Challenges and opportunities for trade in services in the post-COVID-19 era
"The sudden OUTBREAK of COVID-19 has prevented us from meeting for some time, but it cannot stop the development of trade in services or our confidence and actions to work together for win-win outcomes." President Xi Jinping's speech at the 2020 China International Trade Fair Global Summit on Trade in Services illustrates the fact that the epidemic has brought both challenges and opportunities to the development of trade in services.
The epidemic has had a huge impact on trade in services. This can be seen from the special exhibition area of public health and epidemic prevention set up at this year's FSC. Almost all forms of trade in services have been affected by the pandemic.
It is not difficult to understand that the development of the service industry is driven by the public's demand for living consumption. One way to understand how the pandemic is affecting trade in services is to look at how it is affecting people's lives. Companies that can adapt to the changing demands of public life and consumption in the post-COVID-19 era will have greater opportunities to grow. On the other hand, life is much harder for companies that fail to adapt to change.
Digital transformation is a vital step for companies to adapt to the changing demand for services in the post-COVID-19 era. We can see the importance of digital transformation for enterprises in the post-pandemic era in many ways.
First, the epidemic has shifted people's consumption of services from offline to online, and this consumption preference will be largely preserved in the post-epidemic era. For example, during the epidemic, online meetings were found to be very effective, not only for epidemic prevention and control, but also for participants to save the hard work of travelling, and organizers to save the cost of organizing meetings, such as food and lodging.
In China, even after the epidemic situation has stabilized, more and more people are opting for online meetings rather than offline ones. So it is not hard to explain why some companies that focus on online meetings have become so popular in the capital markets.
Secondly, the epidemic has not only given great development space to service enterprises that mainly engage in digital business, but also made many enterprises engaged in traditional service business realize the necessity and urgency of digital transformation. If before the outbreak of the epidemic, digital transformation was only about the speed of enterprise development, then after the outbreak of the epidemic, digital transformation has become the key to the survival of enterprises.
It is worth emphasizing that the relationship between the outbreak of COVID-19 and trade in services is not only an issue for enterprises to think about, but also brings a lot of enlightenment to governments, regulatory authorities and relevant international organizations around the world. If these problems can be paid attention to and addressed, it will contribute to the construction and improvement of the service trade governance system in the post-EPIDEMIC era. For example, the problem of isolated data during the epidemic has seriously affected the effectiveness of epidemic prevention and control. It can be seen that cross-regional, cross-system and cross-level data connectivity has become the basis and key for the effective governance and handling of major public emergencies. For example, in the post-epidemic digital consumption experience, the public's interest in data privacy has never been higher. It can be seen that a good digital economy governance system and a reliable privacy protection system will determine whether the public has enough confidence in the digital economy and digital consumption. In the post-pandemic era, data flow and privacy protection will also become key issues of service trade governance.
The outbreak era as a new type of trade forms, cross-border electricity with its online trading, the advantages of the non-contact delivery, for foreign trade enterprises to cope with external uncertainties has played a positive role, at the same time, to promote the efficiency of cross-border electricity also promoted the circulation, business flow, logistics, information flow, cash flow, such as rapid collaboration, This also creates conditions for Chinese enterprises to move to the middle and high end of the global value chain. To promote the sustainable development of cross-border e-commerce.
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Post time: 14-09-21