China’s Service Trade Sector Expands Further with CIFTIS 2023
China’s Service Trade Sector Expands Further with CIFTIS 2023

China’s Service Trade Sector Expands Further with CIFTIS 2023

The upcoming 2023 China International Fair for Trade in Services (CIFTIS), set to take place from September 2 to 6 at the China National Convention Center and Shougang Park in Beijing, is poised to underscore China’s commitment to opening up its service trade sector. This year’s event, centered around the theme “Openness Leads Development, Cooperation Creates a Win-Win Future,” is anticipated to serve as a pivotal platform for China’s expansive approach to international trade.

Assistant Minister of Commerce, Chen Chunjiang, highlighted that CIFTIS 2023 will uphold its significance as a channel for China’s extended openness. Among the event’s focal points will be the Global Trade in Services Summit, accompanied by a spectrum of over 200 diverse events. Through these, global stakeholders will convene to explore innovative concepts, emerging trends, and collaborative strategies for the inclusive advancement of the service sector and trade in services.

Sima Hong, Deputy Mayor of Beijing, disclosed that the event will span an expansive 155,000 square meters and host a prominent international presence. Boasting representation from 51 countries and 24 international organizations, the exhibition will attract more than 2,200 enterprises, including over 500 Global Fortune 500 companies and industry leaders. Impressively, participants hail from 28 of the top 30 countries and regions in the service trade sector, with more than 20 percent originating from beyond China’s borders.

The 2023 CIFTIS is poised to showcase its paramount role in technological innovation and evolving business models. Nine themed exhibitions, alongside a comprehensive showcase, will spotlight achievements in fields such as chips, quantum measurement, satellite remote sensing, AI, and digital healthcare. Over 60 pioneering companies and institutions will unveil cutting-edge products and technologies across domains like AI, fintech, healthcare, and creative culture.

“China’s service trade surged to a record high of nearly 6 trillion yuan ($833.5 billion) in 2022, marking a 12.9 percent year-on-year increase. This feat has secured our second consecutive global ranking,” affirmed Chen, attesting to the sector’s robust growth despite external complexities.

This resilience has persisted through the first half of 2023, with service trade exhibiting an 8.5 percent year-on-year growth, surging to 3.1 trillion yuan. Significantly, knowledge-intensive service trade burgeoned by 12.3 percent, constituting 43.5 percent of China’s total service trade, underscoring its progression in quality and competitiveness.

The foundation of China’s service trade sector, coupled with digitalization and green development, is driving innovation and fostering a favorable environment for continued growth. In 2022, China’s digital service trade reached 2.51 trillion yuan, demonstrating a 7.8 percent year-on-year increase and ascending to the 5th global rank. Exports within this domain surged 12.2 percent to 1.42 trillion yuan, signifying heightened international competitiveness.

For 2023, Chen envisions sustained growth and optimized trade structures. The Ministry of Commerce, together with pertinent departments, is committed to introducing policies and measures to propel high-quality development within the service trade sector.

Having launched a comprehensive innovation-driven development pilot program across 28 regions in 2020, producing over 2,883 pilot measures, China’s commitment to service trade innovation remains resolute. The results have been significant, with last year’s 21 provincial-level regions accounting for over 97 percent of China’s total service trade.

As the country readies itself for CIFTIS 2023, its focus on open cooperation and innovative progress underscore its dedication to fostering a win-win global future in the service trade arena.


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