"The services sector of China will bring new opportunities to the whole world." On September 3, Invest in China Year - The Promotion Conference on Greater Openness in the Services Sector took place during the 2023 China International Fair for Trade in Services. The Conference comprehensively reviewed China’s achievements in the comprehensive trials for further opening up of the services sector and showcased China's new look amid the opportunities brought by opening up. During the section for business talks, 35 Chinese and international projects were unveiled, with an estimated investment of more than CNY 70 billion.

China's promising landscape offers significant opportunities for the development of the services sector. During the Conference, representatives of the provinces where the 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 provinces and municipalities 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 greater openness in China’s services sector. The Conference presented nine cases of best practices that highlight the progress made in the comprehensive trials for further opening up of the services sector in 2023. These cases cover a wide range of areas, including financial innovation, green development, digital economy, 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 opening up relevant industries. The Conference also released the Report on the Development of Comprehensive Trials for Further Opening Up the Services Sector (2023), showing the world China’s thriving services sector with greater openness and offering valuable information for investors interested in China.

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

(Source: Beijing Daily)