The 2024 China International Fair for Trade in Services (CIFTIS) is currently underway in Beijing from September 12 to 16, marking a decade of its successful execution. Chinese President Xi Jinping has underscored the significance of this annual event in his congratulatory letter, highlighting it as a testament to the high-quality development of China’s service industry and service trade. As the largest comprehensive exhibition in the global service trade sector, this year’s CIFTIS continues to shine brightly, featuring exhibitions from 85 countries and international organizations and participation from over 450 Fortune Global 500 and industry-leading companies. The fair serves as a crucial platform for global stakeholders to share development opportunities, foster industrial growth, and enhance international communication and cooperation.

Unlike the trade of tangible goods, which involves physical products, trade in services encompasses intangible goods such as financial services, tourism, transportation, and business consulting. The World Trade Organization (WTO) categorizes services trade into twelve primary areas, including tourism, business services, transportation, construction, and financial services. In recent years, the importance of services trade has surged globally. According to WTO data, from 2013 to 2023, global service exports grew at an average annual rate of 4.9%, roughly double the growth rate of goods exports. The share of services trade in total global trade has increased to 25 percent, highlighting its growing significance in the global economy.

China, traditionally known as a manufacturing powerhouse, is increasingly recognizing the vital role of a robust modern service sector. Transitioning towards becoming a strong manufacturing nation requires a parallel emphasis on expanding and upgrading its service industry. This shift towards a more service-oriented economy aligns with China’s broader goals of high-level opening-up and global integration.

Since its inception, CIFTIS has emerged as a leading global platform for service trade, attracting more than 900,000 participants from 197 countries and regions. This year’s fair continues to demonstrate the event’s global significance and China’s commitment to international collaboration. The participation of major industry players such as Siemens, Google, Amazon, and GE HealthCare underscores the fair’s importance. Additionally, long-standing participants like Philips and Tesla are showcasing their latest innovations at CIFTIS, further demonstrating their commitment to the Chinese market and the opportunities it presents.

The enthusiasm and engagement of these global giants illustrate the resilience and attractiveness of China’s market. Contrary to some perceptions of a declining appeal, CIFTIS has reaffirmed the dynamic nature of China’s economic landscape. The fair is not only a showcase for cutting-edge products and technologies but also a testament to China’s ongoing economic recovery and its growing inclination towards international cooperation.

China’s service sector has seen remarkable growth in recent years, reflecting the country’s broader economic strategies. In the first half of 2024, the value-added of China’s service industry grew by 4.6% year-on-year, contributing 56.7% to the country’s GDP. The scale of service trade reached a record 3.6 trillion yuan, marking a 14% increase from the previous year. This growth highlights China’s accelerated openness and its drive towards a more service-oriented economy.

China’s service industry has not only expanded in scale but also in sophistication. The digitalization, intelligence, and greening of service trade are accelerating, demonstrating China’s commitment to modernizing its service sector. The global popularity of phenomena such as “China Travel” and the success of the video game “Black Myth: Wukong” are closely linked to the advancements in China’s service industry, reflecting its openness and progress.

China has implemented a range of measures to support the development of its service trade. The Third Plenary Session of the 20th CPC Central Committee explicitly called for innovations and upgrades in service trade. In response, the General Office of the State Council introduced guidelines to promote high-quality development in this sector, focusing on high-standard opening-up policies. The Ministry of Commerce has also rolled out national and pilot free trade zone versions of negative lists for cross-border trade in services. Pilot programs in the medical field, for instance, now allow foreign-funded hospitals to be established in major cities such as Beijing and Tianjin. Additionally, the number of comprehensive pilot cities for expanding service industry openness has increased to 11, with over 1,300 pilot measures introduced across sectors including technology, telecommunications, culture, tourism, and finance.

These policies reflect China’s ongoing commitment to fostering an open and innovative service industry. By facilitating foreign investment and encouraging international cooperation, China aims to enhance its service sector’s global competitiveness and drive mutual benefits through openness.

The 2024 CIFTIS exemplifies China’s high-level opening-up and its role in deepening global economic integration. The fair has attracted a diverse range of participants, from established international giants to emerging small- and medium-sized enterprises (SMEs). This broad participation underscores the fair’s significance as a global platform for showcasing the latest achievements, technologies, and applications in the service sector.

The growing “circle of friends” around CIFTIS, with both familiar and new participants, highlights the expanding global interest in China’s service industry. The mutual appreciation between global exhibitors and the Chinese market demonstrates the fair’s role in bridging gaps and fostering international collaboration.

The 2024 China International Fair for Trade in Services (CIFTIS) stands as a testament to China’s commitment to advancing global service trade and promoting international cooperation. Through its expansive participation and innovative showcase, CIFTIS highlights China’s evolving role in the global economy and its dedication to high-quality development and openness. As China continues to develop its service industry and embrace global collaboration, events like CIFTIS play a crucial role in driving forward economic growth and strengthening global trade networks.

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