Shared Market & Future: Foreign businesses eyeing China’s service sector
Updated 21:02, 11-Nov-2018
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So just how do foreign businesses in the service industry plan to break into China's market? Our reporter Zou Yun found out.
There's nothing you can eat, or drive or fly in this exhibition hall, but it's filled with ideas and solutions that will shape the future. This is the magic of services.
In this exhibition hall of trade in services, over 450 companies from 90 countries and regions bring their latest services and solutions, covering various sectors from logistics to tourism, from finance to outsourcing.
And they are here with a clear goal. With China's market demand for services sharply growing, it's key for them to get their foot in the door as soon as possible.
PAUL KARAM, VP OF OPERATIONS AMERICAN BUREAU OF SHIPPING, GREATER CHINA REGION "In the next 5 to 10 years, China's ship owners will become the largest ship owning nations. We are here now on the CIIE to really understand how that environment is changing. We want to understand where the technology is going, because our company actually look at the future technology and designs. We are gonna work with the ship yards and ship owners to actually meet those future technology it needs in environmental regulations."
The largest area in this gigantic exhibition hall is taken up by the business delegation from Singapore. China has been Singapore's top investment destination since 1997, as well as its largest trading partner since 2013. Exploring more opportunities and collaboration with China is something the Singaporean businesses are making sure not to miss.
BENJAMIN CHAN, GENERAL MANAGER SINGAPORE AIRLINES, CHINA "China is such a big market, it is difficult not to be on site to be able to have a face to face conversation with our Chinese counterparts. And I think this is the perfect opportunity for Singapore businesses, to come here, to be able to meet for more products and services to Chinese consumers."
In the next five years, China's cumulative service imports are expected to exceed 2.5 trillion dollars, which would contribute over 20 percent to the growth of global service imports. For Deloitte's Vivian Jiang, providing tailor-made solutions to help Chinese businesses unleash their business potential while going through digital transformation, is the way her company endeavor to get a piece of the pie.
VIVIAN JIANG, VICE CHAIR DELOITTE CHINA "I can cite you numerous examples where by companies doing this alone, they can't be successful. They need company like us who actually have thought leaders, who knows about industry, and who knows the industry globally to help them, package them, integrate all their thinking into a methodology, and into a strategy, and into implementation."
ZOU YUN SHANGHAI "Unlike most exhibition halls at the expo, most products on display at this venue are not edible, visible, nor touchable. However, they already play an important role, and in the future a vital role in upgrading people's livelihood, business development and technology transformation. ZY, CGTN, Shanghai."