|
( Image: ACB News) By Peijin Zhang When the 2025 China International Fair for Trade in Services (CIFTIS) opens in Beijing on September 10, Australia, the guest country of honor this year, will bring its largest-ever delegation to the event. CIFTIS is the world’s largest fair dedicated to the promotion of trade in services. Since its inception in 2012, it has brought together enterprises from around the world to share opportunities from China's opening up, vast market and development of trade in services. This year’s Australian participation will be unprecedented in scale, with both its exhibition space and participant count setting a new record. The Australian pavilion will double in size from last year’s, featuring over 60 companies. According to Nick Henderson, regional general manager for Greater China at Tourism Australia, the exhibitors will highlight Australia’s leadership across a broad range of sectors — including green economy, education, tourism, consumer goods, and healthcare — and seek to explore and deepen cooperation with Chinese partners. Key participants include ANZ, CPA Australia, the University of Adelaide, and Tourism Australia. Australia’s role as the guest country of honor is far more than ceremonial; it is a powerful testament to the maturation and diversification of the economic relationship between China and Australia. It signals a strategic pivot from a traditional trade dynamic to a more sustainable and deeply integrated partnership built on interaction, innovation, and services. China is Australia's largest two-way trading partner, accounting for 26 percent of Australia’s global goods and service trade in fiscal year 2023-24. Its goods and service exports to China totaled AU$ 212.7 billion ($139.49 billion) in 2023-24. Service exports were up by a whopping 42.3 percent in the same period. China-Australia service trade is flourishing, driven by complementary strengths and shared economic interests. This year’s CIFTIS is a great opportunity for Australian service providers to interact with and showcase their capabilities to prospective customers in China. Australia’s service industry, renowned for its excellence in education, tourism, finance, and healthcare, aligns seamlessly with China’s growing demand for high-quality services. Australia has long been a premier destination for Chinese students seeking high-quality tertiary education and a multicultural experience. Universities have moved beyond simple student recruitment to establish deep institutional partnerships. A prime example is the University of Technology Sydney and its extensive research collaboration with Shanghai University and other Chinese institutions in fields like biomedical engineering and data science, creating new intellectual property and tackling global challenges together. Tourism is also a success story. Chinese visitors are drawn to Australia’s unique landscapes, wildlife, and cosmopolitan cities. The recovery of international travel is reinstating this vital people-to-people link. And the model is evolving. It’s no longer just about volume; it’s about value and specialization. Australian tour operators are collaborating with Chinese platforms to develop high-end experiences, catering to the sophisticated demands of Chinese travelers. Financial services represent another area of joint collaboration. Australian financial institutions have expanded their presence in China, leveraging opportunities presented by China opening its financial markets. For example, companies listed on the Australian Stock Exchange have partnered with Chinese fintech firms to develop innovative solutions for cross-border payments and investment platforms. These partnerships not only enhance efficiency but also pave the way for greater integration of the two economies. Healthcare and aged care services are emerging as key areas of cooperation as well. Australia’s expertise in healthcare management and digital health solutions is highly sought after in China, where an aging population and rising healthcare demands require advanced services. Joint ventures between Australian and Chinese companies have already begun to address these needs, combining Australian innovation with China’s vast market reach. The potential for Sino-Australian service trade remains vast. Digital services, including e-commerce, cybersecurity, and cloud computing, offer new avenues for collaboration. Australian tech companies, known for their creativity and adaptability, can partner with Chinese giants to explore opportunities in these fields. Additionally, environmental services and sustainable development solutions are gaining traction, aligning with both countries’ commitments to climate action. In the critical field of environmental services, Australia’s expertise in water management, waste treatment, and sustainable urban planning is in high demand as China pursues its dual carbon goal — peaking carbon dioxide emissions before 2030 and achieving carbon neutrality by 2060. Australia’s sustainable building practices that are environmentally responsible and resource-efficient will be in high demand. By combining Australia’s strengths in high-quality services with China’s unparalleled market scale, digital innovation, and manufacturing prowess, the two nations can co-create services and products for each other and beyond. This is the profound opportunity that CIFTIS represents — a chance to compose a new and more sophisticated symphony of trade, conducted in harmony for mutual benefit. Against the backdrop of rising global protectionism, Australia’s enthusiastic participation with other countries will send a strong signal of opposing trade protectionism and supporting free trade, underscoring the irreversibility of economic globalization. Author: Peijin Zhang, a Beijing-based current affairs commentator Disclaimer The information provided on this website is for general informational purposes only and does not constitute financial or investment advice. While every effort is made to ensure accuracy, we do not guarantee the completeness, reliability, or timeliness of any content. Investment involves risk. Always seek independent, professional advice before making any financial decisions. |
 |
