(new look of china) “chinese services” gradually become a new opportunity for the world
2024-09-15
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china news service, beijing, september 14th, title: "chinese services" gradually become a new opportunity for the world
china news service reporter pang wuji
"chinese services", which used to be hidden behind titles such as "made in china" and "world factory", are now growing into an independent new business card. taking the 2024 china international fair for trade in services, which is currently being held, as an observation window, since the 10th china international fair for trade in services was held, more and more global investors have regarded services as a new opportunity for development in china.
recently, french industrial giant schneider electric announced the establishment of its seventh china center, the china center for service business, at the china international fair for trade in services, which will run parallel to its industrial automation, energy management and other businesses. tesla, which has participated in the china international fair for trade in services for eight consecutive years, not only exhibited physical exhibits such as the cyber off-road touring vehicle and the second-generation humanoid robot, but also focused on displaying its direct service system with remote diagnosis technology as its core.
on september 12, the 2024 china international fair for trade in services opened in beijing. the exhibition activities of the 2024 china international fair for trade in services include comprehensive exhibitions and special exhibitions. the comprehensive exhibition is located in the national convention center, and has an achievement exhibition, a country exhibition, a provincial, municipal, hong kong, macao and taiwan exhibition, and a theme area, focusing on displaying new achievements and trends in the development of trade in services. the picture shows visitors visiting the achievement exhibition at the national convention center. photo by zhao wenyu, a reporter from china news service
why do multinational companies value playing the "service card" in china?
first, as its scale increases, “china services” continues to create new investment opportunities.
at present, china is at a critical stage of economic transformation and industrial upgrading. international experience shows that as industries move towards medium and high-end levels, the value distribution of the industrial chain will also shift from manufacturing to service links. most developed countries such as the united kingdom and the united states have experienced a transformation process towards a service-oriented economy characterized by innovation and high added value. the revenue sources of many multinational companies such as apple and ibm have also shifted from relying mainly on hardware sales to service areas such as design, consulting, and cloud computing.
in this context, many companies have shifted their investment focus in china to r&d, after-sales, consulting and other related service areas. in recent years, multinational companies such as siemens, sanofi and philips have rushed to set up r&d centers and service bases in china. many companies have expanded their business to provide services for the entire life cycle of products, and regard this as a new growth point for the company.
correspondingly, the scale of china's service trade has leaped. official data show that china's total service trade in 2023 has reached 933.1 billion us dollars, 233 times the level at the beginning of reform and opening up. china's service exports and service imports accounted for 4.8% and 7.5% of the world's total, respectively, from 2.2% and 2.6% at the beginning of joining the world trade organization.
kpmg asia pacific and china chairman thomas tao said that the development of china's service trade, especially the expansion of service imports, not only provides huge market opportunities for countries to expand service exports, but also provides strong momentum for global economic recovery.
on september 12, the 2024 china international fair for trade in services opened in beijing. this year's fair was held at the beijing national convention center and shougang park with the theme of "global services, mutual benefit and sharing". the picture shows exhibitors exchanging ideas on minimally invasive surgical robots. photo by zhang xiangyi, a reporter from china news service
secondly, through two-way promotion, "china services" stimulates innovation and industrial upgrading.
on the one hand, technological innovation and industrial upgrading have opened up new space for demand for the service industry in the chinese market. on the other hand, the service industry has also promoted industrial transformation and upgrading through new-generation information technologies such as big data, cloud computing, and the internet of things.
qualcomm's global senior vice president qian kun recently revealed that qualcomm has worked with chinese operators and other technical partners to promote the commercial deployment of 5g nsa and sa, and has promoted the commercialization of many key technologies. in april this year, qualcomm and shanghai unicom completed 5g advanced high- and low-frequency collaborative networking. schneider electric has achieved significant energy conservation and carbon reduction for commercial buildings through ai algorithms, cloud platforms and other services.
data shows that in 2023, the proportion of china's knowledge-intensive service trade in total service trade increased to 41.4%, among which the proportion of knowledge-intensive service exports increased to 57.5%.
third, with policies taking the lead, the degree of openness of “chinese services” to the outside world continues to expand.
on september 12, the 2024 china international fair for trade in services (ciftis) global services trade summit was held at the national convention center in beijing. the picture shows foreign guests talking before the meeting. photo by jia tianyong, a reporter from china news service
at this year's ciftis, wechat pay set up a "special service desk for entry payment convenience". "on the morning of the opening day, i helped several foreigners bind and use wechat pay," qin tianxiong, head of wechat pay's foreign card business, told china news service. since july last year, wechat pay has upgraded its service twice. now, after entering the country, foreigners can bind to wechat pay without applying for a chinese bank card or complicated identity verification.
data shows that in the first half of 2024, more than 5 million inbound personnel used mobile payment, a four-fold increase year-on-year; more than 90 million transactions were made with a total amount of more than 14 billion yuan, both of which increased sevenfold year-on-year.
the convenience of payment comes from policy promotion. in march this year, the general office of the state council issued the "opinions on further optimizing payment services and improving payment convenience", focusing on providing better, more efficient and convenient payment services for the elderly, foreigners and other groups.
cross-border e-commerce merchants also benefited from this convenience. manager ma, the owner of alibaba international station, said that after opening alibaba.com pay, he asked the buyer to try to remit a deposit of 5,000 us dollars. after the payment was received, he linked the payment to the credit insurance order and withdrew the cash directly to the company account on the same day. the whole process took less than 24 hours. he never thought that foreign trade payment could be so convenient. one morning in march, he received another payment of 20,000 us dollars. the korean buyer made the payment at 9 o'clock that day, and it arrived in less than 2 hours. these are just a glimpse of the facilitation of trade in services.
at this year's services trade fair, china also announced more measures to open up its service industry to the outside world. people expect that this new business card of china will continue to provide new opportunities for the world.
