Photo: Li Hao/GT

Chinese President Xi Jinping will deliver a speech at the Global Trade in Services Summit of the 2023 China International Fair for Trade in Services (CIFTIS), an annual fair for the nation to push global cooperation in services trade, via video on Saturday in Beijing, the Ministry of Commerce spokesperson Shu Jueting announced on Friday.

Xi's attendance is a vivid illustration of China's further commitment to opening-up, observers said, noting that coming at a time when the global economy is grappling with a confluence of geopolitical tensions and rising concerns over a global recession, the grand gathering will also inject vitality and confidence into the world.

Themed "Openness Leads Development, Cooperation Creates a Win-Win Future," the summit will be held at the China National Convention Center and Shougang Park from Saturday to Wednesday. 

With an exhibition area of 155,000 square meters, the fair is also attracting wider international participation, with the attendance of about 1,868 on-site exhibiting enterprises from 75 countries and regions and international organizations, according to organizers.

The UK is set to send the largest business delegation to China in four years for the event, where about 60 British companies and organizations will engage in policy dialogues with their Chinese counterparts, the Global Times learned.

As the world's first and currently largest comprehensive exhibition in the field of service trade, the fair has now become an important platform for China to promote high-level opening-up to the outside world, and has an important demonstration effect on accelerating the new round of development of the service industry, Jane Yang, Managing Partner of Ernst & Young (EY) Beijing Office, told the Global Times on Friday.

At this year's conference, EY will share and display its innovative products and solutions surrounding digital intelligence, green and low carbonization, Yang said.

Other multinationals have also been actively participating in the event to further dig into the development opportunities of the world's second-largest economy. 

"China is an important market in FedEx's global strategy. We hold great confidence in the market's potential. As China continues to promote openness and the growth of trade in services, FedEx will leverage our strengths and expertise in the realm of international logistics by expanding our network in China, optimizing our portfolio of cross-border shipping services, and bolstering connections between China and global markets," Eddy Chan, senior vice president of FedEx Express and president of FedEx China, told the Global Times on Friday.

FedEx Express, a subsidiary of FedEx Corp and one of the world's largest express transportation companies, is set to participate in the 2023 CIFTIS. 

Catching up with the latest trend, the 2023 CIFTIS will also highlight smart services and achievements in innovation by displaying new technologies and applications in artificial intelligence, metaverse, industrial integration, green development and environmental protection, and other sectors, releasing a range of new technologies, reports and case studies.

NewLink and its subsidiary NaaS Technology, a leading Chinese EV charging service provider, is poised to make its debut at the fair, showcasing innovative product offerings and digital energy solutions. 

In the field of global service trades, new-energy industry stands at the frontier of globalization - a pervasive theme that resonates worldwide, the company said in a statement sent to the Global Times on Friday.

Along with trade in goods, China is also beefing up its trade in services, based on its unique advantages, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times. 

"Services targeting producers and consumers will both benefit China's advancing manufacturing sector and consumption upgrading," said Bai.

Photo: Li Hao/GT

From January to July this year, China's service trade continued to maintain a growth trend. The total import and export volume of services was 3.67 trillion yuan ($503.42 billion), a year-on-year increase of 8.1 percent, according to data released by the Chinese Commerce Ministry on Thursday.

Financial services will be another highlight, as the fair is set to host a special section dedicated to financial services. According to the Beijing Municipal Bureau of Local Financial Regulation and Supervision, a total of 219 financial institutions and enterprises from home and abroad will participate, among which 99 (52 domestic and 47 foreign entities) will attend offline.

During the 2021 CIFTIS, China announced the establishment of a stock exchange in Beijing to build the capital city into a major base for innovative small and medium-sized enterprises (SMEs).

After years' development, the Beijing Stock Exchange on Friday welcomed a new round of comprehensive reform, including further expanding investment teams and encouraging professional institutions to expand investment. It aims to activate the capital market and boost investor confidence, according to the CSRC.