CIFTIS highlights opportunities in Chinese market, defies decoupling

The 2024 China International Fair for Trade in Services (CIFTIS)

The 2024 China International Fair for Trade in Services (CIFTIS) commenced on Thursday, showcasing China's determination to further open up to the world and its willingness to share the dividends of its growth. The event witnessed enthusiastic attendance from countries around the world, offering a strong rebuttal to the decoupling efforts by some politicians in the West, analysts said.

Chinese President Xi Jinping on Thursday sent a congratulatory letter to the 2024 CIFTIS. Xi pointed out that CIFTIS, having been successfully held for 10 years, is a vivid portrayal of the high-quality development of China's services industry and services trade, making positive contributions to the building of an open world economy.

On Thursday, the China National Convention Center and Shougang Park in Beijing were crowded with exhibitors and visitors from around the world, with displays featuring exhibits ranging from artificial intelligence (AI)-powered surgical robots and passenger drones to hydrogen fuel motorbikes, giving the event a tech-driven, futuristic feel, the Global Times observed.

Together with the China Import and Export Fair and the China International Import Expo, which will be held later this year, the CIFTIS underlined China's commitment to opening up its services sector and sharing its vast market potential with the world, Chinese analysts said.

Paulo Jorge Nascimento, Portuguese Ambassador to China, told the Global Times on Thursday that Portugal, having a keen interest in expanding the services trade, has been following CIFTIS for a long time and "now we think it is the right time to set up our first independent booth as the two countries celebrate the 45th anniversary of diplomatic relations."

The ambassador said that with trade in goods dominating bilateral trade currently, "there is a huge space to increase trade in services between the two countries."

Companies and exhibitors expressed optimism about leveraging China's rapidly growing services sector and benefiting from the country's innovation-driven growth.

A long list of Global 500 firms, including Tesla, Siemens and Amazon, attended the event, which runs from September 12 to 16.

A resolution adopted by the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) in July called for adopting innovative measures to boost trade in services, and fully apply the "negative list" for cross-border trade in services.

China's determination to further open up its services sector has resonated well with global companies.

"The world is quite complicated today, and we see stability in China. The recent string of Chinese government policies aimed at further opening up add predictability for us. As a result, we are making plans to further increase our reach in the Chinese market," Wu Haifeng, general manager of Greater China with Norway-based industrial software company Kongsberg Digital AS, told the Global Times on Thursday.

"CIFTIS has significant global influence, as it is currently the world's only national-level, international, and comprehensive platform for services trade. With China recently introducing new measures to further open up its services sector, this year's event is expected to be a key highlight," Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Thursday.

Unlike certain Western politicians pushing for "decoupling" with China in some areas, multinational corporations prioritize investment opportunities and returns, Huo said.

With China's economy still growing at around 5 percent and its emerging industries showing strong vitality, companies won't be passing up investment opportunities in China. "In fact, they're rushing in, worried that other countries might snap up opportunities first. While US-led decoupling efforts may cause some external disturbances, the key lies in the resilience of China's own economic growth and its promising prospects," Huo noted.

The National Development and Reform Commission, China's top economic planner, said on Sunday that it will work with other government agencies to further advance the opening-up of the services sector.