-Xinhua Silk Road: China’s international services fair highlights new features of the country’s trade and open economy
BEIJING, Sept. 25, 2023 /PRNewswire/ — China is demonstrating its long-standing pursuit of higher-level innovation, inspiration and willingness to open up at the recently concluded China International Fair for Trade in Services (CIFTIS) 2023, which has captured the attention of the world with new products and new development paths.
Under the motto “openness leads to development, cooperation creates a win-win future”, the fair was held in Beijing from September 2 to 6. The event has attracted more than 500 Fortune 500 companies and representatives from 80 countries and international organizations, with a proportion of international participants exceeding 20%.
CIFTIS, one of the largest and most comprehensive services trade fairs in the world, has attracted many companies to present their new products and services. It is known that more than 60 companies and organizations in the fields of artificial intelligence (AI), financial technology (fintech), healthcare and culture and innovation presented their new products and services at CIFTIS, demonstrating trending innovations in various industries.
AI-based products and services are penetrating people’s daily lives. The process has been accelerated by CIFTIS, since the event contributes to the commercialization of technologies.
As China’s manufacturing industry becomes smarter, the country’s services are also preparing for the knowledge-intensive trend, with digitalization, intelligence and greening.
According to data from the Chinese Ministry of Commerce (MOC), Chinese exports of knowledge-intensive services exceeded $251 billion last year, with a year-on-year increase of 7.8%, ranking fifth in the world.
Trade in knowledge-intensive services grew by 11.7% in the January-July period and represented 43.2% of the country’s total trade volume, according to the data.
Chen Jianwei, associate professor of China University of International Business and Economics, stated that the increasing proportion of trade in knowledge-intensive services indicates that the country has improved and optimized its service trade structure.
Furthermore, the forums and conferences are focusing on topics such as the Belt and Road Initiative (BRI), technological innovation and new forms of business in cultural tourism industries, demonstrating that participants are willing to work together and share opportunities.
China is also working on rules and regulations regarding trade in services, aiming to provide a better business environment for foreign investors and invite foreign investments in the fields of modern services, energy-saving industry and research and development (R&D) and innovations, according to a senior MOC official.
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