A model of China's homegrown large passenger plane C919 is displayed at the 2022 China International Fair for Trade in Services, Sept. 1, 2022. (Photo by Wang Zhen/People's Daily Online)

2022 China International Fair for Trade in Services kicks off in Beijing

By Ouyang Jie, Luo Shanshan, People's Daily

The 2022 China International Fair for Trade in Services (CIFTIS) opened at the China National Convention Center in Beijing on Aug. 31.

Themed “cooperate for better development, innovate for a greener future,” the fair will run through Sept. 5 and also be held at the Shougang Park in Beijing. It focuses on opening up and cooperation in service trade, green development, digitalization and other frontier areas.

The 2022 CIFTIS, with a larger exhibition area and more participants, holds over 200 activities with some 400 Global Fortune 500 companies and industry-leading enterprises.

The ten-year history of the CIFTIS witnessed the rapid development of China’s service trade. Wang Dongtang, an official with the Ministry of Commerce, introduced that the CIFTIS has held over 1,000 activities since its first session, and is becoming more and more professional, market-oriented and international.

Photo taken on Aug. 24, 2022 shows the China National Convention Center, a venue of the 2022 China International Fair for Trade in Services. (Photo by He Luqi/People’s Daily Online)

Since 2012, China’s trade in services has registered an average annual growth of 6.1 percent, 3.1 percentage points higher than the global growth. China has maintained the world’s second-largest trader of services for eight years in a row

“Chinese services” are becoming more competitive around the world. According to Vice Minister of Commerce Sheng Qiuping, China’s service trade went up 16.1 percent year on year to a record high of 5.3 trillion yuan (about $767.34 billion), and China has become the world’s third largest exporter of services.

In the first half of this year, the country’s service trade maintained rapid growth, with total service imports and exports increasing 21.6 percent year on year to 2.9 trillion yuan. Of the total, service exports stood at 1.4 trillion yuan, up 24.6 percent from a year ago.

Over the past ten years, the emergence of the internet, big data, 5G, artificial intelligence, Internet of Things and other cutting-edge technologies has created massive new businesses and commercial scenarios. Knowledge-intensive service trade that’s digital, intelligent and green has become a new engine driving development.

A metaverse experience hall is unveiled at the Shougang Park at the 2022 CIFTIS. Covering nearly 10,000 square meters, it presents themed scenarios in digital art, gaming and science popularization, providing visitors with an immersive experience.

The Beijing Workers Stadium is “moved” into the metaverse experience hall by deep integration of split rendering technology and 5G network slicing technology. With VR headsets that come with 4K resolution-level image transmission and 20-millisecond latency, visitors can have a penalty shoot-out with soccer players in the metaverse.

Besides, visitors can also build virtual ecological structures using energy-saving materials in a metaverse “low-carbon” township exhibited by China Construction First Group Corporation Limited in the experience hall.

A thematic exhibition of the CIFTIS on environmental services is held at China National Convention Center, which focuses on green innovation.

At the exhibition, China Petroleum & Chemical Corporation, also known as Sinopec, displays a model of a comprehensive filling station that fuels and charges vehicles. Even hydrogen-fueled vehicles can have their hydrogen tanks refilled.

The National Institute of Clean-and-Low-Carbon Energy affiliated to China Energy Investment Corporation Ltd. has brought its energy storage technologies to the exhibition. These technologies, including a 50 kW lithium storage converter and high-temperature thermal energy storage system, are expected to ensure a stable power supply as China speeds up the development of renewable energy.

Apart from physical exhibitions, the 2022 CIFTIS also offers online access. With just a click on the mouse, visitors can get into a virtual exhibition hall of Liechtenstein, where the world’s first diamond-embedded stamp is displayed.

This year’s CIFTIS is participated by over 70 countries and international organizations. Thirty-three countries, including the Netherlands, Austria and Portugal, are hosting online exhibitions to showcase their sceneries, cultures and featured services industry with 3D booths.

The CIFTIS leads the global consumption trend and accelerates consumption recovery and upgrading. It can create all-round opportunities for global enterprises to join China’s service market and provide a platform for Chinese enterprises to exploit domestic and international markets and resources.

Highlighting green and innovative cooperation, the CIFTIS, which has become more international and professional, will present a feast of service trade.

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