Fifth CIFTIS event to deepen trade in services opening-up

The fifth China Beijing International Fair for Trade in Services will be held in the China National Convention Center from May 28 to June 1 2018, aiming to further deepen related exchanges and cooperation, and to expand the opening-up of the sector.

CIFTIS was first held in Beijing in 2012 as the rapid development of global service trade had become a new driving force for the world economy. The event is co-sponsored by the Ministry of Commerce and the Beijing government.

Permanently supported by the World Trade Organization, the United Nations Conference on Trade and Development, and the Organization for Economic Cooperation and Development, CIFTIS is the world's only comprehensive service trade fair for the sector that covers all 12 major areas, including business and education services.

With the success of the first four sessions, CIFTIS has become an important tool for China to vigorously develop its service industry and service trade, and to accelerate the transformation of its economic development model.

The fifth CIFTIS will draw attention to the opening-up of development and innovation in China's service industry, focusing on science and technology, finance, healthcare and other key service areas. It is also actively aligned with the Belt and Road Initiative, promoting service trade throughout the world.

This year's event will host a global trade in services summit, inviting Chinese and overseas leaders to attend and discuss the sector's developing trends and related hot topics.

CIFTIS will also host more than 10 international professional forums, more than 100 trade negotiations and 50,000 square meters of exhibition space, focusing on advanced technology and the latest achievements in the field.

Service trade is becoming a new engine for China's foreign trade and a new impetus behind deepening its opening-up policy. From 2012 to 2016, the average annual growth rate of China's import and export of services was 8.1 percent, which is 9.3 percent higher than goods trade growth in the same period.

Over the next five years, China will spend more than $2.2 trillion on importing services from around the world. The opening-up, innovation and growth of trade in services in China are making new contributions to the world's economic development.