The 2024 edition of the China International Fair for Trade in Services (CIFTIS) opened in Beijing on Thursday in a display of China's commitment to greater openness as well as improving and strengthening cooperation in the global services trade industry.

Themed "global services for mutual benefits," the five-day event features cutting-edge technologies and innovative applications in the trade in services.

A highlight of this year's event is a focus on the development of new quality productivity forces, which refers to the country's latest pursuit of high-end technology, efficient productivity and high-quality products and services.

Exhibitors are demonstrating how big data, zero-carbon technologies and digital services drive the expansion of services trade. 

Visitors are able to experience futuristic scenarios through 3D displays and explore autonomous vehicle advancements at the expo.

CIFTIS has expanded since its debut in 2012

Global enterprises are finding new opportunities in China's growing services market: Over 900,000 exhibitors and visitors from 197 countries have participated in CIFTIS since 2012. 

This year, 85 countries and international organizations are participating, including industry giants like Siemens, Google, Amazon, and GE Healthcare showcasing their latest offerings.

Schneider Electric, participating for the fifth time, told Xinhua that the Chinese market is full of vitality. 

Xu Shaofeng, the senior vice president of the French company, added that it will establish a China center for services to tailor-make products and services catering to market needs.

China pushes innovation in services trade

The Chinese government is also supporting services trade innovation, with recent significant milestones marked by the implementation of the national and pilot free trade zone versions of the negative list for cross-border services trade in April. By consolidating entry measures, China has enhanced the transparency and predictability of its cross-border services trade management.

The Chinese Ministry of Commerce, along with other departments, issued a notice to pilot the expansion of opening-up measures in the medical sector earlier this month, allowing the establishment of wholly foreign-owned hospitals in cities like Beijing and Tianjin.

Despite global economic uncertainties, China's services trade continues to thrive alongside its focus on digitalization, intelligence and green initiatives. 

China's added value of the services industry increased by 4.6 percent year on year in the first half of 2024, accounting for 56.7 percent of its GDP, data from the National Statistics Bureau showed. 

(With input from Xinhua)