LONDON -- The China International Fair for Trade in Services is an annual flagship event in China, serving as a vital platform for China to build consensus on global cooperation and promote international exchanges, a British business leader has said.

As China continues its transformation from a manufacturing-based economy to a services-based one, CIFTIS aims to help further promote this transition, Tom Simpson, managing director of China Operations and chief China representative at the China-Britain Business Council told Xinhua in a recent written interview.

"CIFTIS is a valuable opportunity for businesses to engage with government stakeholders, for China to exhibit its own strengths and ambitions for the service sector, and for international service companies to announce deals with local partners," Simpson said.

This year's edition of CIFTIS, one of the world's largest and most comprehensive fairs for trade in services, is scheduled to take place in Beijing from Sept 2-6. Themed "Openness Leads Development, Cooperation Creates a Win-Win Future," the 2023 CIFTIS is expected to see more than 200 varied events including forums, negotiations, and summits.

Britain will be the guest country of honor of the 2023 CIFTIS, said Simpson, adding that a number of events, which will bring together senior government officials from the two nations and senior executives from top British corporations, are planned by the British side, as well as forums and exhibition tours that will cover the financial, sports, and creative sectors.

Speaking of Britain-China trade, Simpson told Xinhua that he sees a big opportunity for British services in China in such areas as finance and education.

"In many ways, as China seeks to become more of a modernized economy, the similarities with the UK economy will become greater," which means more cooperation between Chinese and British companies, he said. "In other words, there will be a high degree of complementarity between our economies."

"With China's reopening, we are also seeing the exchanges between the two countries return," Simpson told Xinhua, noting that this summer, the CBBC's office in central London has been very busy, hosting numerous delegations from different Chinese provinces and welcoming visitors from many municipalities.

"This is consistent with China's economic development. British businesses are adjusting to this transformation as the Chinese economy shifts toward new sectors with growth potential," he said.