Trade fair set to facilitate growth in service sector

In their discussions in Hangzhou about kick-starting the global economic recovery, G20 leaders emphasized the importance of growth and innovation in the service sector to provide new momentum.

The service sector and trade in services have been developing rapidly in recent years. The Ministry of Commerce estimated the volume of service trade will exceed $1 trillion by 2020, bringing greater opportunities for the development of the world's economy.

The Beijing fair, hosted by the Ministry of Commerce and the Beijing Municipal government, is the first transaction platform built for service trade in the world, in this respect it has a historic responsibility in terms of facilitating the service industry and trade.

A document of the State Council in 2015 called for the active development of service trade and cooperation platforms, and the establishment of a strategic structure to support service trade fairs. The Beijing fair is expected to play a leading role in this work, and other professional exhibitions and forums should also support this strategy, the document said.

A trade fair might not be a new way to boost economy, however, the Beijing fair has taken a range of innovative approaches to boost growth.

Such approaches have aided the city's service sector, which is widely viewed as an example to its sluggish global counterpart.

"We are trying to build the fair into an authoritative window to shape policies and trade information, strengthen its function as a public bridge to advanced service trade opportunities in China and promote China's service trade products so that they can go global," Cheng Hong, vice-mayor of Beijing said.

In recent years, China has been exploring new modes to jumpstart economic growth and development.

CIFTIS is a good example of the natural transition from the traditional trade in goods to trade in services, which is hoped to aid in China's transformation from a manufacturing to a service-based industrial country.

Viewed as a barometer for global service trade and a platform for global cooperation, CIFTIS has become a comprehensive international platform for promoting trade in services.

Since it was first held in 2012, the fair has stimulated trade and opportunities and earned a reputation as an effective platform for promoting global trade in services.

The fourth session of the event, which was held from May 28 to June 1 this year, gave the city a chance to showcase its strength in the sector.

Agreements with a total value of $101 billion were inked at the event.

The 50,000-square-meter exhibition area attracted 171,000 visitors and exhibitors from 126 countries and regions, all of whom were aiming to take full advantage of Beijing's booming service sector.

To date, CIFTIS has provided a total area of 225,900 square meters for business discussions and held 533 events, attracting more than 7,500 domestic and overseas enterprises.

The fourth session of CIFTIS focused specifically on six sectors: science and technology, internet and information, culture and education, finance, business and tourism, and health and medical services.

A total of 122 forums, conferences and trade talks were held during the session.

The service trade is expected to maintain its rapid growth over the second half of the year.

zhuanti@chinadaily.com.cn

(China Daily 09/06/2016 page24)