Economic Watch: Digital, green drive highlighted at Beijing int’l service trade fair

By Xinhua writers Wang Siyuan, Zhang Zhongkai and Gao Zhu
BEIJING, Sept. 14 (Xinhua) — At the ongoing 2024 China International Fair for Trade in Services (CIFTIS), as exhibitors introduce new products and exchange ideas, one phrase is gaining significant traction — the digital and green drive.
Themed “Global Services, Shared Prosperity,” this year’s CIFTIS, which runs from Sept. 12 to 16 in Beijing, brings together 85 countries and international organizations, as well as over 450 Fortune Global 500 and leading enterprises.
TAPPING DIGITAL POTENTIAL
A highlight of this year’s fair is digital technology, including the Internet of Things, artificial intelligence (AI), and blockchain, with multinationals flocking to tap into the many opportunities on offer.
Royal Philips, a leading health technology company based in the Netherlands, brought AI-supported medical facilities and personal care appliances to the fair.
“We attach great importance to the CIFTIS, as it’s an excellent platform for us to show our innovative achievements and have deeper understanding of the Chinese market,” said Liu Ling, president of Philips Greater China.
Liu said China’s emphasis on developing new quality productive forces and promoting high-level sci-tech innovation made her bullish on opportunities in the Chinese market.
The vast blue ocean of China’s digitalization drive has provided massive market potential. In 2023, the added value of China’s core industries in the digital economy exceeded 12 trillion yuan (about 1.69 trillion U.S. dollars), accounting for about 10 percent of the GDP, according to a recent report released by the Cyberspace Administration of China.
In recent years, the innovative development of digital technology in China has significantly reduced the transaction costs of service trade and continuously fostered new models, said Hoffman Cheong, EY China North managing partner, adding that the high-tech industry is becoming a key area for foreign investment to “double down” on China.
EMBRACING GREEN FUTURE
At the fair, visitors can scan a QR code on the CIFTIS 2024 poster and fill in the travel information, and then the system can estimate the carbon emissions generated. If the low carbon standard is met, the visitor has a chance to win an environmentally friendly gift.
Products in areas of green architecture, clean energy and recycling economy can be seen everywhere during the CIFTIS this year. The International Bamboo and Rattan Organization (INBAR), which is participating in the fair for the fourth time, is showcasing various bamboo products, including tables and chairs, bicycles, keyboards and tissue boxes.
“We hope to inspire more interest in bamboo products through such a large international fair, as part of efforts to protect the environment,” said Wang Xudong, senior media officer of the INBAR.
Wilo Group, which has an independent booth at the fair for the first time, is exhibiting energy-saving smart high-efficiency pump products, technologies and solutions.
“We have seen vast opportunities in Chinese government’s tangible endeavors in green transition,” said Grant Rong, Wilo China government relation director.
“Wilo highlights sustainable development, which is also in accordance with China’s dual carbon goal,” said Rong, noting that the company’s two production bases in Beijing and Changzhou both realized carbon-neutral production.
“Green and low-carbon services play a crucial role in trade,” said Dale Pinto, global president and chair of the board of CPA Australia, at the 2024 CIFTIS, adding that there is significant potential for investment and collaboration in the green economy and technological innovation between businesses in Australia and China. ■