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Growing together with China's trade in services — CIFTIS "breaks new ground" in China's trade in services through integration of multiple sessions

The 2019 CIFTIS was officially held on May 28, attended by about 8,000 institutions from home and abroad, over 36,000 merchants and representatives as well as more than 300 experts and scholars.

Since its inception in 2012, this event has upheld the mission of building the brand of global trade in services and achieved growth together with the trade in services in China, vigorously propelling the high-quality development of Chinese economy and the high-level cooperation in international trade in services.

Integration of multiple sessions: Build China's new exhibition brand
Upon approval by the Party Central Committee and the State Council, the China Beijing International Fair For Trade In Services, hosted by the Ministry of Commerce of the People's Republic of China and the People's Government of Beijing Municipality will change its name to China International Fair for Trade in Services (still referred to as CIFTIS) since 2019. The CIFTIS will be held once a year.

Since its founding, the CIFTIS has set up a promotion and communication bridge for products of financial services, construction services, communication services, cultural services, legal services, exhibition services, etc., through establishing the theme exhibition, international forum and trading negotiation platforms for global trade in services.

The data show that, the previous five sessions have attracted 646,000 person-times from 179 countries and regions around the world, covering all countries and regions ranking Top 20 in global trade in services and reaching an intention contracting amount of USD 424.27billion in total.

The 2019 CIFTIS at its debut after renaming has incorporated the China (Shenzhen) International Cultural Industries Fair (ICIF), Beijing Investment Fair and many other renowned exhibitions, to converge the exhibition resources of Beijing Municipality, build a grand event featuring "A city-wide fair full of highlights" and present a brand-new look.

"We believe that the 2019 CIFTIS will deliver fruitful results beyond expectation", said Ms. Wang Hong, Vice Mayor of the People's Government of Beijing Municipality. The 2019 CIFTIS will, by launching the establishment of CIFTIS Trade in Service Vision Committee and Beijing International Service Trade Alliance, provide mechanism guarantee for building the "Never-concluding CIFTIS" and promoting the sustainable development of trade in services.

Beijing pilot: Create a new landscape of all-round opening up
With the development of CIFTIS in recent years, Beijing has implemented the overall pilot plan for opening up in service industry. In 2015, Beijing Municipality was officially approved by the State Council as the only overall pilot city for opening up in service industry, bringing new development opportunities for many domestic and foreign-funded enterprises.

At the apron of Beijing Capital International Airport, the maintenance personnel are conducting transit check on the tires, engines and fuselage of an Air France aircraft. AFI KLM E&M-BGAC Line Maintenance Co. Ltd responsible for providing maintenance services is the first aircraft maintenance enterprise controlled by foreign capital after the pilot for opening up in service industry in Beijing in 2015. The company enjoys the same policies of taxation, talent introduction, etc. as domestic companies. With rapid development of its business, the company has provided aircraft transit maintenance services for four foreign airlines.

"This year, we will seek to establish partnerships with two or three airlines and expand our scale," said Li Wei, Deputy General Manager of the company.

It's an epitome of Beijing's opening up in service industry. Since 2015, Beijing has opened the fields of science and technology services, Internet and information services, financial services and cultural services wider both internally and externally, with the development environment for domestic and foreign-funded enterprises further optimized.

The American cultural and creative performance agency Dragon Legend - America and the Japanese record company Avex Group settled in Beijing. The internationally renowned rating agencies, including Moody's, Standard & Poor's and Fitch Ratings set legal entities in Beijing. China's first foreign-controlled securities institution was established in Beijing……

In 2018, the added value of the service industry in Beijing accounted for 81.0% of GDP, growing by 3.1 percentage points compared to 2014 before the pilot; Since the implementation of the pilot, a total of 640,200 enterprises have been newly established across Beijing, of which the enterprises in service industry account for 95.2%.

The Plan for Comprehensively Promoting the Multifaceted Pilot Program of Expanding Opening-up in the Service Sector of Beijing Municipality approved by the State Council on January 31, 2019 specifies to continue to implement and comprehensively promote the Overall Pilot Plan of Beijing Municipality for Opening up in Service Industry, and continue to relax restrictions on foreign-invested enterprises entering the service industry.

As the first pilot enterprise for financial leasing of intangible assets, Beijing Culture & Technology Financial Leasing CO., LTD has provided financial support for many cultural enterprises in recent years. Lan Taoyong, Chairman of the company said that, "The state has provided a favorable policy environment for solving various problems our company has encountered, greatly benefiting our development."

Take this event as a medium: "Break new ground" in China's trade in services
The reporter learned from the Ministry of Commerce that, in Q1 2019, the import and export of China's services amounted to RMB 1,291.98billion, a year-on-year growth of 2.6%. Therein, the export of services reached RMB463.49billion, a year-on-year growth of 10.3%. This indicates that China's service import and export will continue to maintain a stable and good development trend.

Mr. Jin Xu, President of China Association of International Trade said that, the import and export amount of China's trade in services has been ranking second in the world for five consecutive years, accounting for a larger proportion in international trade. Besides, with the optimization of the quality and structure, the proportion of knowledge-intensive service products has been increased significantly.

Experts expressed that, China's trade in services has been elevated to a higher level, and will inject more endogenous impetus into high-quality development of Chinese economy. China is transforming from "China Factory" to "China Service".

"The CIFTIS after renaming will "break new ground" in China's trade in services", said Mr. Jin. Meanwhile, by leveraging the broad platform provided by CIFTIS, we can launch more products and explore more talents at a larger stage, further expand the market and make more friends. This will not only fuel the development of Chinese economy, but will also enhance the high-level cooperation in international trade in services.