Event set to spark FDI in China

CIFTIS plans to serve as an attraction for offshore capital

Beijing plans to increase its policy flexibility and deploy more resources for its fast-growing service industry as the city underwent a major expansion amid China's industrial upgrades, said the city's top commerce official.

Yan Ligang, director of the Beijing Commission of Commerce, said the China Beijing International Fair for Trade in Services, also known as CIFTIS or the Beijing Fair, will serve as a major platform to provide more opportunities for foreign direct investment in China, reflecting the government's resolution to facilitate service trade to enhance the country's earning ability.

The fourth Beijing Fair this year will focus on displaying new spaces, new opportunities and new achievements of the service industry and service trade around the national strategies of the Belt and Road Initiative and the collaborative development of Beijing, Tianjin and Hebei.

Highlighting the concept of "Openness, Innovation and Integration", the Beijing Fair aims to promote six key sectors - science and technology, internet and information, culture and education, business and tourism, finance, and healthcare.

Major events such as the Global Trade in Services Summit and 121 forums and business meetings will be organized in an exhibition area of 50,000 square meters between May 28 and June 1.

In addition, 31 provinces, autonomous regions and municipalities of China, 34 countries and regions and delegates from 26 sections will jointly build a grand event for global trade in services.

"The fair will offer more opportunities for foreign direct investment in China and help contribute to the country's goal to further grow the services sector," Yan said. "It will also be helpful to stimulate China's service trade to offset the slowdown of goods trade over the past four months."

In comparison with the previous three sessions of the Beijing Fair, Yan said the fair this year will have another four shining factors - more international participation, more highlighted themes, being more connected and interactive, and more practical measures to serve businesses from other countries.

Over 60 international chambers and organizations including the International Trademark Association and Coalition of Services Industries have sent delegations to Beijing.

The United Kingdom will be the first guest of honor country to participate in the fair.

"The event will be practical to China's ongoing structural adjustments to its economy and industrial upgrading," said Qiu Lixin, director general of the department of trade in service and commercial services at the Ministry of Commerce.

zhongnan@chinadaily.com.cn