CIFITIS ACHIEVES OUTSTANDING RESULTS, EXAMPLES OF "CHINESE SERVICES" SHOWCASED

BEIJING, SEPTEMBER 14 /SRNA/ - This year’s China International Fair for Trade in Services /CIFTIS/ delivered outstanding results, and the world was able to see even greater potential for open cooperation; for the first time, an exhibition zone showcasing examples of "Chinese services" was also opened, the China Media Group /CMG/ reported.

CMG noted that the global trade landscape is changing rapidly, while trade in services is becoming an increasingly important driver of economic growth.

Data show that the services sector accounts for 65 percent of the global economy, and its share of total global trade stands at one-quarter.

China is, as noted, the world's second-largest country by trade volume. In recent years, the value of "Chinese services" has continued to grow.

In the first seven months of this year, China's total import and export volume increased by 8.3 percent compared with the same period last year, and knowledge-intensive services accounted for 53.5 percent of total exports.

This year marks the first year of implementation of China's "15th Five-Year Plan". "Expanding capacity and improving the quality of the services sector" was listed as one of the key tasks for the year in the Chinese Government Work Report.

This year's China International Fair for Trade in Services delivered outstanding results. A total of 90 countries and international organisations participated with exhibitions and accompanying events, while more than 400 Fortune 500 companies and leading global industry players showcased their products and services. More than 1,200 different outcomes were achieved.

For the first time, this year's fair featured an exhibition zone dedicated to examples of "Chinese services". Examples based on artificial intelligence, large language models and intelligent agents accounted for nearly 40 percent of the content, demonstrating China’s strong potential for innovation.

China Media Group explained that developing the "Chinese services" brand requires “going global”, gaining experience and expanding opportunities for development through international cooperation.

One of the key highlights of this year's fair was the establishment, for the first time, of a zone for promoting and showcasing services designed to help businesses enter foreign markets, providing Chinese companies with professional support as they expand into international markets.

The Prensa Latina news agency said the initiative reflects the growing importance of Chinese services on the international market.

Deidman, General Manager of the Australian Trade and Investment Commission for Greater China and Trade Counsellor at the Australian Embassy in China, who has attended the fair several times, said that the world is facing multiple challenges, but that CIFTIS provides an excellent platform for exchanges and cooperation among countries and strongly promotes mutually beneficial cooperation.

China will expand market access and open up more sectors over the next five years, with a particular focus on the services sector. Through this year's CIFTIS, the world can see even greater scope for open cooperation, CMG said.

Wang Li, Senior Vice President of global company Eli Lilly, said that China's strong innovation and open business environment, as well as the huge demand in the pharmaceutical market, provide the company with broad opportunities for growth.