Promoting the Development of China's Digital Service Industry with professional services, Deloitte to bring smart products to the 2021 Service Trade Fair

The 2021 China International Fair for Trade Service (abbreviated as CIFTIS) will be held at the Beijing National Convention Center and Shougang Park from September 2nd to the 7th, with its theme as digital opening the future, service promoting development. In the "Executives Talking about Service Trade" series of interviews held recently, Deloitte China Vice Chairman Wu Weijun said that participated in the Service Trade Fair in 2019 and 2020, Deloitte will continue to attend the Service Trade Fair in 2021 to showcase its innovative technological solution.

"In 2021, we will continue to provide support to the Service and Trade Fair and exhibited innovative technological solutions that are at the forefront of the world, including Deloitte smart series products, such as Deloitte Smart Bonds, Deloitte Financial Report Intelligence Review, Deloitte Smart Stocks, Zhongtai Deloitte Data Analysis Platform and so on, as well as smart future community solutions, smart city operation solutions, etc. We will share how, driven by digital technology, we will create new modern service formats and give new value to service trade in the era of digital economy. " Wu Weijun said.

Wu Weijun said that the digital service industry is the engine of China's high-quality economic development in the future. In recent years, Chinese economy is undergoing profound changes from the counter economy to the digital economy, which is at the leading place in the world. The digital service industry is the focus of the future development of the digital economy. In the future, more and more service industries will use digital technology to improve the level and convenience of services.

Credit: Deloitte Innovation Space

Relevant data show that since 2015, the percentage of China's service industry's added value exceeded 50% of GDP, reaching 54.5% of GDP in 2020. While in the U.S., the added value of the service industry accounts for more than 80% of GDP in 2020. The corresponding proportions of other developed economies also generally reach about 70%. Therefore, for China's future economic development, there is still a lot of room for growth in the service industry.

Wu Weijun believes that to develop modern service industry and digital service industry, it is necessary to further give full play to the role of accounting firms and other professional service organizations. Audit services provided by accounting firms are an important social credit enhancement mechanism. The consulting services provided by accounting firms can help enterprises and institutions to solve complex professional problems. In the process of implementing the “Belt and Road” national strategy, accounting firms have played an important role in escorting Chinese companies to “go global”. The professional services provided by accounting firms also play a role in promoting innovation. Large accounting firms are not only the vanguard of digital transformation themselves, they can also help Chinese companies successfully realize digital transformation.