The Service Trade Fair Witnesses the Strong Attraction of Chinese Market to Foreign Investment

　　Xinhua News Agency, Beijing, September 5th.

　　Xinhua News Agency reporters Ma Xinran, Luo Xin, Zhao Xu

　　"Beijing Winter Olympics athletes are galloping in the arena, and we also have a role to play." In the 2022 China International Fair for Trade in Services Sports Service Special Exhibition, Shen Yumei, Marketing Director of Italy's Tianbing Group China, said that in the past ten years, China's ice and snow has The service market is the fastest growing company's global business and the most promising in the future.

　　To be optimistic about the Chinese market for a long time is not only the firm confidence of Tianbing Group for many years, but also the investment choice of many international enterprises at this service trade fair.

　　KPMG signed a cooperation agreement with the Jilin Provincial Department of Commerce and the Shandong Jinan Municipal Bureau of Commerce; Amazon Cloud Technology announced the establishment of multiple digital empowerment centers in Tianjin and Zhongshan, Guangdong... More and more foreign businessmen are actively expanding their business layout in China and promoting cross-enterprise , cross-regional and cross-border service trade cooperation continues to deepen.

　　From a set of data from the Service Trade Fair, we can perceive the "hotness" of foreign business in the Chinese market: 71 countries and international organizations have set up exhibitions and conferences, more than 7,000 domestic and foreign companies have participated in online and offline exhibitions, and the overall internationalization rate has reached 20.8%.

　　According to data released by the Chinese Ministry of Commerce in August, from January to July this year, the actual use of foreign capital in China's service industry was 598.92 billion yuan, a year-on-year increase of 10% on a comparable basis.

　　"China's service industry is setting off a 'magnet effect' in the world," said Ouyang Rihui, deputy dean of the China Internet Economic Research Institute of Central University of Finance and Economics.

　　At present, China's economy has entered a stage of high-quality development, the industrial structure has been continuously optimized, and the service industry has become a new economic growth point. This is an inevitable result of continuously satisfying the people's growing needs for a better life.

Both manufacturing upgrades and consumption upgrades contain huge service potential, making China's service industry a "strong magnetic field" for attracting foreign investment.

　　In today's China, in a market of more than 1.4 billion people with per capita GDP exceeding the $10,000 mark, demands for medical care, law, education, finance, logistics, telecommunications, etc. are constantly emerging, and consumption patterns are shifting from physical consumption to service consumption. Change for the Lord.

　　The strong attractiveness of China's service industry is brought about by the huge consumer demand in the Chinese market.

　　At this year's service trade fair, Air China and Rolls-Royce of the UK jointly announced that they will establish the first joint-venture maintenance company for Trent series civil aircraft engines in mainland China, with a registered capital of US$190 million. It will provide high-level engine maintenance services for Chinese and global customers.

　　In recent years, China's manufacturing has accelerated to the mid-to-high end of the value chain, which has put forward higher requirements for the deep integration of manufacturing and service industries, which is the driving force for Rolls-Royce's continuous expansion of investment in China.

　　In addition to the Rolls-Royce Company, which has been deeply involved in the Chinese market for more than 50 years, at the Service Trade Fair, there are many "new friends" who are continuing to make efforts in various high-end and high-value service trade links in China.

　　"Although it is the first time to participate in the exhibition, I am very optimistic about the development prospects of cooperation with China." said Cao Qian, manager of government affairs of the Italian law firm Dennis. The company set up an office in Beijing last year, and this year has added Shenzhen and Hong Kong offices. , "I hope to find more cooperation opportunities through the Service Trade Fair, and at the same time help the development of China's high-end legal service industry."

　　The strong attractiveness of China's service industry is not only driven by demand, but also the investment stickiness released by the policy dividends of high-level opening up.

　　The negative list for foreign investment access has been revised for five consecutive years, the Regional Comprehensive Economic Partnership (RCEP) has been implemented with high quality, and China has continued to advance its accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and Digital Economy Partnership ( DEPA) ... China has taken the initiative to raise the standard of international trade rules, promote a higher level of service trade facilitation, and create a first-class business environment for foreign investment.

　　In the past 10 years, China's service industry "circle of friends" has continued to expand, with more than 200 countries and regions in the world trade in services, creating about 18 million jobs for global service trading partners.

　　In 2021, the total service trade volume between China and the BRICS countries will reach US$17.7 billion, and the total service trade volume with countries and regions along the “Belt and Road” will reach US$112.65 billion.

　　The strong attractiveness of China's service industry is due to the remarkable achievements and broad prospects of the construction of digital China.

　　The "Digital China Development Report (2021)" shows that China has built the world's largest and technologically advanced network infrastructure; from 2017 to 2021, the scale of the digital economy will increase from 27.2 trillion to 45.5 trillion, with a stable total Ranked second in the world.

　　From smart express cars, high-fidelity virtual makeup try-on services, to "cloud exhibition halls" built in 33 countries including the Netherlands, Austria, and Portugal... The "black technology" that can be seen everywhere in the exhibition area reflects the fiery pulse of the development of China's digital service market. It has also become a new hot spot for foreign investment.

　　Qualcomm, which has been developing in China for more than 25 years and has participated in the Service Trade Fair three times in a row, this time brings the "Worker Metaverse" application scenario that combines Qualcomm's separation rendering technology and China Mobile's 5G private network slicing technology.

　　The reporter found in the field experience that just by wearing a lightweight head-mounted display device, you can play a game with a virtual football striker in the digital world.

　　"We have formed in-depth cooperative relationships with Chinese industrial partners." Hou Mingjuan, global vice president of Qualcomm, said that China insists on promoting high-quality development with high-level opening up, which gives multinational companies like Qualcomm the confidence to continue to further expand cooperation with Chinese customers .

　　From 2012 to 2021, the actual use of foreign capital in China's service industry increased from US$60.27 billion to US$140.51 billion, a 1.3-fold increase in scale.

　　According to the "China Service Import Report 2020" compiled by the Chinese Ministry of Commerce, in the next five years, China's service import scale is expected to reach 2.5 trillion US dollars.

　　In the context of the current ups and downs of the global epidemic and the fragile and weak recovery of the world economy, the holding of the China Service Trade Fair, as Greenspan, Secretary-General of the United Nations Conference on Trade and Development, said, is "at the right time".

(Participating in the writing: Chen Xu)