Xinhua Silk Road: China international services trade fair closes with fruitful achievements

BEIJING, Sept. 10, 2020 /PRNewswire/ — China International Fair for Trade in Services (CIFTIS), the first major international economic and trade event held both online and offline by China since the COVID-19 outbreak, closed on Wednesday in Beijing, with fruitful achievements made during the six-day event. 

Officials brief audience on fruitful achievements of China International Fair for Trade in Services
Officials brief audience on fruitful achievements of China International Fair for Trade in Services

Themed "Global Services, Shared Prosperity," the 2020 CIFTIS has attracted 22,000 enterprises and institutions from 148 countries and regions, including 33 international organizations, 68 embassies in China, 110 overseas business chambers and associations, and 199 Fortune 500 companies.

The 2020 CIFTIS hosted exhibitions and 190 forums and business talks covering 12 major sectors such as transport, travel, construction, insurance services, financial services, telecommunications, computer and information services, as well as cultural services, said Yan Ligang, director of the Beijing Municipal Commerce Bureau.

As one of the world’s largest and most comprehensive fairs for trade in services, the fair has attracted 5,926 domestic and foreign enterprises and institutions to participate online and offline. In particular, exhibitors have made full use of new technologies and financial innovation tools such as 5G, big data and artificial intelligence to realize integrated development and industry upgrading, according to Yan. 

Provincial-level regions, centrally-administered state-owned enterprises and financial institutions have formed trade groups for the first time, participating in active transactions, with 240 contracts signed, according to Xian Guoyi, an official with the Ministry of Commerce.

The ministry will establish a negative list for cross-border service trade and construct open platforms for piloting the innovative development of trade in services, noted Xian.

The fair received 7.2 million views on its official website, and 8.05 million views on its official mobile app. A total of 5,372 domestic and overseas enterprises have set up online booths, among which 2,037 were displayed in three dimensions.

An online platform will continue to be open to enterprises for a certain period for online registration, online exhibition booth building, negotiations and contract signing, Yan added.

Against the backdrop of the pandemic-rattled global economy, many participants from home and abroad have seen opportunities from the CIFTIS, as China has pledged to stay committed to further opening up and continues apace in sharing development opportunities with the rest of the world.

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