International, September 22 : Through the China International Fair for Trade in Services (CIFTIS), foreign investors are taking advantage of new opportunities in innovation, business expansion and market opening. This year’s China International Fair for Trade in Services concluded last Friday. More than 400 of the world’s top 500 companies, along with leading enterprises from various industries, participated in this year’s fair.

For the first time, a “China Services” case exhibition area was introduced at this year’s fair. Approximately 40 percent of the cases displayed there used artificial intelligence, large models and intelligent agents as core technologies. As a result, establishing research and development centers in China and leveraging the country’s strong innovation capabilities have become important investment considerations for multinational corporations.

Wang Li, Global Senior Vice President of Eli Lilly, said that China’s innovation capabilities have continued to grow over the past decade or more. Eli Lilly considers China an important force in global innovation. The company has also pledged to invest 3 billion U.S. dollars in China over the next 10 years.

Oliwen, General Manager of the Surgical Division of Johnson & Johnson MedTech China, said the company recently celebrated the 20th anniversary of its Suzhou manufacturing facility. At the same time, it announced plans to expand production capacity and add new production lines. He said this reflected the company’s long-term commitment to the development of China’s innovation ecosystem and capabilities.

Tian Qiang, Vice President of Market Access for GE HealthCare Greater China, said that a Global Innovation and Research and Development Center for the Eastern Hemisphere’s MRI operations was recently established in Tianjin. He added that the company has full confidence in the long-term development of the Chinese market.

Another notable feature of this year’s CIFTIS was the establishment, for the first time, of an overseas expansion services promotion and roadshow area. The area highlighted opportunities for Chinese companies to expand into international markets and cooperate with foreign partners.

Li Jing, a partner in the Sustainable Development Division of Ernst & Young Greater China, said that while providing services to companies expanding overseas, they had observed that Chinese enterprises were moving from exporting products and capital toward exporting capabilities and ecosystems.

This year marks the beginning of the 15th Five-Year Plan. The plan explicitly proposes expanding market access and opening-up in the service sector. This initiative has strengthened the confidence and determination of foreign investors.

Zhang Xinhua, an official with KPMG China’s Northern Region Marketing Department, said that pilot programs to expand opening-up in various sectors, including value-added telecommunications and healthcare, have been introduced. He expressed hope that more industries would be opened to foreign companies in the future, creating new opportunities and areas for their development in China.

David McKinnon, Commercial Counsellor at the Australian Embassy in China, said Australian companies had brought new products and new opportunities. These products and services are being provided through cooperation with Chinese enterprises, including partnerships with educational institutions.

Henning, a counsellor at the Norwegian Embassy in China, said China’s trade in services would continue to expand, while opportunities for Norwegian companies to participate would also increase gradually. Several Norwegian companies have already signed agreements with Chinese partners. He also noted that the technologies and services Norway can provide are highly compatible with the Chinese market.

Source: Jiniya, Touhid, Tuhina, China Media Group.