Beijing is buzzing with international energy as over 450 Fortune 500 companies and representatives from 85 countries gather for the 2024 China International Fair for Trade in Services (CIFTIS). Themed \"Global Services, Shared Prosperity,\" the five-day event aims to unlock new business opportunities in the world's second-largest economy.
Leaders from major industries, including EY China and KPMG China, emphasize the fair's role in fostering win-win cooperation and expanding the global services trade. Jack Chan, chairman of EY China, highlighted how CIFTIS provides a platform for enterprises to connect and thrive amidst China's evolving market landscape.
Official data reveals that China's trade in services has grown steadily, with imports and exports reaching 4.2 trillion yuan (about $590 billion) in the first seven months of 2024, marking a 14.7% year-on-year increase. Wang Dongtang from the Ministry of Commerce noted that China's expanding import of quality services offers vast opportunities for global businesses while encouraging the export of knowledge-intensive services.
Global brands like Nestle and Siemens Healthineers are making significant strides at the fair. Nestle, attending for the second time, showcased a diverse range of products aimed at catering to Chinese consumers' demands. Meanwhile, Siemens Healthineers introduced cutting-edge medical technologies, reflecting the fair's importance as a hub for medical innovation and international partnerships.
Medtronic, a newcomer to CIFTIS, presented over 60 medical products and solutions, underscoring the immense potential of the Chinese market. Alex Gu, president of Medtronic Greater China, expressed optimism about strengthening the company's local value chain to better serve Chinese healthcare needs.
CIFTIS continues to be a pivotal event for multinational companies seeking to engage with China's vast market, driven by the country's focus on high-quality development and sustainable growth.
Reference(s):
China services trade fair offers opportunities for global businesses
cgtn.com
