Exhibitors from around the world have gathered at an international trade fair in Beijing, eager to export services ranging from finance to pharmaceuticals to the arts. The expo opened on Wednesday morning.
This specialized service trade fair in Beijing is a magnet for international exhibitors eyeing a bigger market share. Participants from 117 countries and regions joined in project negotiations and "trade-partner matchmaking" during the fair.
Officials from Australia’s New South Wales were on hand, looking to make in-roads in China with their strong service sector and fast-growing creative industry.
"When we talk about the creative industry, we mean films, tourism where we hope to cooperate more with China." Tony Zhang, Commissioner, Trade & Investment Office, New South Wales Gov't said.
Developing countries, such as the BRICS, are increasingly overtaking developed economies in the service industry. India and Brazil in particular are looking to tap into the Chinese market’s huge potential.
"Brazil’s strong suit is training pilots. Cooperation has greatly strengthened since China opened up low-altitude flying in recent years. We are hoping to consolidate this program in the future. Meanwhile, we are also counting on the World Cup to bring in more Chinese tourists." Daniel Chih, President of Asia Business Consulting, Brazil said.
The service trade has helped China catch up in certain areas where it has lagged in the past. Growth has been particularly strong in finance, consultancy, insurance and IT.
Tourism and logistics are two main areas where there remains a trade deficit. As China pushes to upgrade its economic struture, increasing the service sector’s share of the GDP will be key. Analysts hope that fairs like this will lead to the market openness needed to succeed.