Over 80 foreign companies and organizations attend China's largest services trade exposition 2023 CIFTIS in Beijing

By Li Panpan

(JW Insights) Sep 8 -- Over 80 countries and international organizations attended the 2023 China International Fair for Trade in Services (CIFTIS) held in Beijing from September 2-6, Chinese press reported.

Themed "Opening-up leads development, cooperation delivers the future," the 2023 CIFTIS attracted more than 2,400 companies’participation in offline exhibitions, according to the organizer.

Visitors experience a virtual reality city during the 2023 China International Fair for Trade in Services (CIFTIS) at Shougang Park in Beijing, capital of China, September 6, 2023.

China's total service import and export volume reached a record $889.1 billion in 2022, marking a year-on-year increase of 8.3% and maintaining its position as the world's second-largest for the ninth consecutive year, said the Xinhua report.

The scale of offshore service outsourcing is steadily expanding, and the effects of industry transformation and upgrading are evident, as shown in the 2022 China service trade development report, compiled under the leadership of the Ministry of Commerce and published at a forum held at the expo.

China’s ViceMinister of Commerce Wang Shouwen said that in the first half of this year, China's service sector accounted for 56 percent of GDP, contributing 66 percent to economic growth, and 70 percent of foreign investment in China went to the service sector.

Emerging sectors such as digital culture, digital finance, internet healthcare, online education, and smart logistics continue to flourish in China, significantly expanding the application scenarios within the service industry.

In 2022, the exports of digitally deliverable services exceeded $210 billion, accounting for more than 50 percent of total service exports, according to the report.