China's Service Trade Fair Wraps Up with Remarkable Success
China's Service Trade Fair Wraps Up with Remarkable Success
The recent China International Fair for Trade in Services concluded successfully, yielding impressive results and invigorating the global economic landscape. This prestigious event attracted a staggering number of approximately 242,000 visitors, demonstrating a robust interest and commitment to exploring the vast opportunities within the service trade sector.
Achievements and Participation
During its five-day run, the fair showcased nearly 1,000 notable achievements from various fields, attracting 111 reputable companies and institutions, including several Fortune Global 500 entities. This year's event saw a remarkable increase of 80 achievements compared to the previous session, with highlights in digitalization, artificial intelligence (AI), healthcare, and more.
Growth in Digital Service Trade
In a testament to the rising significance of digital services, the previous year noted a staggering global digital service trade reaching 4.25 trillion U.S. dollars. This reflects a 9% growth compared to the previous year, positioning digital services as a vital component of international service trade development.
New Trends and Innovations
The 2024 CIFTIS emphasized innovative developments in trade services, with a strong focus on AI technologies and their application across various industries. Wu Tian, the Vice President of Baidu, emphasized the future reliance of service industries on AI to foster innovative development and efficiency.
Integration of New Technologies
As new technologies continue to emerge, there is a noticeable acceleration in their integration into daily life and production processes. Pang Chaoran, an associate researcher at the Chinese Academy of International Trade and Economic Cooperation, noted how these advancements are vital to broadening horizons for foreign trade development.
Cultural Trade Potential
Offering a global perspective, the fair was a hub for over 80 countries and international organizations, with several, for the first time, hosting independent exhibitions to showcase their unique cultural identities. This collaboration underlines the potential for cultural trade development, as highlighted by Pan, establishing CIFTIS as a robust platform for promoting high-quality cultural exchange.
Fostering Connections for Cooperation
The CIFTIS not only showcased innovations but also facilitated enterprises in establishing valuable partnerships for mutual benefits. Schneider Electric, participating for the fifth consecutive year, inked a fresh cooperation agreement with Jingye Group, a notable Chinese steelmaker.
Looking Ahead
With plans to expand its services business center in China, Schneider Electric aims to further enhance its collaboration with local partners. The fair's achievements and networking opportunities set a solid foundation for future endeavors in the service trade realm, promising a thriving environment for businesses and cultural exchanges alike.
Frequently Asked Questions
1. What was the main focus of the trade fair?
The 2024 China International Fair for Trade in Services focused on innovations in service trade, with an emphasis on digitalization and AI technologies.
2. How many visitors attended the event?
Approximately 242,000 visitors attended the trade fair, showcasing significant global interest in service trade advancements.
3. What major achievements were highlighted?
Nearly 1,000 achievements were showcased, with significant contributions from over 111 companies including digitalization and healthcare innovations.
4. How has digital service trade changed recently?
In the past year, global digital service trade reached 4.25 trillion U.S. dollars, marking a 9% increase, highlighting its growing importance.
5. What potential does cultural trade hold?
Cultural trade has vast potential for growth, as shown by global countries showcasing their traditions at the fair, fostering international cultural exchanges.
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