Companies bullish on China services sector ahead of services trade fair

As the 2024 China International Fair for Trade in Services (CIFTIS) is set to commence on Thursday, attending companies and exhibitors expressed optimism about leveraging China's rapidly growing services sector and benefiting from the country's innovation-driven growth.

On Wednesday, the China National Convention Center was decorated for China's upcoming international services trade fair, featuring exhibits ranging from artificial intelligence (AI)-powered surgical robots to hydrogen fuel motorbikes, giving the event a tech-driven, futuristic feel, the Global Times observed.

"For the 2024 CIFTIS, we have high-tech products on display, including AI, modern logistics, state-of-the-art equipment, and digital culture and sports. These reflect the integration of technology and industry, showcasing the latest achievements in new-quality productive forces," Wang Yudong, a staff member in charge of arranging part of the exhibits, told the Global Times on Wednesday. "All high-tech products are organically integrated with the concept of services trade serving the world."

A total of 85 countries and international organizations have confirmed that their attendance at the 2024 CIFTIS, which will showcase key trends in the world's second-largest economy, focusing on the development of new-quality productive forces, as well as tech and innovation-driven growth. 

At the UAE booth, a representative told the Global Times, "On the occasion of the 40th anniversary of diplomatic ties between our two countries, we want to showcase that the oil industry is not the only highlight of our diversified economy. We also excel in tourism, finance, and aviation."

A number of Global 500 firms, including Siemens and Amazon, will attend the event which runs from September 12 to 16 in Beijing.

French industrial giant Schneider Electric will set up a booth at the CIFTIS and showcase itself in the national pavilion of France, the Guest of Honor at the 2024 CIFTIS.

China is the second largest market for the company, the company said, noting that it will continue increasing innovation and development in China.

At the 2024 CIFTIS, the Schneider Electric will formally establish a service business China hub. The hub will support Chinese users by focusing on talent, research and development, supply chain, and ecosystem pillars, aiming to further boost China's industrial transformation and enterprise development, according to the company.

The services industry in China has enjoyed a greater level of openness, setting a new record for services trade volume, Jack Chan, EY China chairman, told the Global Times on Wednesday. Chan predicted that China's services sector and services trade are expected to maintain upward momentum across the second half of the year.

China's services trade saw rapid growth in the first half of 2024, with total trade in services reached 3.59 trillion yuan ($501 billion), up by 14 percent year-on-year, data from China's Ministry of Commerce showed in August.

The CIFTIS is an international, comprehensive large-scale exhibition and trading platform for services trade. It underlines China's commitment to opening up its services sector and sharing vast market potential with the world, analysts said.