* The 2022 China International Fair for Trade in Services (CIFTIS) concluded in Beijing on Monday, achieving fruitful outcomes and bringing fresh hope to stagnating global economic growth.

 

* The six-day event is one of the world's largest and most comprehensive fairs for trade in services. Preliminary statistics show that this year's CIFTIS saw a total of 1,339 projects and contracts concluded.

 

* Data shows that China's accumulated value of services imports reached 4.3 trillion U.S. dollars over the past decade, creating nearly 18 million jobs for its global trade partners.

 

By Xinhua writers Wang Minghao, Kong Xiangxin, Luo Xin

 

The 2022 China International Fair for Trade in Services (CIFTIS) drew to a close in Beijing on Monday, achieving fruitful results and bringing fresh hope to stagnating global economic growth.

 

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

 

A total of 71 countries and international organizations exhibited at the fair this year, with the total exhibition area increasing 20 percent from last year to reach 152,000 square meters.

 

The six-day event is one of the world's largest and most comprehensive fairs for trade in services. Preliminary statistics show that this year's CIFTIS saw a total of 1,339 projects and contracts concluded.

 

"CIFTIS was successfully held on schedule this year despite the impact of the COVID-19 pandemic and other adverse factors, once again showing China's confidence and determination to promote high-level opening-up and contribute to the prosperous development of the global trade in services," said Wang Zhihua, an official from the Ministry of Commerce (MOC).

 

GREEN INNOVATIONS, LOW-CARBON DEVELOPMENT

 

CIFTIS 2022 highlighted green development amid the country's efforts to achieve its carbon peak and carbon neutrality goals, establishing an environmental services section for the first time.

 

Covering an area of 16,700 square meters, the section focused on such topics as low-carbon energy, the climate and carbon economy, and carbon neutrality and green technology.

 

The venue for this new section made innovative use of digital technology demonstrations, such as demonstrations of blockchain, 5G, cloud computing and the Internet of Things, as well as smart exhibition platforms.

 

Centered on green, low-carbon and sustainable development, CIFTIS 2022 had 24 green-related forums and events to explore the path of global cooperation on green development.

 

"Green transformation is the general trend of the development of the global services trade industry," said Zhuang Rui, a professor at the University of International Business and Economics in Beijing.

 

"At a time of global warming and frequent occurrences of extreme weather, emphasizing green development at this year's CIFTIS is particularly meaningful," Zhuang said.

 

From knives and forks to bicycles and drainpipes, a surprising array of bamboo-made exhibits attracted many visitors to the booth operated by the International Bamboo and Rattan Organization (INBAR).

 

"Bamboo is a green, low-carbon, fast-growing and biodegradable biomass material, which can replace plastic in many fields. Now, more than 10,000 kinds of bamboo products have been developed in such areas as clothing, food, housing and transportation," said INBAR official Fu Jinhe.

 

"Our booth at last year's fair was only 60 square meters, and it has increased to 120 square meters as we have more partners this year," Fu said.

 

The GEOVIS carbon emissions monitoring platform, jointly developed by Tsinghua University and Geovis Technology Co., Ltd., a Beijing-based high-tech company focusing on the research and development of digital earth products, was also demonstrated at CIFTIS 2022.

 

"The platform enables the effective display of the near real-time temporal and spatial distribution of carbon emissions, showing the dynamic changes of regional carbon emissions. It could contribute to real-time carbon emissions monitoring and accounting," said Fei Weiwei, vice president of the company.

 

Tu Ruihe, head of the UN Environment Programme China Office, said that China's practices and experiences in promoting a green and low-carbon transition are of global significance.

 

"We look forward to China's continued efforts to reduce pollution and carbon emissions, and share its successful experiences with other developing countries, especially those along the Belt and Road," Tu said.

 

SUPER-LARGE MARKET

 

Noting the opportunities presented by the event, more foreign firms are actively participating to expand their presence in China.

 

Amazon Web Services, which participated in the fair for the second time this year, showcased pioneering solutions in a dozen industries, including medical services, smart manufacturing and gaming.

 

U.S. company Qualcomm has attended the fair for three consecutive years. This year, the company demonstrated 5G, artificial intelligence and other technologies and their applications in sectors such as manufacturing and automobiles.

 

During this year's fair, Air China and British engineering giant Rolls-Royce announced that they are entering into a new joint venture covering engine maintenance, repair and overhaul in Beijing, with a registered capital of 190 million U.S. dollars.

 

Launched in 2012, CIFTIS has in the past decade evolved into one of China's flagship platforms serving to promote opening-up and international cooperation.

 

Amid efforts to further align itself with international trade rules and facilitate services trade growth, the country has shortened its negative list for foreign investment for five consecutive years.

 

China has also continued to advance its accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

 

Data shows that China's accumulated value of services imports reached 4.3 trillion U.S. dollars over the past decade, creating nearly 18 million jobs for its global trade partners.

 

"China has boosted the willingness of foreign companies to enter the Chinese market with its opening-up gestures, internationalized vision, and comprehensive advantages in terms of optimizing its business environment and providing services," said Michael Bi, EY Greater China markets managing partner.