Multinationals exploit opportunities at service fair – Xinhua

Photo taken on Sept. 3, 2022 shows an interior view of the China National Convention Center during the 2022 China International Trade in Services Fair (CIFTIS) in Beijing, capital of China. (Xinhua/Lu Peng)

BEIJING, Sept. 3 (Xinhua) — At the 2022 China International Trade in Services Fair (CIFTIS) currently being held in Beijing, visitors are overwhelmed with various digital application scenarios showcased by domestic and foreign enterprises.

Through digital technology monitoring and big data analysis, a sleep monitoring platform exhibited at the show can provide early warning of more than 10 diseases like myocardial infarction.

Through cooperation with community health service centers, a one-stop service plan for elderly health monitoring can provide comprehensive elderly care services. These include prevention and monitoring, first aid and rehabilitation treatment, enabling intelligent home care for the elderly, said Liang Yongzheng, general manager of Zhongshang Dingsheng Asset Management Group Co., Ltd.

In Shougang Park, one of the exhibition venues of the fair, Peking Opera, an ancient cultural heritage, has become a new fashion trend. A smart map on the theme of the Beijing Opera cultural journey, compiled by the Beijing Overseas Cultural Exchange Center, attracted many visitors to the exhibition.

The map helps sort out more than 100 landmarks, such as Beijing Opera’s old theater stages, performance venues and restaurants near Beijing. Each site contains detailed information in the form of graphics, images and videos, allowing the public to experience virtual reality (VR) panoramic views and instant navigation.

According to United Nations data, the share of global digital services in total services trade has increased from 48% in 2011 to 63.6% in 2020.

“The COVID-19 pandemic has brought risks and challenges, but business opportunities are everywhere at CIFTIS,” said Bai He, Senior Industry Solutions Architect of Amazon Web Services, Greater China Region.

“Our company has participated in the show for two consecutive years, hoping to show the world the cutting-edge technologies and latest achievements in the fields of medical health, auto travel, intelligent manufacturing, etc. through the services lounge,” Bai added.

Digital technology is one of the highlights of this year’s service fair.

Cloud computing, the Internet of Things, artificial intelligence, blockchain and other digital technologies have penetrated all aspects of production, circulation and consumption, enabling trade in services to enter the digital “fast lane”.

The vast blue ocean of China’s digital services trade has provided huge global market potential. During the 13th Five-Year Plan period (2016-2020), China’s digital trade grew by 47.4%.

According to data released by the Ministry of Commerce in August, in the first half of 2022, China’s service imports and exports increased by 2.89 trillion yuan (about 419 billion US dollars), an increase of 21.6 percent in year-on-year.

Among them, the export of telecommunications, computer and information services increased by 16.3%, becoming an area where the export of knowledge-intensive services grew rapidly.

“We are very optimistic about the prospect of our cooperation with China,” said Cao Qian, head of government affairs at Studio Legale D’Andrea.

Last year the company opened an office in Beijing and this year it added offices in Shenzhen and Hong Kong. “We hope to find more cooperation opportunities through the fair, and we can also contribute to the development of China’s high-end legal services industry,” Cao added.

In the first half of 2022, China’s service industry used 537.13 billion yuan of foreign capital, up 9.2 percent year on year.

“The ‘Digital CIFTIS’ showed us China’s action to share market opportunities and its economic and trade achievements with the world,” said Fukaishi Akihiro, Chairman of Epson (China) Co., Ltd., during the show.

This year’s CIFTIS attracted more than 400 Global Fortune 500 companies and industry-leading companies to attend the offline show.

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