BEIJING, Sept. 13, 2022 /PRNewswire/ — During the 2022 China International Fair for Trade in Services (CIFTIS) which was concluded in Beijing on Monday, many international enterprises signed cooperation agreements with China to deepen cooperation in service trade, reflecting the strong attraction of the Chinese market for foreign investment.
As one of the world’s largest and most comprehensive fairs for trade in services, the 2022 CIFTIS has achieved fruitful results in boosting international cooperation.
During the Fair, Air China and the British engineering giant Rolls-Royce announced to set up a new joint venture of engine maintenance, repair, and overhaul (MRO) in Beijing, with a registered capital of 190 million U.S. dollars.
“Although it is the first time to participate in the CIFTIS, we are very optimistic about the cooperation with China,” said Cao Qian, government affairs manager of Italian law firm D’Andrea & Partners Legal Counsel, adding that the firm has set up offices in Beijing, Shenzhen and Hong Kong in recent years, hoping to find more cooperation opportunities through the services trade fair and help the development of high-end legal services in China.
U.S. tech giant Qualcomm, which has entered Chinese market for more than 25 years and has participated in three services trade fairs, has brought an application scenario of “Gongti Metaverse” combining Qualcomm’s separation rendering technology and China Mobile’s 5G network slicing technology.
“We already have deep partnerships with our Chinese industrial partners,” said Hou Mingjuan, global vice president of Qualcomm, adding that China’s commitment to high-quality development through high-level opening-up has given multinational companies like Qualcomm the confidence to continue and further expand cooperation with Chinese customers.
According to Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics in Beijing, China’s service sector is creating a “magnet effect” in the world.
From 2012 to 2021, the actual utilization of foreign capital in China’s service sector increased from 60.27 billion U.S. dollars to 140.51 billion U.S. dollars, a 1.3-fold increase in scale.
China’s service imports are expected to reach 2.5 trillion U.S.dollars by 2025, according to a report on China’s service imports released by the country’s commerce ministry during the third China International Import Expo in 2020.