Event in Beijing helps promote international economic cooperation and ushers in enhanced sustainable development

Themed “Global Services, Shared Prosperity”, the 2020 China International Fair for Trade in Services showcased new technologies and innovations in the services sector that are expected to reshape people’s lives for the better, with displays ranging from state-of-art service robots to 5G applications in cloud booths.

The six-day event held earlier this month in Beijing was the first major international economic and trade event held both online and offline by China since the COVID-19 outbreak.

As one of the world’s largest and most comprehensive fairs for trade in services, CIFTIS attracted 22,000 enterprises and institutions from 148 countries and regions, including 199 Fortune 500 companies. A total of 240 deals were signed, said the Ministry of Commerce.

The fair focused on the forefront of science and technology innovation by displaying applications of new infrastructure, artificial intelligence, 5G technology applications, big data and service robots.

Special exhibition areas and forums dealt with the integration and development of financial science and technology, digital economy’s efforts to promote transformation as well as empowering traditional industries with advanced technology.

In total, it hosted 190 forums and business presentations covering 12 major sectors such as transport, travel, construction, insurance, financial services, telecommunications, computer and cultural services.

“The service economy, supported by new infrastructure and represented by online services, is activating the momentum of development in various fields and becoming the most dynamic part of economic growth,” said Vice-Commerce Minister Wang Bingnan at the fair.

The fair received 7.2 million views on its official website, and 8.05 million views on its official mobile app. A total of 5,372 domestic and overseas enterprises set up online booths, among which 2,037 were displayed in three dimensions, according to Xinhua News Agency.

More than 30 reports, indexes and rankings were published during the event, with 63 enterprises and institutions releasing their latest achievements, technologies and service solutions.

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