CIFTIS: Promoting Trade in Services in China

Taking place on May 28 to June 1, 2014, the China Beijing International Fair for Trade in Services (CIFTIS) offers a comprehensive platform for promoting international trade in services. Hosted by the Ministry of Commerce of People’s Republic of China and People’s Government of Beijing Municipality, CIFTIS is supported by the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD) and the Organization for Economic Cooperation and Development (OECD). CIFTIS covers all twelve sectors of trade in services as set out by the WTO – communication services; business services; construction and related engineering services; educational services; distribution services; financial services; environmental services; health and social services; tourism and travel-related services; recreational, cultural and sports services; transport services; and other services.

As the cultural, educational and economic hub of China, Beijing is the perfect choice for an event promoting international cooperation in the services sector. Chosen as the capital city of China by the Yan dynasty in 352 AD, Beijing has a long trade and cultural history. Since reforms in the economy that took place in the early 1980s, Beijing has been experiencing tremendous economic growth that is expected to continue. With extensive banking services and strong infrastructure, the city is often the first port of call for startup businesses and foreign investment. Beijing’s Central Business District is home to more than a hundred Fortune 500 companies in the information technology, financial, media, consulting and service industries. Some analysts predict that China is likely to overtake the United States as the world’s largest economy by the year 2030.

With the trend of economic globalization continuing to accelerate, the need for events like CIFTIS is greater than ever as it facilitates the gathering of leaders in these various service sectors, allowing the opportunity for exchange of expertise, forging of new business relationships and strengthening existing ties.