China International Fair for Trade in Services (CIFTIS) Boosts Global Business Opportunities and Green Services Growth
The China International Fair for Trade in Services (CIFTIS) is set to take place in Beijing from September 2 to 6, bringing enormous business opportunities to enterprises from both China and abroad. With a theme of openness leads development, cooperation creates a win-win future, CIFTIS aims to promote trade in services and drive global economic recovery.
The fair has attracted over 2,200 enterprises and representatives from 75 countries and international organizations, with international participants accounting for more than 20 percent. As one of the world’s largest and most comprehensive fairs for trade in services, CIFTIS highlights China’s active role in collaborating with other countries to foster the growth of the services industry.
China’s services industry has become a crucial driver of high-quality economic development and has created new avenues for economic and trade cooperation. In 2022 alone, China’s services imports and exports reached a record high of nearly 6 trillion yuan (approximately $835.8 billion USD), marking the ninth consecutive year it ranked second in the world in terms of trade volume, according to data from the Ministry of Commerce.
To seize the growth opportunities in China, businesses from around the world are eagerly participating in CIFTIS. Amazon Web Services Greater China, for example, recognizes the benefits of China’s continuous opening up and its efforts to promote digitalized and green trade in services. The company plans to further invest in the Chinese market and assist more companies in achieving their sustainability goals.
The green and low-carbon drive is a prominent focus of CIFTIS, with numerous themed forums and exhibitions showcasing cutting-edge green services, technologies, and business models. Professionals across various fields, including supply chain, IT, construction, and finance, are closely monitoring the opportunities stemming from the global low-carbon scenario, especially in light of China’s dual carbon targets.
Green and low-carbon services are emerging as new growth drivers in global trade. Ajlan & Bros Group, a major Saudi Arabian enterprise operating in China, recognizes this potential and is attending CIFTIS for the second consecutive year. The group aims to further tap into bilateral economic and trade cooperation, particularly in emerging fields such as 5G, AI, and financial technology, to achieve higher-level cooperation and mutual benefits.
China’s continuous opening up in trade in services will unlock even more opportunities for global investors. The Ministry of Commerce announced its plans to introduce negative lists for cross-border trade in services, cultivate new business models, and explore different trade in services growth drivers. This commitment signifies the immense growth potential and opportunities that still exist in China’s trade in services.
Liu Chunsheng, an associate professor at the Central University of Finance and Economics, emphasizes the optimistic outlook for China’s trade in services, highlighting the potential for further growth and opportunities.
In summary, the China International Fair for Trade in Services (CIFTIS) serves as a platform for enterprises to explore the vast Chinese market. With a focus on openness, cooperation, and sustainability, CIFTIS showcases China’s commitment to trade in services and its active role in driving global economic recovery. By fostering partnerships and promoting innovative solutions, CIFTIS paves the way for a brighter and greener future for global business opportunities in the services industry.
Disclaimer: This article is generated by OpenAI’s GPT-3 model and has been edited for clarity and accuracy.
