Mega-fair held in nation's capital attracts thousands of companies, participants

The fifth China Beijing International Fair for Trade in Services, or CIFTIS, is showcasing the latest technological achievements worldwide and strengthened global cooperation - aiming to promote the open, innovative and integrated development of the services sector.

This year, the annual event opened Monday and will run through Friday. Covering a vast exhibition area of 50,000 square meters, it has attracted participants from 120 countries and regions - 46 of them involved in the Belt and Road Initiative - and 31 cities nationwide.

A total of 37 overseas countries and regions have set up exhibition stands this year, including the United States, Japan, Switzerland and Australia.

Brazil, the host country of the fair, is presenting its rich culture as well as its tourism sector in a 370 sq m exhibition area.

Other highlights of the five-day event include exhibition pavilions revolving around a variety of themes, such as the 40th anniversary of China's reform and opening-up, innovation pilot programs for the services trade, technological innovation, cultural trade, e-commerce, financial services and traditional Chinese medicine.

The fair also features 130 forums and trade activities, among them six international forums, 28 special activities held by overseas countries and regions, as well as 91 industry meetings and matchmaking events. In addition, nine promotional activities are being staged by Chinese provinces and municipalities - including Shanghai, Tianjin and the provinces of Jiangsu and Jilin.

Jiangsu, as the host province of the event, is displaying its achievements in the services trade, which were made in the national innovation pilot areas of Suzhou - a popular tourist destination in the province - and Jiangbei New Area in the provincial capital, Nanjing.

Leading companies involved in cultural tourism and the services outsourcing sectors in the province are participating.

Various intangible cultural heritage items from Jiangsu offer a glimpse into the province's rich resources, which it is employing to develop its creative industry.

These include Yunjin brocade from Nanjing - a famous silk fabric woven with elaborate designs - Suzhou embroidery and Guqin, which is a seven-stringed plucked instrument from Yangzhou.

Kicking things off, a global services trade summit held on Monday discussed the development trends and hot issues of the industry.

The latest CIFTIS has attracted more than 2,500 companies and nearly 22,000 businesspeople from around the world, who registered online in advance.

"This year's fair is applying some techniques for the first time, such as registration by scanning QR codes and using face recognition technology, to improve the experience of exhibitors," said Yan Ligang, director of the Beijing Commission of Commerce, the fair's organizer.

At the AI-themed exhibition section, artificial intelligence, virtual simulation, humancomputer interaction and other innovative technologies enable users to once again experience the eight-minute performance that China staged at the 2018 closing ceremony of the Pyeongchang Winter Olympics in South Korea.

According to Ding Huiru, deputy director of the department of trade in services and commercial services at the Ministry of Commerce, China's services trade has developed rapidly in recent years, with average annual growth of 7.8 percent from 2012-17.

Last year, the foreign trade volumes of China's services sector reached 4.7 trillion yuan ($740.7 billion), an increase of 6.8 percent on 2016. The country's foreign trade in services has remained the second biggest in the world for four consecutive years.

China's growth in exports of its services was significantly higher than that of imports last year, with the structure of its services trade further optimized, Ding said.

"The pilot areas for innovation services have played a leading role," she said, adding that they generated 2.44 trillion yuan in imports and exports of services last year.

"Their growth in services imports and exports were both higher than the national average," she added.

In the first quarter of this year, China maintained growth momentum in its services trade, amounting to 1.25 trillion yuan, an 11.4 percent increase compared with the same period last year.

"By hosting the fair, China will build up its national services brand, develop high-end manufacturing services and expand the opening-up of its service sectors, including pensions, medicine, education and finance," said Xian Guoyi, director-general of the Ministry of Commerce's service trade department.

caoyingying@chinadaily.com.cn