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A Fair For All
China’s potential in trade in services on full display at annual fair
By Zhou lin 丨VOL. 14 October 2022 ·2022-09-22


Ambassadors take a group photo during the Ninth China Inbound-Outbound Forum in Beijing on September 2 (COURTESY OF CCG)

The China International Fair for Trade in Services (CIFTIS) held annually in Beijing is regarded as one of the three major platforms for China’s opening up, together with the China International Import Expo in Shanghai and the China Import and Export Fair in Guangzhou. This year’s edition, held from August 31 to September 5, was special as it marked the 10th anniversary of CIFTIS with statistics to rejoice at.  

The service industry currently accounts for 65 percent of the global GDP, and provides two-thirds of employment in developing countries and four-fifths in developed countries. According to the Report on China’s Development of Trade in Services (2021), China’s service trade had seen an annual growth of 6.1 percent over the previous decade, twice the growth of service trade globally. For eight consecutive years, China’s service import and export volume has ranked second globally. 

This year, 71 countries and international organisations exhibited at CIFTIS, 13 more than in 2021. They included 10 first timers, including the United Arab Emirates (UAE), Switzerland, Italy and Australia. In addition, more than 400 of the world’s Top 500 companies and other leading enterprises joined in on the scene.   

Growth trends  

The 8,000-square-meter exhibition area for the national pavilions of different countries was particularly eye-catching. At the Irish Pavilion, visitors vied to taste cream liqueur and honey whisky. Since its CIFTIS debut in 2017, Ireland has become one of the permanent attendees and was the guest of honour of last year.  

Joseph Keating, counsellor of science and technology innovation at the Irish Embassy in China, could be seen in front of the product display booth with the logo of China-EU Geographical Indications (GIs). A GI is an intellectual property right given to a product certified to originate from a particular location and having the qualities attributed to that location. He called CIFTIS “an opportunity to present Ireland’s industrial strengths – an ideal investment destination with top agricultural products, hi-tech innovation capability, prestigious higher education, and tourism with a unique culture.” The natural materials, quality and high food-safety standards coincide with the healthy lifestyle being pursued by the Chinese middle class, he added. 

Keating said that Ireland is the fifth-largest financial service centre in Europe. Its financial service sector made its debut as a group at this year’s CIFTIS. Industrial Development Agency Ireland, the Irish agency for attracting foreign direct investment, presented Ireland as an investment destination with a business-friendly environment.  

“We have a young, international and highly educated workforce and our tax regime is one of the most consistent, open, transparent and competitive systems in the world,” he said. This has seen Chinese tech giants such as Huawei, Tencent and TikTok make significant investments in Ireland.  

Keating shared a set of data on China-Ireland trade. From 2010 to 2020, total trade in services between the two rose nearly six-fold from $2.1 billion to almost $12 billion. The acceleration has been especially discernible in the past three years. Given the sluggish global economy under the pandemic, it is testimony to the potential of trade in services. 

   

UNESCO is represented at the 2022 CIFTIS (COURTESY OF UNESCO)

Innovation-driven free trade  

The UAE, this year’s guest of honour, saw CIFTIS as an opportunity to showcase its enterprises in aviation, finance and high-end manufacturing as well as its unique cultural and tourism resources. At the Ninth China Inbound-Outbound Forum co-organised by the Centre for China and Globalisation (CCG) and the Beijing Two Zones Office, Ali Obaid Al Dhaheri, UAE’s ambassador to China, said both the emirates and China are leading in scientific and technological innovation and digital economy. In 2018, China and the UAE established a comprehensive strategic partnership, and now, they will pursue collaboration on digital economy.  

Al Dhaheri said CIFTIS, as an inclusive, sustainable and diversified platform facilitating free trade and globalisation, plays an essential role in reviving the global economy. It also demonstrates the resilience of China’s service industry. “The Chinese government has taken strategic steps forward to develop the service sector, which is internationally competitive. The UAE is also a beneficiary of open and globalised trade. So the two countries share similar forward-looking visions,” he said.  

It was the first time Italy made a group appearance at CIFTIS. The Italian pavilion, featuring the colours of the national flag - green, white and red - showcased Italy’s soft power in creative design as the world’s fashion centre. Gianpaolo Bruno, director of the Italian Trade Agency’s Beijing Office, said the service industry plays a crucial role in the Italian economy, representing about 73 percent of its GDP.  

Bruno said China has shown the world its resolve to continue a higher level of opening up, especially in service trade. This year China rolled out a national negative list of cross-border trade in services, which is expected to unleash the potential of the trillion-dollar market. “We definitely won’t miss this opportunity, and hope that we can be an active player in this market,” he said.  

CIFTIS, connecting the domestic and international service markets, has helped Chinese services to “go out” while bringing in high-quality services from overseas. As China works towards a higher level of development and opening up, it has been relaxing market access in the service sector and improving cross-border trade. This will build a high-standard service industry and create new opportunities for the sustainable development of world economy. 

  

 

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