The opening ceremony of the Third China (Beijing ) International Fair for Trade in Services. In 2013, Beijing's trade in services exceeded $110 billion, about 1.2 percent of the global total. Zou Hong / China Daily

The exposition that opened this week in Beijing is expected to enhance the municipality's quality of trade in services as the city restructures its growth outlook, experts said.

"The headquarters of Beijing's services businesses - State-owned, private and foreign-invested ones - accounted for almost half of the municipality's total value-added businesses and about 60 percent of the city's income and tax revenue," Lu Yan, director general of Beijing's municipal commerce commission, said on Wednesday.

In 2013, Beijing's trade in services exceeded $110 billion, about 1.2 percent of the global total. The first quarter of this year saw the city's trade in services reach $40 billion, up 54 percent-from a year earlier, according to the commission.

Although the city's economic growth recently eased its pace, the municipal government is adjusting to the slowdown by restructuring the growth to a model driven by services, high-end industries and innovation, which is also "gree n" growth.

The city has attracted multinational businesses from different services sectors, including accounting, consulting, creative design, research and development and copyright trading, to set up headquarters or branches.

The Third China Beijing International Fair for Trade in Services, or CIFTIS, kicked off at the National Convention Center on May 28 and will last until June 1. Some 26,700 traders and 2,524 enterprises from 117 countries and regions will take part in the five-day event. With the theme of "Better Policies for Better Lives," the fair this year includes three kinds of activities - namely, exhibitions, forums and trade negotiations, occupying an exhibition area of 50,000 square meters.

Approved by China's State Council in 2012, CIFTIS is the first comprehensive exhibition event for trade in services worldwide under the auspices of China's Mini stry of Commerce and the Beijing municipal government.

"I hope exhibitors and guests from home and abroad can make use of the fair, making it a platform to strengthen communications and cooperation to boost services and trade in services with mutual benefits," said Cheng Hong, deputy mayor of Beijing.

The fair has also won permanent support from the world's three leading organizations: the World Trade Organization, the United Nations Conference on Trade and Development and the Organization for Economic Cooperation and Development, Cheng said.

Stephen Phillips, the chief officer of the China-Britain Business Council, said that the education sector has huge potential for boosting trade in services between the two countries, as it will help enhance enterprises' competitiveness.

As China drives economic growth more toward domestic consumption and away from exports and investment, services as a sector is becoming increasingly important to the Chinese economy, said Mukhisa Kituyi, secretary general of the UN Conference on Trade and Development.

"In the wake of the global crisis of the past six years China has looked to expand domestic consumer markets to reduce vulnerability to financial activities. The expanding international competitiveness of services in the country ... will continue to grow entrepreneu rship, increasing the higher value compenents of global value chains," Kituyi said.

He added that one of the key areas of restructuring the Chinese economy is "according concrete significance to services sectors as you move beyond the traditional emphasis on exported growth and start to emphasize new forms of international trade in global value chains.

"The potential importance of domestic consumers as a driver for sustaining high growth rates will improve and refine attention to the services industry," Kituyi said.

Country eyes more liberalized tertiary industry

China will further open up its services sector to foreign capital this year, while mulling rules and regulations to create a more level playing field, as the value-added industry becomes a powerful engine fueling the world's second-largest economy.

"Gearing up for the development of the services sector is a must for China to be able to ensure a stable economy and an expanding job market amid economic restructuring," said the country's Vice-Premier Wang Yang in a written address to the summit of the Third China (Beijing ) International Fair for Trade in Services, or CIFTIS, on Wednesday.

Wang said China will slowly and steadily open up more fields in its services sector - initially in Shanghai's free trade zone, then expanding to the rest of the country - and take the initiative to be further integrate into global value chains.

The government eased restrictions on investment in such industries as shipping, communications, banking, legal and healthcare in the FTZ last September when the pilot zone first opened its office. >>>More

HK council helps local companies expand on mainland

Companies from Hong Kong and the Chinese mainland are signing new cooperation agree ments at the ongoing Third China (Beijing ) International Fair for Trade in Services.

The Hong Kong Trade Development Council has invited some 60 representatives from more than 40 local companies to seek alliances with companies on the mainland at this year's fair that opened on Wednesday.

The council, established in 1966, focuses on promoting trade in goods and services and aims to create opportunities for Hong Kong companies, particularly the small and medium-sized companies.

Most of the Hong Kong businesses at the fair are from nine sectors that include finance, logistics , design and management. The service sector in Hong Kong now generates over 90 percent of the special admini strative region's GDP, according to Peter Wong, regional director of the Hong Kong Trade Development Council Northern China. >>>More

Distribution sector to ink US$16 bln deals

More than 200 exhibitors and traders from 40 countries and regions, including Italy, Russia and South Korea, will attend the distribution sector of the Third China (Beijing) International Fair for Trade in Services (CIFTIS), which kicked off on May 28 at the China National Convention Center.

Some of the famous businesses include Elong.com, an online tourism service provider; Tisunion.com, or the China International Trading Platform for Trade in Services, a B2B trading and information platform; and the Africa Investment Information Exchange Center. >>>More

Beijing fair helps TCM go global

There are many areas where traditional Chinese medicine (TCM) can help, including medical care, health management and tourism, but the first stage is still teaching people about its benefits, said participants at the China Beijing International Fair for Trade in Services.

Just ask Ding Yonglin, vice general manager of Tongrentang, a TCM maker established in 1669. In an interview on May 30, he said his company has had difficulties expanding its overseas network, adding that the Beijing fair is the first domestic event in which Tongrentang could showcase its products to the world without leaving China.

Howard Gough, chief executive officer of insurance company Cigna's Middle East & Asia Pacific Global Employer Segment, told China Daily he came to the Beijing fair to learn about TCM. Gough said once his company knows what benefits TCM can provide, it can then come up with insurance policies covering TCM fees.

He added that if policies such as these could be implemented, people living outside of China and Chinese people travelling abroad could get compensated if they need TCM care. As it stands , people living in most countries outside of China need to pay their TCM bills on their own because there are no existing insurance policies. >>>More