Harry Cummins
Updated on: October 11, 2024 3:02 pm GMT
With the world increasingly interconnected, the China International Fair for Trade in Services (CIFTIS) has emerged as a pivotal event for advancing global trade collaborations. In its 2024 iteration, the fair showcases China’s commitment to fostering an open economy and enhancing its service sector.
CIFTIS 2024: A Platform for Global Participation
The 2024 CIFTIS, themed “Global Services, Shared Prosperity,” is witnessing significant participation from over 80 countries and international organizations. First established a decade ago, this event has attracted more than 900,000 exhibitors and participants from 197 countries and regions. On Thursday, President Xi Jinping sent a congratulatory message affirming China’s dedication to high-quality development through enhanced service market openness.
In his address, Xi emphasized the importance of innovating trade in services and aligning with international economic standards. This strategic move is aimed at promoting interoperability among regulations and enhancing the participation of foreign delegation in China’s growing service market.
High-Level Commitment to Development
During the opening ceremony, Vice-Premier Ding Xuexiang remarked on the consistent support from Xi over the past six years for CIFTIS. Ding highlighted the necessity of pilot programs in key areas such as cloud computing and biotechnology, which emphasize the progressive nature of China’s service sector. He noted that China’s trade in services reached 6.57 trillion yuan ($922.65 billion) in 2023, marking a 10% increase year-on-year, with continued growth in 2024.
Ding reiterated that China aims to widen its market access, especially for countries yet to fully benefit from global trade opportunities. This focus on inclusivity aligns with China’s vision of creating a world-class business environment grounded in rule of law and market principles.
Impacts on Service Trade Growth
In light of the rapid growth in service trade, Chinese stakeholders are recognizing the vital role of the service sector as a key driver of economic development. Jack Chan, chairman of EY China, highlighted CIFTIS as a critical platform for discussing digitalization and green transformations. His company’s recurrent participation illustrates the growing importance of knowledge-intensive service trades, which are poised to redefine China’s economic landscape.
Strategic Initiatives and Collaborations
Innovations in service offerings are also being explored by international companies present at the fair. Schneider Electric, represented by senior vice-president Xu Shaofeng, has announced plans for establishing a service hub in China, alongside strengthening ties with local enterprises like Hebei province-based Jingye Group. This establishment highlights the increasing synergy between foreign investment and the Chinese service market.
Moreover, the Saudi-Chinese Business Council, led by chairman Mohammed Al Ajlan, is eyeing deeper collaborations, particularly in technology and service advancement. Al Ajlan noted that ongoing partnerships between Saudi and Chinese companies could leverage platforms like CIFTIS to promote innovative service implementations in both countries.
Future Outlook for Global Trade
As CIFTIS 2024 unfolds, the implications of its discussions extend beyond immediate trade agreements. With a clear focus on enhancing service sectors and international collaboration, the fair serves as an indicator of China’s broader economic strategy to embrace globalization and mutual growth.
The ongoing dialogue at CIFTIS indicates a commitment to evolving service standards, maintaining competitive advantages, and integrating international practices. This creates a conducive environment for nurturing global partnerships, which can significantly contribute to economic resilience amid changing market dynamics.
The success of the CIFTIS shows that China wants to be an important part of the global economy. It also means that other countries see China as a big player in service trade. When countries come together to share ideas and work together, they help create a better and more successful future for global trade.
