China's innovative service sector unlocks fresh int'l cooperation potential, says Australian accounting expert

China has been committed to fostering innovation and developing new-quality productive forces, leading to robust domestic growth and delivery of high-quality services to its international partners, said Dale Pinto, president and chair of the board of CPA Australia, in a recent written interview with Xinhua ahead of the ongoing China International Fair for Trade in Services (CIFTIS).

The 2025 CIFTIS, held at Shougang Park in Beijing from Wednesday to Sunday, brings together Global Fortune 500 companies or industry-leading enterprises to showcase their accomplishments, with nearly 2,000 enterprises gearing up to participate in offline exhibitions.

Australia, the guest country of honor at the 2025 CIFTIS, has assembled its largest-ever delegation for the fair this year.

Noting that CPA Australia is attending the event for the second consecutive year, he said that Australia's selection as the guest country of honor this year highlights the growing Australia-China cooperation in trade in services.

"This sends a clear and positive message about both countries' commitment to deepening their partnership," he said.

The CPA Australia chair expects the CIFTIS to further strengthen China-Australia trade ties in services, discover opportunities for cooperation between companies and institutions, and encourage the exchange of expertise among professionals.

Trade in services is a major driver of Australia's economy, and China, as one of Australia's largest trading partners, presents significant market potential in the service sector, including for his organization, said Pinto.

"As China continues to open its market and more Chinese companies look to overseas opportunities, the demand for professional services is expected to rise considerably in the years ahead," he said, expressing his anticipation to cooperate with more companies, bodies and institutions to support their overseas expansion.

He also mentioned China's growing influence in global markets, saying that the country is playing an increasingly critical role in driving innovation and promoting sustainable trade in services worldwide.

In the sector, particularly noticeable is the rapid expansion of knowledge-intensive services in China, such as software development and high-end design, he said, adding that the sector's robust performance has deepened collaboration between China and other countries, and contributes significantly to sustained economic growth.

"The essential drivers of these services, including capital, professional talent, data, and intelligence, are becoming more prominent within China's economic landscape," said Pinto.

He further hailed China's consistent efforts to open up its market, including increasing policy support, intensifying protection for data and intellectual property, raising professional standards and creating clear guidelines for sustainable development.

An example is China's action plan from 2022 to 2030 to support a reduction in carbon-based sources of energy. "The implementation plan outlines ten specific actions to promote science and technology for a green and low-carbon energy transition," he said.

Trade between China and Australia has witnessed steady growth over recent years. China has been Australia's largest trading partner, export destination and source of imports for 16 consecutive years.

"The opening of the Australian Country Pavilion at CIFTIS is a fitting opportunity to celebrate these achievements and to mark the beginning of deepened cooperation for shared growth," said Pinto.
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