Xinhua Silk Road: China International Service Fair Reflects Chinese Market’s Strong Attraction for Foreign Investment
BEIJING, September 13, 2022 /PRNewswire/ — At the 2022 China International Trade in Services Fair (CIFTIS) which concluded in beijing on Monday, many international companies signed cooperation agreements with China to deepen cooperation in trade in services, reflecting the strong attraction of the Chinese market for foreign investment.
A young girl tries out a virtual reality device at the Culture and Tourism Service Exhibition Hall of Shougang Park during CIFTIS 2022 in Beijing, capital of China, Sept. 4, 2022. (Xinhua/Ju Huanzong)
As one of the world’s largest and most comprehensive exhibitions for trade in services, CIFTIS 2022 has achieved fruitful results by strengthening international cooperation.
During the fair, Air China and British engineering giant Rolls-Royce announced the formation of a new engine maintenance, repair and overhaul (MRO) joint venture in beijingto the share capital of 190 million US dollars.
“Although this is the first time that we have participated in CIFTIS, we are very optimistic about the cooperation with China,” said Cao Qianhead of government affairs at Italian law firm D’Andrea & Partners Legal Counsel, adding that the firm has established offices in beijing, Shenzhen and hong kong in recent years, hoping to find more cooperation opportunities through the service fair and help the development of high-end legal services in China.
American technology giant Qualcomm, which has entered the Chinese market for more than 25 years and participated in three service fairs, has brought an application scenario of “Gongti Metaverse” combining Qualcomm’s separation rendering technology and China Mobile’s 5G network slicing technology.
“We already have deep partnerships with our Chinese industrial partners,” said Hou Mingjuan, global vice president of Qualcomm, adding that China Commitment to high-quality development through high-level openness has given multinational companies like Qualcomm the confidence to continue and expand cooperation with Chinese customers.
According to Ouyang Rihui, deputy dean of the China Internet Economy Research Center at the Central University of Finance and Economics in Beijing, China service sector creates a “magnet effect” in the world.
From 2012 to 2021, the effective use of foreign capital in China the service sector has gone from US$60.27 billion at US$140.51 billiona scale increase of 1.3 times.
China services imports are expected to reach $2.5 trillion by 2025, according to a report on China imports of services published by the country’s Ministry of Commerce during the third China International Import Expo in 2020.