Beijing, September 15 (Daily Kiran) : The China International Service Trade Fair (CIFTIS) concluded recently in Beijing, featuring participation from over 400 Fortune 500 companies and industry leaders. This year, the event introduced a “China Service” exhibition area for the first time, showcasing significant technologies such as AI, large models, and intelligent agents. These innovations accounted for about 40% of the exhibition, highlighting China’s robust local innovation capacity.
Wang Li, the global senior vice president of Eli Lilly and head of Lilly’s China pharmaceutical development and medical case center, noted that China’s innovation capability has steadily increased over the past decade. Lilly recognizes China as a crucial global innovation power and has committed to investing $3 billion over the next ten years.
Similarly, Tulio Oliveira, general manager of Johnson & Johnson MedTech in China, celebrated the 20th anniversary of their Suzhou manufacturing facility last week. He announced plans to enhance production capacity and launch new production lines, reflecting the company’s long-term commitment to China’s innovation ecosystem.
A notable feature of this year’s fair was the introduction of a roadshow area aimed at promoting services that expand internationally. The phrase “going abroad” emerged as one of the most discussed topics of the event.
Li Qing, a partner at Ernst & Young Greater China, emphasized that as they assist companies in expanding internationally, they observe a shift among Chinese firms. They are moving beyond merely exporting products and capital to exporting their capabilities and entire ecosystems. This evolution signifies that companies must not only venture abroad but also strengthen their domestic presence.
Additionally, this year’s fair coincided with the start of the “15th Five-Year Plan,” which focuses on expanding market access and openness in the service industry. This strategic alignment has instilled greater confidence among foreign investors looking to grow their businesses in China.
Chang Xinhua, the designated lead partner of KPMG’s northern China market department, expressed optimism about future openings in sectors such as value-added telecommunications, healthcare, and foreign wholly-owned hospitals. She believes more industries will become accessible to foreign companies, presenting new opportunities for growth in China.
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