Global businesses are converging on Beijing, seizing the opportunity to tap into the vast potential of the Chinese market at the 2024 China International Fair for Trade in Services (CIFTIS). The five-day event, themed “Global Services, Shared Prosperity,” opened on Thursday, bringing together over 450 Fortune 500 companies and industry leaders, along with representatives from 85 countries and international organizations.
CIFTIS has become a pivotal platform for international enterprises to explore business prospects in the world’s second-largest economy. Jack Chan, chairman of EY China, highlighted the fair’s role in fostering global cooperation. “CIFTIS brings together enterprises from around the world to share opportunities stemming from China’s opening up and development of trade in services,” Chan said. “It helps enterprises build a big circle of friends for win-win cooperation.”
The services sector’s high-quality opening up in China provides broader market space and development opportunities for global companies. Jacky Zou, chairman-elect of KPMG China, echoed this sentiment, noting that Chinese modernization offers new avenues for global development. “China’s door is opening wider,” Zou remarked. “KPMG hopes to leverage the trade fair and our professional services and international networks to better help foreign companies expand in the Chinese market and assist Chinese enterprises in going global.”
Official data showcases the steady growth of China’s trade in services, which has become a significant engine for its foreign trade. In the January-July period of 2024, imports and exports of services grew by 14.7 percent year on year to reach 4.2 trillion yuan (approximately $590 billion).
Wang Dongtang, an official with the Ministry of Commerce, emphasized China’s commitment to opening up its vast domestic market. “China is expanding its imports of quality services, providing the world with new development opportunities,” Wang said. “At the same time, we are encouraging exports of knowledge-intensive services to offer the world the fruits of our high-quality development.”
Global giants like Nestle are making the most of these opportunities. Attending CIFTIS for the second time, Nestle has showcased more than ten products across coffee, drinking water, and baby nutrition categories. “As a world-renowned food and beverage company with a history of 158 years, Nestle always has confidence in the Chinese market,” said David Zhang, CEO of Nestle Zone Greater China. “We hope to use this trade fair to further strengthen cooperation and exchanges, meeting the demands of Chinese consumers and clients with more innovative products and services.”
First-time participants like Siemens Healthineers and Medtronic are also debuting at the fair, bringing cutting-edge medical technologies and solutions. Lena Wang, vice president of Siemens Healthineers China, described the event as “an important global platform for exchanges of medical innovations and technologies, providing vast opportunities to explore partnerships.”
Alex Gu, president of Medtronic Greater China, expressed optimism about the Chinese market’s potential. “National-level exhibitions like CIFTIS offer multinationals valuable opportunities for exchanges and cooperation,” Gu said. “Given China’s massive population, medical needs, and the government’s emphasis on people’s health, the Chinese market holds great potential. We hope to strengthen our local value chain layout to provide better medical services to Chinese doctors and patients.”
CIFTIS continues to be a beacon for global businesses seeking to engage with the Chinese market, underscoring the country’s growing influence in international trade in services and its commitment to shared prosperity.
