China expands opening up in service trade

Estimated reading time: 4 minutes

By Ouyang Jie, Pan Junqiang, Qi Zhiming, People's Daily

The five-day event, themed "Opening-up leads development, cooperation delivers the future," has been joined by over 2,400 offline exhibitors, including more than 500 Global Fortune 500 firms and industry leaders.

These companies come from 28 of the top 30 countries and regions in terms of trade in services, and over 20 percent of them are from outside China.

The 2023 CIFTIS includes a comprehensive exhibition and thematic exhibitions, with a total exhibition area of about 155,000 square meters.

Focusing on industrial hotspots and development trends, thematic exhibitions cover nine areas including engineering consulting and construction services, telecommunications, computer and information services, financial services, supply chain and business services, and environmental services. They showcase high-quality services, cutting-edge achievements and application scenarios in various fields.

The CIFTIS sends a positive signal of opening up, cooperation and win-win results, and the Chinese market is becoming increasingly appealing to foreign enterprises, said Peter Qiu, president of Deutsche Bank (China) Co., Ltd.

Deutsche Bank has a strong business presence in China, and it is very optimistic about the prospects of the Chinese market, Qiu said.

From launching comprehensive pilot programs, to deepening the pilot program of innovative development, and to hosting the CIFTIS, China continues to deepen opening up its service sector, with service trade maintaining rapid growth.

In 2022, China's services trade value increased by 12.9 percent year-on-year to a record high of 5.98 trillion yuan (about $819 billion), ranking second globally for the ninth consecutive year. In the first seven months of this year, China's service trade has continued its growth momentum, with services imports and exports reaching nearly 3.67 trillion yuan, up 8.1 percent year-on-year.

Digitalization and green development are driving innovative growth of service trade. The 2023 CIFTIS highlights cutting-edge achievements in chip technology, quantum metrology, satellite remote sensing, AI, and digital healthcare. Over 60 enterprises and institutions released a number of new products and technologies, spearheading scientific, technological and business model innovations in service trade.

In the exhibition area for telecommunications, computer and information services, a series of frontier technologies are displayed, including over 10 6G standard technologies with international influence, China's first homemade satellite mobile communication system and an ultrasonic sensing smart bracelet for the visually impaired.

It is learned that both online and offline events will be held during this year's CIFTIS. Over 70 enterprises and organizations including Schneider, Intel, Sanofi, Philips and the People's Insurance Company of China will unveil their latest achievements and products, such as an intelligent file service center, digital RMB prepaid cards, industrial digital maps and brand-new digital twin platforms.

As an important platform for China's opening up, the CIFTIS leads service consumption upgrades and provides opportunities for enterprises worldwide to integrate into China's service market.

At the 2023 CIFTIS, participating countries showcased featured services and achievements in the digital economy, culture, tourism, education, and healthcare. It offered participants an opportunity to seek cooperation and get updated on global service trade development.

Livestreaming studios were set up this year to help overseas companies and international organizations promote their products and services and provide online transaction channels.

Tesla is a participant and beneficiary of China's opening up, said Tesla China President Wang Hao.

"Over the past decade, Tesla has witnessed and taken part in the rapid growth of China's new energy vehicle industry. We are fully confident in the Chinese market, and will better leverage the opportunities of China's high-level opening up and increase our investments here," he told People's Daily.

"Qualcomm has participated in the fair for four consecutive years, where we continue bringing our innovations to the Chinese market and expanding collaborations with Chinese companies," said Qian Kun, senior vice president of Qualcomm.

"China's commitment to high-level opening up gives us great confidence in the prospects of the Chinese market and our cooperation with China. Moving forward, Qualcomm will expand into more areas like Internet of Things and intelligent connected vehicles, proactively developing domestic and international markets with local partners," Qian noted.