Chinese services market stays magmatic to global enterprises

May 23, 2024

China stands as one of our top five global trading partners. Currently our trade is mostly in goods, yet we are fostering growth in service trade with China. The sheer size and diversity of the market and the fact that its population is moving up the income ladder are discernible advantages of this country, said Joesph Keating, Trade Counsellor at the Embassy of Ireland in China.

He made these remarks in an interview with China Economic Net (CEN), at a reception for foreign diplomatic missions, representative offices and international organizations.

The reception was organized prior to the annual China International Fair for Trade in Services (CIFTIS), the largest comprehensive global fair in the field of trade in services, scheduled for September 12th through 16th this year.

Four months ahead of the grand autumnal event, nearly 50 countries and international organizations from France, Ireland, Japan, Australia and Mexico have affirmed their commitment to participate.

It is revealed that France, as the guest of honor of the Fair this year, will set up a national pavilion and hold a series of activities on sports, health care and investment.

“The services market accounts for two-thirds of the global economy, so this opportunity is significant”, said Pascal Gondrand, Commercial Investment Counselor of the French Embassy in China.

Time-honored French winery Champagne Cattier has signed up for the international fair for the first time.

“We are full of expectations towards the Chinese wine market. Chinese wine consumers are becoming increasingly professional, and their consumption is getting diversified as wine-related training and the sommelier industry emerge. In the past few decades, winery owner Jean Jaques Cattier has come to China continuously. Having observed the changes here, he is very confident in the potential of the Chinese market and will increase investment,” Gao Li, General Manager of Champagne Cattier China told CEN.

“Participation in this international fair offers us an opportunity to gain more insights into the vast Chinese market, to display our brand, and to connect with market players”, Gao said, adding that she is also working to integrate the cultures of wine and Chinese liqour.

In 2023, CITFIS attracted 28 of the top 30 countries or regions in service trade with over 500 Fortune 500 companies and industrial leaders.

Data from China’s Ministry of Commerce indicates that in 2023, China’s service trade volume reached a record high with the total imports and exports of services hitting RMB 6,575.43 billion, marking a 10% increase compared to the previous year.

This year’s CIFTIS is poised to emphasize international cooperation in emerging fields such as artificial intelligence, digital economy and green development. It’s becoming a stage for global organizations to debut the latest achievements in trade in services.

It is learned that World Meteorological Organization, as a new partner of CIFTIS, will set up a booth to display the application of intelligent meteorological and climate monitoring technologies around the globe.

“The advances in AI are phenomenal here in China. It encourages other countries to develop and innovate more”, Joesph Keating told CEN, adding that Ireland, which has been participating the CIFTIS almost every year since 2015, will focus on ICT, computer services, and medical services this year. “The healthy competition here encourages other countries to try and develop more and innovate more”, he said.