The 2023 China International Fair for Trade in Services, which is scheduled to open on Saturday in Beijing and run until Wednesday, will serve as a crucial platform for advancing the growth of international trade in services and facilitating global economic recovery, according to experts and participants.

President Xi Jinping will deliver a speech via video at the Global Trade in Services Summit on Saturday, Ministry of Commerce spokeswoman Shu Jueting announced on Friday.

Trade in services is becoming an increasingly important component of international trade and a significant area of economic cooperation between nations, said Zhao Ping, dean of the Academy of China Council for the Promotion of International Trade.

China has witnessed a larger spectrum of international cooperation in trade in services over the years, with more than 200 countries and regions trading in services with China and 15 countries signing memorandums of understanding, the ministry said.

The growth of trade in services has outpaced that of trade in goods since 2011, and its share among total global trade jumped to 24 percent in 2019, Zhao said, adding that with the continued growth of automated manufacturing and tradable services, the proportion of services trade is expected to reach 50 percent by 2040.

By resuming all offline activities of the trade fair amid dampened demand and stagnant growth around the globe, China is sending a clear message that it stands ready to work with all countries to see that its progress made in services trade will provide new opportunities for global development and give a boost to the world's economic recovery, she added.

By making full use of venues that cover over 155,000 square meters of exhibition space, the event has attracted over 2,400 enterprises to participate in offline exhibitions, including over 500 Global Fortune 500 companies and industry-leading enterprises, to showcase their accomplishments, the ministry said.

This year's event will feature over 200 events, including a global services trade summit, exhibitions, forums, business promotion conferences and supportive activities.

Li Tao, founder and CEO of APUS, a Chinese tech company focusing on the mobile internet and a first-timer at the trade fair, said that China has been taking more proactive steps to pursue a high level of openness and strive to meet international standards in the services sector.

China has shortened the negative lists of foreign investments and expedited opening-up in medical, culture, education, telecommunication and other service sectors, which will enable domestic firms to compete with overseas peers on a level playing field and draw on their experience. Meanwhile, it will provide broader opportunities for foreign-funded enterprises to grow in the country, Li said.

China's trade in services maintained stable growth during the first seven months, growing 8.1 percent year-on-year to about 3.67 trillion yuan ($503 billion) in total value. In particular, services imports stood at nearly 2.13 trillion yuan, up 21.6 percent from a year ago, according to the ministry.

Frank Meng, chairman of Qualcomm China, who is attending the event for the fourth time, said that China has sent encouraging signals through concrete actions to strengthen industry collaboration, international cooperation and openness to win-win outcomes.

The business climate has continued to improve, and the appeal of China's market to foreign-funded businesses has also increased, Meng said, adding that the Chinese government could foster new drivers for the country's stable foreign trade growth by motivating foreign firms to extend cooperation with Chinese partners.

At this year's event, more than 60 businesses and institutions will introduce a wide range of innovative goods and technologies, covering industries including artificial intelligence, financial technology, healthcare and cultural innovation, injecting new vitality into the development of services trade, according to the fair's organizer.