludes on Tuesday, with firms finishing up their product and service exhibitions both offline and online, and industry experts wrapping up their thematic conferences.

Welcoming China’s global event as a crucial forum for sharing development possibilities and encouraging win-win cooperation, international experts said the successful conduct of this year’s CIFTIS despite the COVID-19 outbreak has proved China’s willingness to promote high-level opening-up.

 

A new, larger fair the 2021 CIFTIS, themed “Towards Digital Future and Service-driven Development,” includes a component for digital services for the first time, with up to 33 well-known firms and organizations participating.

This year’s CIFTIS attracted over 12,000 businesses, a 52 percent increase over the previous year. Representatives from 153 countries and territories registered for this year’s event, up from 148 the previous year.

Against the backdrop of the ravaging pandemic, major health care firms and medical institutes from both home and abroad are displaying their latest developments at the fair, covering topics such as smart health care, traditional medicine, and COVID-19 prevention and control.

According to Zimbabwean President Emmerson Mnangagwa, the CIFTIS is “appropriate at a time when the international economy is progressively more technology- and services-driven.”

“If trade in products was the primary engine of trade growth in the early phases of globalization, trade in services, which is technology-intensive, is likely to lead the new wave of globalization,” said Liang Guoyong, a senior economist with the United Nations Conference on Trade and Development.

The CIFTIS will definitely provide new momentum to the recovery of services trade and the global economy, as well as help mitigate the anti-globalization trend that has been expanding since the pandemic, and create an environment of international cooperation characterized by unity, openness, and inclusiveness, according to Liang.

During last year’s CIFTIS, China offered various proposals to the international community, demonstrating its commitment to increasing the size of its market cake in order to share growth possibilities with the rest of the world.

China has translated such proposals into tangible actions during the last year. Among the initiatives are the reduction of the negative list for foreign investment for four years in a row, as well as the publication of a negative list for cross-border trade in services at the Hainan free trade port.

According to the Organization for Economic Cooperation and Development, China is one of the countries with the greatest reductions in service trade restrictions in 2020.

It has bilateral services trade cooperation agreements with 14 countries and has almost 240 nations and areas with which it has economic contacts. In order to offer fruitful environment for high-quality growth, the country has also strengthened its control of the digital industry.

“China’s efforts to broaden its openness through the CIFTIS would help the world economy recover,” French writer and sinologist Sonia Bressler told Xinhua.

“If you take the services sector, it hardly existed 40 years ago when China was a peasant economy… China is developing faster in the services sector than any other country in the world,” said Stephen Perry, chairman of the 48 Group Club in the United Kingdom. “Its role in interacting with the global economy is critical.”

Perry also addressed digital cooperation within the framework of China’s proposed Belt and Road Initiative (BRI), the success of which may be due to “innovation within China that is building out along the Silk Road with foreign partners.”

On Thursday, Chinese President Xi Jinping addressed the 2021 CIFTIS Global Trade in Services Summit, unveiling a slew of new measures to further facilitate services trade, such as exploring the development of national demonstration zones to promote the innovative development of services trade and increase support for the services sector in countries participating in the BRI, and establishing (SMEs).

According to Stella Mackenzie, a senior lecturer at the University of Botswana’s Faculty of Economics and Business Development, those actions are “a reiteration of China’s continued goodwill and willingness to work hand in hand with the rest of the globe in a win-win situation.”

Source: Xinhua News Agency

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Treetop hospital giving scholarships to nursing students who finish from Villa College.

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Treetop hospital gives scholarships to nursing students of villa College to finish their coursework.

Treetop hospital announced that they have decided on this scholarship as a way to motivate students to get higher studies in the medical field. Treetop hospital stated that nursing is an important component of the medical field and they want to raise awareness about it and motivate them more. Students who have done nursing diplomas and undergraduate degree courses will be eligible for this scholarship.

The due date to apply for this scholarship is before September 23rd before 17:00. The scholarship is only open for Maldivian students who are not under any other scholarship when applying. Students who are currently studying, or newly joining villa College will also be eligible to apply for the scholarship before the due date.

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HDFC selling 200-million-rufiyaa Sukuk.

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Housing Development Finance Corporation (HDFC) is ready to sell 200-million-rufiyaa Sukuk to get funds for housing-related finance issues.

According to HDFC, it’s been decided that they will sell 1 Sukuk for 1000 rufiyaa. HDFC aims to sell 2 lakh slots of Sukuk. The company will be selling Sukuk worth 2 million rufiyaa, with the persons who buy them to gain 65% profit each month, for 10 years. This is being sold by being registered under the stock exchange.

HDFC noted that Sukuk is being sold so as to expand their services and to conduct investments that fit Islamic sharia laws. This is the 4th time that HDFC is selling Sukuk. HDFC made a profit of 250 million rufiyaa from the previous sales of Sukuk.

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With the help of BML, a new community library established in R. Fainu

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Under the Bank of Maldives community service fund, a new public library has been opened in the R. Fainu community center.

With the help of a non-profit body, Fainu Association for Community Endeavors (FACE), BML has established this library in Fainu community center. BML stated that the reason for this project is to grow the love of literature in locals and to build an education society. There is a computer lab built inside the library as well. BML informed that there are 3 computer systems in the library for students to do homework or research projects if needed.

Speaking about this, FACE organizations president Hussain Waheed noted that this public library and computer lab will benefit students who need help with homework, and other students who are studying online courses, and it will be helpful to find reference materials.

BML’s community fund is open to financially help any non-profit organization or person to complete any project they need to benefit the community of that island.

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