Skip to Content Facebook Feature Image

CIFTIS serves as important platform for global businesses to tap into vast Chinese market

China

Video Player is loading.
Current Time 0:00
Duration -:-
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
Â
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      China

      China

      CIFTIS serves as important platform for global businesses to tap into vast Chinese market

      2024-09-14 21:27 Last Updated At:22:27

      Eyeing China's huge market, the ongoing China International Fair for Trade in Services (CIFTIS) in Beijing has served as an important platform for global businesses to tap into the vast market of the world's second-largest economy.

      Over 450 Fortune 500 enterprises and companies taking the lead in their respective industries, as well as 85 countries and international organizations, are represented at the 2024 CIFTIS.

      Themed "Global Services, Shared Prosperity," the five-day event opened in Beijing on Thursday.

      A French exhibitor Ines Ginon, who serves as the president of GL events Greater China, has met with numerous partners at the fair.

      Noting that 45 percent of the company's revenue came from international markets last year, Ginon said that big contracts secured at the fair last year prompted their swift return this year.

      "So it's the second edition that we are participating in CIFTIS. We obviously met a lot of people since we started yesterday. And we hope that will bring us some new business definitely," said Ginon.

      Pascal Gondrand, commercial investment counselor at the French Embassy in China, hopes to enhance understanding of French enterprises in the Chinese market through the French Pavilion and the ten participating companies.

      "So it's a powerful driver of collaboration and exchange with our international partners, especially in China. We wish that the exhibition of these companies will promote, I mean, this expertise of French companies in the Chinese market, but also will strengthen the commercial and economic exchange between France and China," said Gondrand.

      As a long-standing participant, Australia has organized a national delegation this year and is set to be the guest country at the 2025 fair.

      Dominic Trindade, commercial minister at the Australian Embassy in China, said that new comers to the fair hope to further expand into the Chinese market through the fair.

      "And so what we sought to do is to work with our businesses and institutions who are taking part in the China International Fair for Trade in Services to build a program of activity. And we see opportunities as China develops," said Trindade.

      Dale Pinto, CPA Australia Global President and Chair of the Board, praised China's innovative leadership, expressing excitement about the forum's potential.

      "China is our No.1 trading partner as you would know. In many ways as being the leader in many areas and always thinking about new ways of doing things and how to be better, so that's what excites me about this forum as well," said Pinto.

      Participants also marveled at China's advancements.

      "Because it's so digitalized, and I think that WeChat, as an example, making it easier for foreigners to do this. It's extremely important, because the whole threshold for enjoying China will become much lower," said Henning Kristoffersen, commercial counselor of the Royal Norwegian Embassy in China.

      "It's very convenient. And I'm looking forward to when tourists coming in can use it a bit easier. It allows people to come far more easily. Recently, Hainan Airlines introduced a direct flight between Beijing and Dublin, and that has led to large numbers of tourists coming from Ireland to China. We also see an increase in tourists from China to Ireland," said Joseph Keating, commercial counselor of the Irish embassy in China.

      CIFTIS serves as important platform for global businesses to tap into vast Chinese market

      CIFTIS serves as important platform for global businesses to tap into vast Chinese market

      An official with the World Economic Forum (WEF) has stressed the importance of establishing an adaptable mechanism for dialogue and cooperation that allows the global economy to fully benefit from the development potential of new technologies while managing the associated risks.

      Mirek Dusek, one of WEF's managing directors, was speaking on the sidelines of the 2025 WEF Annual Meeting, which commenced in Davos, Switzerland on Monday.

      The five-day event has gathered around 3,000 participants from various regions and industries around the world under the theme "Collaboration for the Intelligent Age," highlighting the need for greater collaboration against a backdrop of rapid technological advancements and global divisions.

      In an interview with the China Global Television Network (CGTN) on Tuesday, Dusek said WEF is monitoring "two big forces" they believe are changing the world economy.

      "On one hand, we are living through quite a unique time in terms of technological advancement and innovation. But on the other hand, of course, we are also tracking forces of fragmentation. We are seeing a more competitive geopolitical landscape, shifting value chains and supply chains, and of course, also social polarization in certain societies around the world," he said.

      With the current uncertainties in the world, Dusek stressed the importance of building a suitable platform for dialogue, and ensuring that such a mechanisms is adaptable to respond to the various challenges.

      "Given the trends that we are seeing in the global economy, in international relations, that function of bridging and dialogue could not be more important. It's very important that we have mechanisms where we can have dialogue and cooperation, and of course,  we also need to be on the front foot of thinking, 'Okay, how do we make sure that the collaborative mechanisms are fit for the 21st century?'" he said, adding that this will be one of the focuses of the current Davos meeting.

       Dusek also emphasized China's vital role in promoting global economic growth and technological development, describing the country as a "key actor" in helping the world transition to a new era of tech-driven development.

      "Everyone understands that we need to be on our front foot, really thinking creatively around how do we relaunch growth that is inclusive, sustainable. But how do we relaunch growth in this new situation for the world economy? And China plays a very important role in that endeavor, on development, on trade, of course, as well. On technology, I mentioned the theme, 'The Intelligent Age'. What we are trying to communicate with that is that there is a huge opportunity around some of these technologies. What is quite special is that it's not only one technology, but we are seeing, at this moment, whole sets of technologies that are going to market and exponentially changing industry and economy. If we have this huge opportunity around these technologies, how do we design [not only] our dialogue mechanisms, but also our collaborative mechanisms to be able to harness these technologies for the benefit of the world economy while taking care of the risks," he said.

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

      WEF official calls for mechanisms to foster dialogue in new tech era, boost world economy

      Recommended Articles
      Hot · Posts