Foreign exhibitors at the China International Fair for Trade in Services continue to increase their investment in China

The scene was filmed on September 2, 2023 in the comprehensive exhibition area of the National Convention Center of the China International Fair for Trade in Services. Photo by Xinhua News Agency reporter Li Xin

Xinhua News Agency, Beijing, September 5th (Xinhua) - Foreign exhibitors at the China International Fair for Trade in Services continue to increase their investment in China

Xinhua News Agency reporter Zhou Qianxian and Wang Siyuan

In the comprehensive exhibition area of the Beijing National Convention Center, foreign exhibitors are busy explaining and showcasing new products, services, and technologies to the audience.

The 2023 China International Trade in Services Fair will be held from September 2nd to 6th. Among the participating foreign companies, there are both "returning customers" and "first-time customers" who bring different exhibits, but their goal of deepening the Chinese market is the same; They have different stories of service trade, but they all have confidence in investing in China.

It is understood that more than 2200 companies participated offline in this year's Service Trade Fair, attracting more than 500 Fortune Global 500 and industry leading enterprises to attend. Among them, the internationalization rate of financial themed exhibition institutions reached 47%.

The national exhibition area filmed on September 1st at the National Convention Center. Photo by Xinhua News Agency reporter Ren Chao

As an old friend of the Service Trade Fair that has been participating for four consecutive years, Qualcomm presented a terminal side demonstration of a generative AI large model that can run on Android smartphones at the booth. It can quickly understand the needs described by users in natural language, and generate results in no more than 15 seconds, without the need for networking or cloud access throughout the process.

Meng Pu, Chairman of Qualcomm China, said, "We attach great importance to the Fair for Trade in Services as an important platform for showcasing innovation, sharing experiences, and promoting cooperation. Over the past four years, continuous participation and participation in the Fair is a response to China's continued high-level opening-up to the outside world, and also demonstrates our confidence in the development prospects of the Chinese market."

As a member of the technology industry, Intel is also participating again. This year, Intel showcased multiple technologies and solutions in fields such as artificial intelligence, PC, data centers, and smart retail at a 126 square meter booth, and announced new collaborations with multiple local partners.

Intel Vice President Zhou Bing said that the scale of China's digital economy has exceeded 50 trillion yuan and is maintaining rapid growth. Intel hopes to explore new opportunities in the digital economy and further assist in the deep integration of the digital economy and the real economy.

According to data released by the Ministry of Commerce, from January to July this year, the actual use of foreign investment in high-tech industries in China increased by 3.8%, with high-tech manufacturing growing by 25.3%. 28406 new foreign-invested enterprises were established nationwide, an increase of 34%.

As a representative of global biopharmaceutical companies from the UK, AstraZeneca attended the Service Trade Fair three times. Since the beginning of this year, AstraZeneca has continued to increase its investment in China, reaching multiple cooperation agreements in Qingdao, Wuxi, Taizhou and other places, and increasing investment and layout in production and supply in China.

AstraZeneca Global Executive Vice President Wang Lei told reporters that the company has celebrated its 30th anniversary in China this year. In the past 30 years, China's medical and health industry has developed rapidly, and China's global strategic position at AstraZeneca has become increasingly important. It is gradually shifting from a "main sales location" to a "main production area" and "main innovation site".

Despite the rise of protectionism, unilateralism, and sluggish global economic growth, China still insists on opening its market doors, which is the reason why many "old friends" of the Fair for Trade in Services still want to come.

In the eyes of KPMG and Ernst&Young, who have participated in exhibitions for three consecutive years, the Chinese market has enormous potential, and the long-term economic fundamentals have not changed. It remains an important destination for multinational corporations to invest globally.

KPMG China Vice Chairman Zou Jun mentioned that in terms of foreign investment returns over the past five years, China has ranked among the top in the world, and with the premise of global interest rate hikes and increased capital usage costs, investing in China can still maintain a relatively good rate of return, which is very attractive for multinational enterprises.

Bi Shunjie, the business executive partner of Ernst&Young Greater China, stated that China's attraction of foreign investment mainly relies on the comprehensive advantages of the domestic market, the policy dividends of high-level opening up to the outside world, and the continuously constructed new development pattern. They play a "strong needle", "booster", and "stabilizer" role.

The strong attraction of the Chinese market also stems from the continuously optimized business environment. The State Council of China recently issued the "Opinions on Further Optimizing the Foreign Investment Environment and Increasing the Attraction of Foreign Investment", proposing 24 policy measures to support foreign investment and create a market-oriented, legal, and internationalized first-class business environment.

This further strengthens Nestle's determination to seek high-quality development in the Chinese market as it sets up its first offline exhibition. In response to the increasingly upgrading consumer goods market in China, Nestle showcased a series of health and nutrition products, office coffee solutions, pet food, drinking water and other products and services at this year's Service Trade Fair.

Nestle Group Executive Vice President Zhang Xiqiang stated that since 2020, Nestle has invested over 1.4 billion yuan in China and is confident in continuing to invest in China in the future.

Panasonic Group, which is also participating in the Service Trade Fair offline for the first time, has set the theme as "Green Smart Manufacturing for the Future". "The China International Fair for Trade in Services (CIFTIS) plays an important demonstration role in key areas such as green and low-carbon transformation," said Zhao Bingdi, President of Panasonic Electric Co., Ltd. The company needs to seize green and low-carbon business opportunities and continuously expand the application areas of products and services.