The 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, which started on Wednesday, concluded on Monday.

Data from the Ministry of Commerce showed that during the six-day fair, 513 deals were clinched, 175 investment agreements were reached, and 173 products were launched.

It marked the 10th year that China hosted the fair.

Themed "Cooperate for Better Development, Innovate for a Greener Future," the 2022 CIFTIS featured increased internationalization with the participation of more than 2,400 companies offline and 7,800 online, including 507 Global Fortune 500 companies and industry-leading enterprises.

An environmental services sector was included in the 2022 CIFTIS to display new technologies and applications in ecological protection and energy conservation. Technology factors were highlighted at the event, and a Metaverse experience hall was unveiled at the event's Telecommunications, Computer and Information Services sector.

"After years of development, the services trade has become a significant component and growth engine in China's international economic and trade cooperation. It has also made positive contributions in promoting the recovery and development of the global trade in services," said Vice Minister of Commerce Sheng Qiuping.

Sheng said the CIFTIS will lead the trend of China's services consumption, provide all-around opportunities for foreign enterprises to actively integrate into China's services market, and serve as a platform for Chinese enterprises to make full use of both domestic and international markets and resources.

The past ten years witnessed the rapid development of China's trade in services. Thanks to the fair and the country's policy of further opening up, China's foreign trade in services has maintained an average annual growth rate of 6.1 percent, 3.1 percentage points higher than the global growth rate, and its service trade ranked second in the world for eight consecutive years as of 2021.

In 2012 when the first CIFTIS was held, the total volume of China's foreign trade in services was $470.58 billion. Data from the Ministry of Commerce showed the country's total imports and exports of services grew 21.4 percent year on year in 2021, exceeding $800 billion for the first time.

In particular, the import and export of knowledge-intensive services last year rose 14.4 percent year on year to about 2.3 trillion yuan ($360.4 billion).

"Services trade has become an important factor in promoting the sustained and healthy development of the Chinese economy and a booster for the prosperity of the world economy," said Li Jun, director of the Institute of International Trade in Services under the commerce ministry.

During this period, the added value of the country's service sector soared 1.49 times and cumulative trade in services exceeded $4 trillion, which has further cemented the country's advantage of having an ultra-large market.

"CIFTIS shows the world China's determination to participate in international services trade, its enthusiasm to embrace economic globalization and win-win cooperation, and the resilience and vitality of China's economy to overseas trading partners," said Zhu Dongfang, president of Asia Digital Group.

"The holding of CIFTIS fully demonstrates China's commitment to firmly expanding opening-up and strengthening international cooperation," said Michael Bi, managing partner of EY Greater China Markets.

China will build a high-standard opening-up system for the services industry and establish a national demonstration zone for services trade innovation, Chinese Vice Premier Han Zheng said while delivering a keynote speech at the Summit of 2022 CIFTIS on Wednesday.

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Revving up services trade, China is committed to higher-level opening