Tech power

At the Industrial and Commercial Bank of China booth, a humanoid robot greeted visitors, offering a glimpse into the future of banking.

Already deployed in several branches, the artificial intelligence assistant can answer questions and explain banking services — an emblem of this year's CIFTIS theme: "Embrace Intelligent Technologies, Empower Trade in Services".

Digital innovation is becoming the backbone of China's services sector economy. In the first seven months, knowledge-intensive services — including AI, digital finance and professional consulting — rose 6.8 percent to 1.78 trillion yuan, said the commerce ministry report.

For Zaha Hadid Architects, a British architecture and design firm, the tech boom is transforming the construction services industry.

Digital tools are adopted throughout the construction process, from design to fabrication, enabling factories to precisely execute the design, which enhances accuracy and quality control, said Satoshi Ohashi, director of Zaha Hadid Architects.

China has built an incredible manufacturing base, and now it has grown and developed into an innovation powerhouse, said Ohashi. "I think that's the power and potential of the Chinese economy."

The view is echoed by Henning Kristoffersen, commercial counselor of the Royal Norwegian Embassy in Beijing, who noted that China's technological advancements are helping foreign firms raise efficiency and sharpen competitiveness.

By shifting from traditional industries to high-value-added sectors, China is enhancing its capacity to deliver high-quality and innovative services to its international partners, said Dale Pinto, president and chair of the board of CPA Australia. "This transition is opening new avenues for global cooperation of mutual benefit."

Policy openness

The rapid expansion of China's services sector comes amid its consistent commitment to opening up and win-win cooperation.

Amid a notable rise in unilateralism and protectionism, China has steadily advanced institutional opening-up in trade in services, which has provided strong momentum for its own development and created greater room for global economic growth, said Chinese Vice-Premier Ding Xuexiang during a keynote speech at the event.

Ding reiterated China's commitment to working with all countries and parties to strengthen opening-up and cooperation in services trade.

This commitment is tangible for foreign firms like Philips.

A more open and inclusive business environment in China offers more pragmatic opportunities for the company's development, encouraging it to further strengthen its operations here, said VP Yang.

Global scholars have hailed China's opening-up as a strong driver for an open world economy and inclusive growth.

China's efforts to advance high-standard opening-up bring opportunities for shared development and prosperity to countries of the Global South, while improving the global governance system, said Mutinda Mutisya, a senior lecturer at the Department of Diplomacy and International Studies of the University of Nairobi.

Steps taken by Chinese policymakers have created a platform for equal participation by its partners, including emerging economies, said Tolonbek Abdyrov, a professor of economics and vice-rector of the International Higher School of Medicine in Kyrgyzstan, adding that China's advocacy for equal rights to development for all countries sends a clear and positive message.

CIFTIS and China's commitment to openness provide a much-needed boost to global trade, strained by tariff hikes, said Herman Tiu Laurel, president of the Asian Century Philippines Strategic Studies Institute, a Manila-based think tank. "CIFTIS will help sustain and improve the momentum of global trade and growth."

Xinhua