China's Service Trade Industry Growth Expands Global Service Economy Development Space Trade | Platform | Global

Release time:Apr 16, 2024 04:16 AM

Xinhua News Agency, Beijing, September 1st - China's service trade industry grows and expands the development space of the global service economy

Xinhua News Agency reporter Yu Maofeng and Miao Peiyuan

In the golden September, welcome guests from all directions. The 2023 China International Trade in Services Fair will be held in Beijing from September 2nd to 6th. As an important platform for China to expand opening up, deepen cooperation, and lead innovation, the Fair will once again witness the joint exploration of new concepts, trends, and paths for the development of the service industry and service trade by Chinese and foreign people.

International observers believe that in the current context of slow global economic recovery and increasing challenges, the hosting of the China International Fair for Trade in Services has further released China's confidence and determination to promote deep-seated reforms through high-level opening up to the outside world. China's service trade industry continues to grow, expanding the development space of the global service economy.

This is the Shougang Park of the 2023 Service Trade Fair, filmed on August 31st. The 2023 China International Trade in Services Fair will be held from September 2nd to 6th at the National Convention Center and Shougang Park in Beijing. Photo by Xinhua News Agency reporter Li Xin

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The theme of the 2023 China International Fair for Trade in Services is "Openness leads development, cooperation leads to a win-win future". Some overseas participants who are about to attend the exhibition have expressed that the scale and internationalization rate of this year's Service Trade Fair have improved, and they look forward to cooperating and exchanging ideas with global service trade industry professionals at the exhibition.

It is understood that more than 2400 companies participated offline at this year's Service Trade Fair, including more than 500 Fortune Global 500 and industry leading enterprises. 59 countries and 24 international organizations held exhibitions and conferences, with an overall internationalization rate exceeding 20%.

China's Service Trade Industry Growth Expands Global Service Economy Development Space Trade | Platform | Global

As the guest of honor at this year's Service Trade Fair, the UK has formed the largest exhibition group since its participation. The British Trade Ambassador to China, Du Tao, introduced that there is a retractable Tower Bridge in the British Pavilion, symbolizing the construction of a bridge for mutual understanding between Britain and China.

This is the Shougang Park of the 2023 Service Trade Fair, filmed on August 31st. Photo by Xinhua News Agency reporter Ren Chao

"We hope to promote Sarawak through the Service Trade Fair platform and attract more Chinese tourists," said Abdulkarin, Minister of Tourism, Creative Industries, and Performing Arts of Sarawak, Malaysia.

Kusama Takeshi, Deputy Director of the Beijing Representative Office of the Japan Trade Revitalization Agency, stated that in addition to introducing Japanese goods and services in the fields of health, elderly care, cultural and creative industries to attendees at the venue, the agency will also showcase them to the public through online channels, combining online and offline channels to bridge the gap between Japanese companies and the Chinese market.

A platform for deepening cooperation

The Fair for Trade in Services is an international public good and effective carrier provided by China to strengthen cooperation in service trade. Overseas observers point out that with the assistance of platforms such as the China International Fair for Trade in Services, China's international cooperation in service trade continues to deepen.

According to data from the Chinese Ministry of Commerce, there are over 200 countries and regions that have trade in services with China. China has signed memorandums of cooperation in service trade with 15 countries, and the circle of friends in service trade is expanding day by day. In 2022, China's total import and export of services reached nearly 6 trillion yuan, a year-on-year increase of 12.9%, reaching a historic high in scale and ranking second in the world for the ninth consecutive year. In the first half of this year, China's total import and export of services reached 3.1 trillion yuan, a year-on-year increase of 8.5%.

Zhao Tang, President and Chief Representative of the China Business Association, is optimistic about the development opportunities of the UK's financial services, education and other industries in the Chinese market. He said, "The Fair for Trade in Services is a grand event to promote trade in services, an important platform for China to gather global cooperation consensus and promote international exchanges."

In 2022, the Saudi Arabian brothers holding group participated in the Service Trade Fair for the first time. This year, the group has expanded the area of the service trade exhibition platform. Vice Chairman of the Group, Mohammad Al Agilan, stated that he looks forward to face-to-face communication with more Chinese companies at the exhibition site, especially in the key areas of focus of this year's Service Trade Fair, such as financial technology, cultural tourism, and artificial intelligence, and jointly exploring growth potential with Chinese partners interested in entering the Middle East market.

"This service trade fair will provide huge investment opportunities and broad prospects for cooperation." Abdul Satar Ashra, Secretary General of Egypt Egypt China Business Council, said that this year is the 10th anniversary of the joint construction of the "the Belt and Road" initiative, which combines logistics and transportation services with technology to make services green, clean and sustainable, and related projects will also receive attention at the exhibition.

Leading the battlefield of innovation

In recent years, the foundation of China's service industry has been continuously consolidated, and the innovation and development of digital and green service trade have been driven by two wheels. International observers believe that new trends in service trade, such as digitization, intelligence, green and low-carbon, are continuously expanding the space for service economy development.

On August 31st, volunteers from Beijing Sport University participated in training at the Sports Service Special Exhibition Area of the Shougang Park of the Service Trade Fair. Photo by Xinhua News Agency reporter Chen Shuo

The digitalization process of China's service trade is accelerating. According to data from the Ministry of Commerce, in 2022, China's import and export volume of digitally deliverable services reached 2.51 trillion yuan, an increase of 7.8%, ranking fifth in the world and reaching a new historical high in scale. In the first half of this year, the import and export scale of digitalizable services in China increased by 12.3%, which is 3.8 percentage points higher than the overall growth rate of service import and export.

As the new landscape of the global service economy becomes clearer, this year's Service Trade Fair will further highlight the leading role of technological innovation, model innovation, and business format innovation. The comprehensive exhibition and 9 special exhibitions will focus on showcasing specialized and innovative achievements in chip technology, quantum measurement and control, satellite remote sensing, artificial intelligence, digital healthcare, and other fields.

Selchuk Cholakolu, director of the Asia Pacific Research Center in Türkiye, said that CIFIT would shape the future of carbon neutral, artificial intelligence, metauniverse and other industries.

The service industry has become a pillar industry of the global economy, with broad prospects and enormous potential for the development of service trade. All parties hope to jointly activate the innovation momentum of service trade through this year's Fair for Trade in Services.

"The Fair will provide an excellent platform for overseas enterprises to communicate with customers, enhance understanding, expand markets, and integrate resources," said Cai Weicai, Senior Vice President of Kaitai Bank in Thailand. "Holding the Fair is of great significance and will play an important role in promoting global trade recovery."

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