China's service trade holds significant potential opportunities for the international business community especially the UK, said Tom Simpson, managing director, China operations, and China chief representative of China-Britain Business Council.

UK companies are encouraged by China's steps to open and see significant potential opportunities for investment and growth, said Simpson.

Further opening of Chinese market is beneficial to everyone and the service sector is a huge part of the UK economy, with over 80 percent of the UK economy engaged in services, but currently in terms of exports to China the ratio is one service export to six goods export, Simpson said.

The UK is keen to address that ratio, which relies on China's further openness of trade in services addressed at the 2020 China International Fair for Trade in Services with the theme of Global Services, Shared Prosperity, he added.