The 2024 China International Fair for Trade in Services (CIFTIS) delivered a striking demonstration of advanced digital tech, from AI-powered digital humans to virtual reality simulations. The event, held in Beijing, drew over 450 Fortune 500 companies and industry leaders representing 85 countries and international organizations, underscoring its significance as a global stage for innovation.
Zhang Feng, Party chief of the Council of the Chinese Institute of Electronics, highlighted the critical role that technologies like AI, big data, and cloud computing now play in shaping the future of the digital economy. Zhang stated, “With the continuous innovation and application of digital technologies such as AI, cloud computing and big data, the digital economy is becoming a key driver of global economic and social development,” These innovations are not just driving efficiency; they are reducing costs and reshaping the very mechanics of international service trade.
Global experts also shared insights during the event. Andreas Keibel, head of the German-Chinese Association for the Promotion of Culture and Technology Exchange, observed the rapid rise of digital platforms and their impact on modern trade. Speaking via video, Keibel emphasized the transformative potential of “Activating the Digital Engine, Expanding New Space for Digital Trade,” the core theme of his sub-event.
Li Wei, regional head for the German-Chinese Association for the Promotion of Culture and Technology Exchange, addressed the growing convergence of digital technologies with logistics and international trade. He highlighted how Sino-German cooperation in digital trade could unlock new opportunities, particularly in sectors like automotive, where China’s market dominance presents fertile ground for innovation. According to Li, deepening this collaboration holds the potential to redefine digital infrastructure and the intelligent transformation of industries.
China’s proactive stance on expanding digital trade zones and fostering novel forms of digital commerce is paying dividends. In the first half of 2024, the country’s trade in services surged by 14%, reaching 3.6 trillion yuan (roughly $508 billion), affirming its growing influence in global service trade.
Wang Qiang, public affairs manager at Alibaba’s Taobao and Tmall Group, spoke on the ability of digital technologies to level the playing field in global trade. As Wang noted, these innovations offer developing countries and small-to-medium enterprises unprecedented access to global markets, integrating them into international value chains with greater ease.
The CIFTIS event was not merely a showcase; it served as a catalyst for multinational partnerships. Siemens Healthineers, a first-time exhibitor, introduced cutting-edge medical technologies, reflecting China’s growing influence in digital healthcare. Lena Wang, vice president of Siemens Healthineers China, described the event as a crucial platform for medical innovation and cross-border collaboration. China’s booming digital economy, combined with rising demand for advanced healthcare solutions, is setting the stage for transformative shifts in patient care.
With the curtain drawn on this year’s CIFTIS, it is evident that digital technologies are rewriting the rules of global service trade. The rapid pace of digital innovation, paired with strategic international cooperation, promises to shape a more interconnected and dynamic global economy.
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