The pavilion established by Ningbo, Zhejiang province at the 2024 China International Fair for Trade in Services (CIFTIS) that opened in Beijing on Sept 12. [Photo/Ningbo Daily]

Twelve companies from Ningbo, Zhejiang province, are participating in the 2024 China International Fair for Trade in Services (CIFTIS) that opened in Beijing on Sept 12, showcasing their cutting-edge advancements in service trade.

Cai Lijun, deputy director of the Ningbo Municipal Bureau of Commerce, described the participating companies as leaders in shipping transportation, information technology, and other sectors, collectively embodying the pinnacle of Ningbo's service industry expertise. This year marks the tenth edition of CIFTIS, with half of the 12 Ningbo companies making their debut or returning for the second time.

Aosom E-commerce Inc, a prominent cross-border e-commerce player from Ningbo, is making its second appearance at the fair. Qin Xiaozhen, the operations director of Aosom's independent platform, highlighted the company's extensive operations, including nine subsidiaries and over 30 overseas warehouses spanning more than 600,000 square meters. Aosom aims to leverage CIFTIS to enhance its integrated model of independent platforms and overseas warehouses, catering to a broader spectrum of Chinese manufacturers, brands, and consumers.

In 2023, Ningbo saw its service imports and exports amount to 94.4 billion yuan ($13.31 billion), making the city the second-largest service trade hub in Zhejiang. Notably, offshore service outsourcing accounted for 37.9 percent of the service exports, with industrial research and development and design services, supply chain management services, and software development services driving the city's service trade growth. From January to July, Ningbo recorded a 33 percent year-on-year increase in service imports and exports, outpacing the growth rate of goods trade by a significant margin.

Ningbo has established one national-level, six provincial-level, and twelve municipal-level service trade (digital trade) characteristic parks. In the national ranking of 37 service outsourcing demonstration cities, Ningbo has held the seventh position for two consecutive years, underscoring its leadership in the service trade sector.