Beijing, (TDI): The 2024 China International Fair for Trade in Services (CIFTIS) kicked off on Thursday, underscoring China’s commitment to further opening its market to the world and sharing the benefits of its economic growth.
The event, which drew enthusiastic participation from countries worldwide, was seen by analysts as a strong counter to the decoupling efforts advocated by some Western politicians.
Chinese President Xi Jinping sent a congratulatory letter to the CIFTIS, highlighting that the fair, now in its tenth year, represents the high-quality development of China’s services industry and its trade in services, contributing positively to building an open global economy.
Held at the China National Convention Center and Shougang Park in Beijing, the event featured a diverse range of innovative exhibits, from AI-powered surgical robots and passenger drones to hydrogen fuel motorbikes, giving the fair a distinctly high-tech and futuristic ambiance.
Together with other significant trade events such as the China Import and Export Fair and the China International Import Expo, CIFTIS reaffirms China’s commitment to further opening up its services sector and sharing its vast market potential with the global community, according to Chinese analysts.
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Portuguese Ambassador to China, Paulo Jorge Nascimento, said that Portugal, keen to expand its services trade, decided it was the right time to establish its first independent booth at CIFTIS, coinciding with the 45th anniversary of diplomatic relations between China and Portugal.
He emphasized the substantial potential for growth in trade in services between the two countries, noting that bilateral trade has so far been dominated by goods.
Optimism
Global companies and exhibitors expressed optimism about leveraging the expanding services sector of China and benefiting from the country’s innovation-driven development.
The event, running from September 12 to 16, attracted a wide range of participants, including numerous Global 500 firms such as Tesla, Siemens, and Amazon.
A resolution adopted by the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) in July called for innovative measures to boost trade in services.
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It also called for the full application of the “negative list” for cross-border trade in services, further emphasizing China’s resolve to open up its services sector.
“The global environment is quite complex, but we see stability in China,” Wu Haifeng, General Manager of Greater China for Norway-based Kongsberg Digital AS, said.
“China’s recent policies aimed at further opening up add predictability for us. We are planning to expand our reach in the Chinese market.”
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