BEIJING—At the 2024 China International Fair for Trade in Services, which opened under the theme “Global Services, Shared Prosperity,” China’s service sector displayed significant advancements in technology that are poised to enhance efficiency and foster economic growth.
According to Namibia Press Agency, the fair showcased a variety of technological innovations, from unmanned logistics vehicles to advanced digital finance solutions, heralding a new era in service trade development. One of the highlights was Cainiao, the logistics arm of Alibaba, which introduced an unmanned vehicle capable of carrying 500 to 700 parcels at once. This innovation is expected to decrease the number of necessary trips between destinations and courier hubs significantly, enhancing delivery efficiency and reducing costs.
The vehicle features an intelligent digital route planning and management system, which operates through a mobile app allowing for the adjustment of multiple delivery waypoints easily. Additionally, Chinese logistics firms and e-commerce platforms have been actively expanding their global digital networks and infrastructure. Cainiao, for example, has optimized its capabilities to deliver parcels to over 14 countries within as few as five working days.
JD Logistics, another key player, has established nearly one million square meters of overseas warehouse space, supporting both Chinese and local brands with a seamless, end-to-end logistics solution from factory to international markets.
Beyond logistics, the fair also spotlighted innovations in digital finance. The Industrial and Commercial Bank of China presented an AI-powered remote banking assistant designed to enhance customer service by pre-assessing customer needs and summarizing relevant information before involving human agents. This tool not only improves efficiency but also enhances the customer experience by facilitating quicker and more accurate service.
These innovations reflect the dynamic growth of China’s service trade, which has seen an average annual growth rate of 6.2 percent in U.S. dollar terms over the past decade—surpassing both the global average and China’s own goods trade growth during the same period. In 2023, China accounted for 4.8 percent of global service exports and 7.5 percent of service imports, underscoring its expanding role in the global market.
Wang Dongtang, an official with the Ministry of Commerce, noted the deepening cooperation within the global service trade and highlighted the accelerating trends towards digitalization, intelligence, and sustainability. He emphasized that the service trade is becoming a crucial driver of economic globalization.