The first China International Fair for Trade in Services (CIFTIS) will be held from May 28 to June 1 in Beijing, China's Ministry of Commerce announced on March 2.

Zhou Liujun, Director of the Department of Trade in Services & Commercial Services, Ministry of Commerce, speaks at a press conference at the China International Fair for Trade in Services (CIFTIS) in Beijing on March 2. [China.org.cn]

The fair, the first of its kind, is on track to be the world’s only comprehensive transaction platform for trade in services. It will play a role in facilitating deals between companies from home and abroad, and serve as a window to showcase the latest development of the Chinese service sector.

The service industry and trade in service have grown tremendously in China in recent years. In 2011, the foreign trade of Chinese service industry rose more than 15 percent to top US$410 billion in volume, reaching a new high. The figure is expected to reach US$600 billion by 2015, according to estimate by the Ministry of Commerce.

"The service sector has maintained its momentum despite of slow economy worldwide," said Zhou Liujun, Director of the Department of Trade in Services & Commercial Services, Ministry of Commerce, "It has become a driving force behind the economy."

In the 12th Five-Year Plan adopted last year, the central government indicated that the promotion of services industry is a strategic priority for China’s industrial structure upgrading.

"The fair to be held in Beijing less than three months will definitely give a boost to Chinese companies engaged in the service sector from home and abroad," said Zhou.

More information of the CIFTIS

Venue: China National Convention Center, Beijing

Theme: Trade in Services: New Vision, New Opportunities, New Development

Specialized trade talks are the key part of CIFTIS, organized into various sub-sectors covering the industry’s 12 major categories.

Beijing to open first fair for service trade