"The service sector of China will bring new opportunities to the whole world." On September 3, the "Invest in China Year" - The Promotion Conference on Greater Openness in the Services Sector (hereinafter referred to as the "Conference") took place during the 2023 China International Fair for Trade in Services. The Conference comprehensively reviewed the achievements of integrated demonstration programs for greater openness of the service sector and showcased China's new face amid development and opportunities brought by opening up. During the section for business talks, 35 Chinese and foreign projects were unveiled, with an estimated investment amount exceeding CNY 70 billion.

China's promising landscape offers significant opportunities for the development of the service sector. During the Conference, representatives of the provinces where these six pilot cities, namely Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou, and Chengdu are located, jointly announced 18 key cooperation projects, including Wulihe Metaverse Innovation Base, Singapore Nanjing Eco High-tech Island, and Hangzhou International Digital Trade Port. During the subsequent on-site business talks, representatives from 11 pilot demonstration provinces and cities engaged in project negotiations with Chinese and foreign investors. A total of 35 projects were discussed, spanning eight major industries including business services, science and technology services, healthcare and medical services, and financial services, among others, with an estimated investment of over CNY 70 billion.

In addition, the Conference also provided the whole world with an in-depth presentation of new development opportunities brought about by China's greater openness in the service sector. The Conference presented nine cases of best practices that highlight the progress made in the national integrated demonstration pilot programs for greater openness in the services sector in 2023. These cases cover a wide range of areas, including financial innovation, green development, digital economy, medical and healthcare, modern logistics, professional services, as well as the integration of modern service industries with advanced manufacturing. Through the release of these cases, the Conference aimed to explore comprehensive solutions for openness of and progress in the relevant industries. Meanwhile, the Conference also released the Report on the Development of National Integrated Demonstration Pilots for Greater Openness in the Service Sector (2023), showcasing the world the thriving development trends of China's service sector with greater openness, and offering valuable insights for investment in China.

At the Conference, five pilot demonstration provinces and cities, including Beijing, Tianjin, Shanghai, Hainan, and Chongqing, presented the new advancements made in and investment opportunities arising from the integrated demonstration pilot programs for the greater opening up of their service sectors. These achievements highlighted the potential for investment and cooperation in China's service industry. In addition, 11 pilot demonstration provinces and cities presented a series of landmark projects that have been implemented. These projects included various noteworthy achievements, such as the country's first wholly foreign-owned securities company, the first assistive platform for verifying trade authenticity, the first innovative program for supervising and regulating China-Singapore cooperation for bonded aircraft materials, and the first education innovation zone for Sino-foreign cultural exchanges. These achievements have garnered global investment attention due to their tangible results.

(Source: Beijing Daily)