Chongqing, May 17 (CNA) A Taiwan trade organization signeda pact with World Trade Center Chongqing (WTCC) on Thursday to boostbilateral cooperation on the service sector at a global investment and procurement fair in the Chinese city.
Council for Industrial and Commercial Development Chairman Wu Chia-lin signed the Taiwan-Chongqing services sector cooperation framework agreement at the 15th Chongqing International Investment and Global Sourcing Fair.
Under the agreement, the council will build a modern services sector promotion center inside the WTCC to enhance two-way exchanges and across-the-board cooperation in the industry.
Wu said the services industry in China only accounts for 38 percent of the country's gross domestic product (GDP), while Chongqing's services sector accounts for about 50 percent, which indicates there is still room for improvement.
The services sector in Taiwan, however, accounts for 75 percentof the country's GDP and is one of the country's greatest strengths,Wu said.
In addition, Chongqing offers a 15 percent tax discount for the services sector, which is why the council is optimistic about the development of Chongqing's services sector, he said.
Asked whether the council was worried about changes in Chongqing investment environment after the downfall of former Chongqing Communist Party chief Bo Xilai, Wu said he was not worried becausethe Chinese government would not allow the city to collapse, and hassent China's Vice Premier Zhang Dejiang to replace Bo temporarily.
Wu also noted ranking Chongqing officials had not been replaced, including Chongqing Mayor Huang Qifan, which he said indicates thatthe city's policies would not change.
Meanwhile, the Chongqing municipal government said that the city's investment environment had not been affected and many large enterprises were still interested in investing.
The three-day international fair that kicked off Thursday has attracted nearly 5,000 companies, including 52 companies that are in the world's top 1,000 multinational companies, city officials said.
They estimated this year's fair will attract investments worth US$1 billion.
As if to quell rumors and concerns after Bo's fall, the Communist Party of China has been backing the international trade event that Bo supported during his term, by upgrading this year's fair from a local event to a national one, and sending 20 national companies and province leaders to the event.
(By Kang Shih-jen and C.J. Lin)