Beijing, September 14 (Daily Kiran) : The China International Service Trade Fair recently concluded in Beijing, drawing participation from 90 countries and international organizations. Over 400 Fortune 500 and leading industry companies showcased their innovations, resulting in more than 1,200 outcomes.
From GE Healthcare’s advanced imaging technology to Schneider Electric’s one-stop service innovations and KPMG’s digital solutions, the “China Service Trade” is injecting new energy into the global economy with a focus on upgrading and improving quality.
Currently, the global service industry accounts for 65% of the world economy and more than a quarter of global trade. As the world’s second-largest service trade power, China’s service imports and exports saw an 8.3% year-on-year growth in the first seven months of this year, with knowledge-intensive service exports making up 53.5% of the total.
This year’s fair introduced the “China Service” case demonstration area for the first time, where nearly 40% of the showcased cases involved artificial intelligence, large language models, and other key technologies, reflecting ongoing advancements in “intelligent content.”
The upgrade of the “China Service Trade” is driven not only by the long-term accumulation of domestic innovation ecosystems but also by a positive cycle of open collaboration. Liu Chang, vice president for Northern Asia at Karagil, noted that the demand for high-quality services from Chinese consumers presents better prospects for companies. Recently, Johnson & Johnson MedTech announced an expansion of its factory in Suzhou, which validates the recognition of China’s innovation capacity through foreign investment. Henning Kristoffersen, the commercial counselor at the Norwegian Embassy in China, believes that the release of service demand in China will create new opportunities for enterprises from various countries.
To develop the “China Service Trade” brand, there is a need to strengthen internal capabilities while also expanding globally. A new “Global Expansion Service Promotion Roadshow Area” was established at the fair to provide professional support for the internationalization of Chinese enterprises. The CIIC Group has been deeply involved in international services for nearly 40 years, symbolizing Chinese enterprises providing services globally. Dela Mora, an official from the United Nations Conference on Trade and Development (UNCTAD), stated that “China is creating business opportunities for other countries and enterprises.”
Over the next five years, China will focus on expanding market access within its service industry. Eli Lilly has announced a $3 billion investment in China over the next decade, while many senior officials from foreign enterprises anticipate new opportunities arising from the opening of more industries. By 2030, China’s service industry is expected to surpass a total size of 1,000 trillion yuan. This growth will not only serve as a development point for the Chinese economy but also as a new engine for global trade. A more open and innovative “China Service Trade” will undoubtedly enable the world to share in greater development dividends.
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