At the third China International Import Expo (CIIE), trade in services occupies an area of 30,000 square meters and features more than 250 businesses in the fields of finance, logistics, consulting, inspection and testing, as well as culture and tourism. More than 50 of them are on the list of Fortune Global 500 companies. For the first time, non-bank financial institutions are included in the finance section, with the size of the entire financial sector double that of last year. Professional service providers such as insurers, securities brokers, credit agencies and supply chain financing companies are showcasing their expertise in protection, investment, consulting and financing.

As a core supporting company, and a designated insurance service provider of the CIIE, China Pacific Insurance (Group) Co (CPIC) is offering one-stop insurance products and services to the exhibitors, builders, logistics suppliers and e-commerce service platforms. CPIC is offering a set of risk management solutions worth CNY884.8 billion for the Expo. For exhibition personnel, CPIC extended its liability for death and disability caused by Covid-19 in the venue. CPIC stationed professionals of different business lines in the Expo to offer dedicated services on site. To cater to the demand of cloud-based online exhibition activities, Shanghai-based China Pacific Property Insurance Co developed the country’s first “online activities transmission insurance” to protect economic losses caused by the cancellation and interruption of online activities due to data transmission failure. It also provides network security liability insurance with a limit of CNY300 million to insure business interruption losses and related expenses caused by network security incidents.

Banks are also presenting their exclusive offerings at the third CIIE. Bank of China (BOC), one of China’s Big Four state-owned banks, is providing a comprehensive and intelligent service package including financing, payments, foreign exchange and guarantees during the event. As one of the organizers of the trade and investment matchmaking meeting, the bank prepared a video-based docking area for domestic customers who can’t be present to negotiate with the participating enterprises. For the past two years, Bank of China has provided “one-on-one” negotiation services to more than 2,500 exhibitors and over 4,500 buyers from more than 100 countries and regions, and facilitated more than 3,400 transactions. The Industrial and Commercial Bank of China (ICBC), China’s largest commercial lender, has launched a “five-in-one” financial product for the fair. Domestic buyers can open a bank account via WeChat, while overseas exhibitors can also enjoy one-stop electronic account services. Its “Quick Remittance” solution is offering more flexible, convenient and lower-cost, cross-border remittance services for individual and enterprise customers. Focusing on the actual financing needs of enterprises, Shanghai Pudong Development Bank (SPDB) has introduced a digital cross-border payment and settlement service. The program covers a total of 20 services and hundreds of financial products customized for buyers and exhibitors, including cross-border payment and settlement, trade financing, global treasury management and cross-border investment. The bank this year also provides special financial services for various medical platforms and pharmaceutical companies. During the expo, Standard Chartered Bank (China) unveiled an upgraded one-stop intelligent payment solution with SUNRATE, a digital cross-border payment platform to help small and medium-sized importers face increased capital pressure and growing foreign exchange risk in the post-pandemic era, the Shanghai Daily reports.

On the sidelines of the Expo, HSBC released its “Navigator: Growing with China” report. Based on a survey of 1,100 companies across 11 key world markets, the report found that many companies have been increasing their presence in China. According to the report, about three-quarters of those surveyed, including 70% of U.S. companies, said they expect to expand their supply chains in China over the next two years. Corroborating the findings of the report, dozens of foreign companies, including Hyundai, Shiseido and Michelin, have signed up with the CIIE Bureau to attend the Expo over the next three years, Xinhua reported.

The value of China’s total services imports is expected to hit USD2.5 trillion in the coming five years, accounting for over 10% of the world’s total, according to Chen Chunjiang, Director General of the Department of Trade in Services and Commercial Services of the Ministry of Commerce (MOFCOM). Outbound travel is projected to exceed USD1 trillion during this period. Imports of digital services that include charges for the use of intellectual property, telecommunications, computers, information, financial and insurance services as well as other businesses are expected to exceed USD1.3 trillion.

Gao Yan, Chairwoman of the Beijing-based China Council for the Promotion of International Trade (CCPIT), said that China will make further efforts to relax market access for the services industry, expand high-quality services imports and benefit the world while meeting demand at home. China to date has trade in services ties with more than 200 countries and regions, and set up collaboration mechanisms for trade in services with 14 countries, including Brazil, Argentina, the United Kingdom, Germany, India, Japan and Singapore. Services imports from these 14 partners added up to USD448.8 billion between 2017 and 2019, with an average annual growth of 8.4%.