(Photo/Meng Xu)

As a part of the China International Import Expo (CIIE), the 5th China-Singapore Trade in Services Innovation Forum opened in Suzhou City, Jiangsu Province on November 6.

Organized by the Ministry of Commerce and the Jiangsu Provincial Government, the forum aims to build consensus on the development of digital trade and advance the construction of digital platforms.

Trade in services is the most dynamic part of today's international trade and an important driver of economic growth. In 2021, Jiangsu's foreign trade in services reached $52.25 billion, one of the highest in China, and the value of offshore service outsourcing also hit $30.18, ranking first in the country.

Among provincial-level regions in China, Jiangsu has one of the closest economic and trade ties with Singapore, and the import and export volume between the two sides reached $15.6 billion last year, account for one sixth of China's total with the country.

The opening ceremony of the forum saw the signing of a number of cooperation projects. The Suzhou area of the Jiangsu Pilot Free Trade Zone (FTZ) entered into a strategic agreement with Taicang Port to deepen cooperation in talent exchange and policy synergy. The industrial projects included a cross-border logistics overseas warehouse initiative and a program of sustainable development and carbon neutrality.

As a powerhouse of open economy, Suzhou will enhance its functions as part of the Jiangsu Pilot FTZ and a national development zone. Efforts will be made to enhance trade and investment liberalization and facilitation, help domestic and foreign enterprises to share the opportunities of China's large market, give greater emphasis to opening up based on rules and related institutions, and enhance international cooperation.