CIFTIS secures raft of deals and investment agreements

The 2021 China International Fair for Trade in Services has further demonstrated its role as a key platform for the country's opening-up and innovative development, by providing opportunities for all involved parties and instilling confidence in a global economic recovery, a commerce ministry official said on Tuesday.

Wang Zhihua, a senior official of the department of trade in services and commercial services at the Ministry of Commerce, said the 2021 CIFTIS, which concluded on Sept 7 in Beijing, achieved its goal and generated fruitful results.

According to the organizing committee, the six-day fair saw 642 deals clinched, 223 investment agreements reached and 46 alliances formed.

Eighty-seven projects related to cultural integrated development were inked during the 2021 CIFTIS, valued at 23.89 billion yuan ($3.69 billion).

Meanwhile, the sports services sector held a signing ceremony for 14 projects worth 11.15 billion yuan in total.

The event was more international this year with 12,000 enterprises from 153 countries and regions participating, compared to 148 countries and regions last year, said Yan Ligang, director of the Beijing Commerce Bureau.

The exhibition area expanded to 126,000 square meters, covering four comprehensive exhibitions in the China National Convention Center and eight thematic exhibitions in the Shougang Industrial Park, with 7,364 companies from home and abroad signing up for exhibitions, both online and offline, up 37 percent from the number of 2020.

In particular, it was the first time that the fair held a health services exhibition, enabling leading healthcare enterprises and institutions to showcase their latest achievements in containing COVID-19.

"Overall, this year's exhibition not only allowed industry insiders to see new technologies, new trends and new opportunities, but also enabled general visitors to improve their understanding of trade in services with new experiences and services offered," Wang said.

During the fair, five summit forums and 200 thematic conferences and promotional activities were held. Nearly 300 guests including heads of international institutions and ambassadors to China attended the online and offline sessions, exchanging their views on issues such as the trends of digital trade, carbon neutrality and intellectual property protection.

The fair, gathering talents and resources around the world, helped to build consensus about global economic recovery and trade growth, Wang said.

"It also sent a positive signal that China will be committed to promoting opening-up and deepening international cooperation in economics and trade," he added.

With China further relaxing and canceling restrictive measures on trade in services, the sector has seen robust development in recent years.

During the 13th Five-Year Plan (2016-20), the country's import and export of services totaled $3.6 trillion, ranking second in the world, according to figures from the Ministry of Commerce.

In July alone, China racked up 431.92 billion yuan in its service trade sector, up 10 percent year-on-year, ministry data showed.

For the next step, China will continue to advance opening-up in service trade by optimizing regulatory systems, ramping up support for countries involved in the Belt and Road Initiative and promote service trade digitalization, Wang said.

"We plan to release a negative list of cross-border trade in services and establish several digital trade demonstration zones around the country in the next few years," he said.