In an era where the winds of protectionism howl across the global economic landscape, threatening to uproot the fragile edifice of multilateralism, China’s 2025 International Fair for Trade in Services (CIFTIS) has emerged as a symbol of stability and positivity. Held from September 10 to 14 in Beijing, this event was not merely a trade expo but a testament to the enduring virtues of openness.
As the world grapples with tariffs, trade wars, and the spectre of de-globalisation, CIFTIS 2025, under the theme “Embrace Intelligent Technologies, Empower Trade in Services,” invited global trade leaders and organizations to reconsider the possibilities of shared prosperity. It was a reminder that, amid geopolitical squalls, inclusive partnerships can still chart a course toward mutual benefit.
At CIFTIS, this commitment to openness was palpably on display. With 85 countries and international organisations erecting pavilions, and 25 delving into thematic exhibitions, the fair drew nearly 2,000 companies, including 500 from the Fortune 500 elite. These participants hailed from 26 of the top 30 nations in services trade, a diversity that speaks volumes about China’s role as a convenor rather than a dominator. The event’s scale -featuring 113 enterprises unveiling 198 new products and achievements, alongside over 40 cultural and leisure activities—transformed Beijing into a global crossroads, where deals were struck not in isolation but as threads in a broader tapestry of cooperation.
The signing of 15 memoranda of understanding at the opening ceremony exemplifies how such platforms nurture not just immediate transactions but enduring relationships. This relational depth is crucial in services trade, where trust and cultural alignment often underpin success. Global Business China, showcased fusions in AI, new energy, biomedicine, and electronics. By complementing China’s market with German strengths in machinery and specialty chemicals, these partnerships promise enhanced competitiveness.
The diversification of currencies- euros alongside renminbi- further insulates trade from global volatilities, a pragmatic nod to economic realism. This theme echoed throughout the fair, where local currency settlements were spotlighted as key tools for managing risk amid currency fluctuations and geopolitical uncertainties. For example, discussions highlighted practical implementations like Brunei’s Muara Port, upgraded into a modern logistics hub with dual-currency financing in RMB and Brunei dollars facilitated by the Bank of China, which handles around 80 percent of the port’s peak transactions. Such arrangements not only cut costs but provide real-world stability, as seen in the bank’s broader network: by the end of 2024, it operated 543 overseas branches across 64 countries, with cross-border RMB settlements surpassing CNY 43 trillion, marking a 35 percent year-over-year increase.
Beyond bilateral bonhomie, CIFTIS 2025 amplified multilateralism’s promise. Co-hosted forums, including the Global Trade in Services Summit with the United Nations Conference on Trade and Development, delved into healthcare, digital innovation, and cultural exchange. These discussions were not abstract; they yielded tangible outcomes, from French medical collaborations to Saudi-Singaporean digital ventures in Xiong’an. Notably, the fair emphasized emerging trends in local and regional currency settlements across regions like Latin America, where ICBC completed China’s first fully deliverable forward RMB–Brazilian real transaction in May 2025, enabling direct hedging against exchange rate risks and filling gaps in small-currency markets.
CIFTIS 2025 was more than an event; it is a manifesto for a collaborative future. As protectionism casts shadows, China’s open doors illuminate a path where global trade flourishes through inclusion, innovation, and mutual respect. For nations weary of confrontation, this fair offers not dominance but partnership- a blueprint for shared progress in a multipolar world. In embracing it, we might yet salvage the promise of globalisation, turning potential divides into bridges of enduring prosperity.
Tech-driven initiatives, such as Tencent’s June 2024 pilot of the multilateral central bank digital currency bridge (mBridge) project, showcased faster, lower-cost cross-border clearing, pointing to digital infrastructure’s role in supporting diverse currencies. Broader global shifts were also evident: BRICS nations increasingly trade in rubles, rands, reais, and rupees; ASEAN uses baht and ringgit for bilateral deals; and Africa’s Export-Import Bank facilitates intra-regional transactions in local currencies. The fair’s venue, Shougang Park, once a steel mill, now embodies this adaptive spirit- blending heritage with high-tech displays that highlight practical applications of emerging technologies.
This emphasis on innovation and sustainability was particularly encouraging. As climate imperatives loom, CIFTIS spotlights services that drive green transitions – smart storage, new energy, and beyond. China’s Belt and Road Initiative extended this ethos, weaving service-based connectivity into its infrastructure web, empowering partners in Africa and Southeast Asia through knowledge transfers. In contrast to zero-sum tariffs – such as the US threats of up to 60 percent hikes – this approach fosters inclusive growth, where emerging players like India and Brazil can thrive alongside established powers, bolstered by stable currency mechanisms that enhance efficiency and risk management.
Yet, the fair’s true genius lies in its cultural dimension. Forums like the World Conference on Tourism Cooperation promoted exchanges that humanise trade, bridging civilisations through shared experiences. The resurgence in travel services, drawing visitors to sites like the Temple of Heaven, signals that trade is not just economic arithmetic but a cultural dialogue. In an age of fragmentation, such initiatives rebuild trust, proving that prosperity need not come at another’s expense.
Challenges persist, of course. The services trade deficit signals room for domestic enhancements in finance and consulting, while external pressures demand vigilance. But China’s responses – easing foreign access, boosting R&D, and stimulating consumption via measures like August’s interest subsidies- demonstrate foresight. Private indicators, such as the Caixin/S&P Global Services PMI at 52.1 in August, affirm this sector’s buoyancy amid manufacturing contractions.
CIFTIS 2025 was more than an event; it is a manifesto for a collaborative future. As protectionism casts shadows, China’s open doors illuminate a path where global trade flourishes through inclusion, innovation, and mutual respect. For nations weary of confrontation, this fair offers not dominance but partnership- a blueprint for shared progress in a multipolar world. In embracing it, we might yet salvage the promise of globalisation, turning potential divides into bridges of enduring prosperity.
