February 8, 2025

* The 2022 China International Fair for Trade in Services (CIFTIS) ended in Beijing on Monday, achieving fruitful results and bringing new hope to the slowdown in global economic growth.

* The six-day event is one of the largest and most comprehensive fairs in the world for trade in services. Preliminary statistics show that this year’s CIFTIS saw a total of 1,339 projects and contracts concluded.

* Data show that the cumulative value of China’s services imports reached 4.3 trillion US dollars in the past decade, creating nearly 18 million jobs for its global trading partners.

By Xinhua writers Wang Minghao, Kong Xiangxin, Luo Xin

BEIJING, Sept. 5 (Xinhua) — The 2022 China International Fair for Trade in Services (CIFTIS) drew to a close in Beijing on Monday, achieving fruitful results and bringing new hope to the slowdown in economic growth. in the world.

Themed “Working together for Better Development, Transforming for a Greener Future,” CIFTIS 2022 features even more internationalization, with the participation of more than 7,800 companies in online and more than 2,400 businesses in person, including 507 industry-leading businesses and Global Fortune 500 companies.

People visit the Achievement Exhibition of China’s Trade in Services during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 1, 2022. (Xinhua/Li Xin)

A total of 71 countries and international organizations are exhibiting at this year’s fair, with the total exhibition area increasing 20 percent from last year to reach 152,000 square meters.

The six-day event is one of the largest and most comprehensive fairs in the world for trade in services. Preliminary statistics show that this year’s CIFTIS saw a total of 1,339 projects and contracts concluded.

“CIFTIS was successfully held on schedule this year despite the impact of the COVID-19 pandemic and other adverse factors, once again showing China’s confidence and determination to promote a high level of opening up and will contribute to the prosperous development of global trade in services,” said Wang Zhihua, an official from the Ministry of Commerce (MOC).

GREEN INNOVATIONS, LOW-CARBON DEVELOPMENT

CIFTIS 2022 promotes green growth amid the country’s efforts to reach the carbon peak and carbon neutrality goals, establishing an environmental services section for the first time.

Covering 16,700 square meters, the section focuses on topics such as low-carbon energy, climate and carbon economy, and carbon neutrality and green technology.

The area for this new section makes new use of digital technology demonstrations, such as blockchain, 5G, cloud computing and Internet of Things demonstrations, as well as smart exhibition platforms.

Centered on green, low carbon and sustainable development, CIFTIS 2022 has 24 forums and events related to green to define the path of global cooperation in green development.

“Green change is the general development trend of the global service trade industry,” said Zhuang Rui, a professor at the University of International Business and Economics in Beijing.

“In a time of global warming and frequent extreme weather events, the emphasis on green development at CIFTIS this year is especially meaningful,” Zhuang said.

From knives and forks to bicycles and drainpipes, a surprising array of exhibits made of bamboo attracted many visitors to the booth run by the International Bamboo and Rattan Organization (INBAR).

A visitor tries out a bamboo bicycle at the environmental services exhibition during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 3, 2022. (Xinhua/Li Xin)

“Bamboo is a green, low-carbon, fast-growing and biodegradable biomass material, which can replace plastic in many fields. Today, more than 10,000 kinds of bamboo products have been developed in areas such as clothing, food, housing and transportation,” said INBAR official Fu Jinhe.

“Our booth was only 60 square meters in the fair last year, and it has increased to 120 square meters because we have more partners this year,” said Fu.

The GEOVIS carbon emissions monitoring platform, jointly developed by Tsinghua University and Geovis Technology Co., Ltd., a high-tech company based in Beijing that focuses on research and development of digital earth products, is also on display at CIFTIS 2022 .

“The platform can effectively display the near real-time temporal and spatial distribution of carbon emissions, showing the dynamic changes in regional carbon emissions. This will contribute to real-time carbon emissions monitoring and accounting,” said Fei Weiwei, the company’s vice president.

Tu Ruihe, head of the UN Environment Program in the China Office, said that China’s practices and experience in promoting the green and low-carbon transition have global significance.

“We look forward to China’s continued efforts to reduce pollution and carbon emissions, and share its successful experiences with other developing countries, especially those along the Belt and Road,” Tu said.

SUPER-LARGE MARKET

Noticing the opportunities presented by the event, many foreign companies are actively participating to expand their presence in China.

New energy vehicles are displayed during the 2022 China International Fair for Trade in Services (CIFTIS) at the China National Convention Center in Beijing, capital of China, Sept. 3, 2022. (Xinhua/Ren Chao)

Amazon Web Services, which participated in the fair for the second time this year, presented pioneering solutions in a dozen industries, including medical services, intelligent manufacturing and gaming.

The US company Qualcomm attended the fair for three consecutive years. This year, the company showcased 5G, artificial intelligence and other technologies and their applications in sectors such as manufacturing and cars.

During this year’s fair, Air China and British engineering giant Rolls-Royce announced that they will enter into a new joint venture covering maintenance, repair and overhaul of the engine in Beijing, with registered capital of 190 million US dollars.

Launched in 2012, CIFTIS has in the past decade become one of China’s flagship platforms that serve to promote openness and international cooperation.

Amid efforts to better align itself with international trade rules and accelerate the growth of trade in services, the country has shortened its negative list for foreign investment for five consecutive years. .

People visit the United Arab Emirates (UAE) booth at the China National Convention Center during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, capital of China, Sept. 3, 2022. (Xinhua/Zhang Fan)

China also continued its progress in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

The data shows that the cumulative value of China’s import services has reached 4.3 trillion US dollars in the past decade, creating nearly 18 million jobs for its global trading partners.

“China has increased the willingness of foreign companies to enter the Chinese market by opening operations, international perspectives, and comprehensive advantages in terms of optimizing the business environment and providing services, ” said Michael Bi, EY Greater China markets managing partner. end

(Xinhua reporters Tian Chenxu, Ma Xinran, Zhao Xu, Ding Jing, Chen Xu, Yang Shujun, Wei Mengjia and Ji Ning also contributed to the story.)

(Video reporters: Tian Chenxu, Li Chunyu, Peng Ying, Ma Xiaodong, Wang Xiunan, Ren Chao, Wang Pu, Guo Peiran, Xia Zilin, Zhang Xiao, Li Dexin and Zhao Xu; Video editors: Zheng Xin, Wei Yin, Yin Le and Zhang Yuhong.)

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