At the 2023 China International Fair for Trade in Services (CIFTIS), the financial services sector is prominently featured, with nearly half of the on-site exhibitors hailing from abroad. This showcases China’s increasingly open financial market, and the exhibition spans more than 14,000 square meters across eight exhibition halls in Shougang Park, one of the CIFTIS venues.
A total of 219 domestic and foreign financial institutions and enterprises are participating in the exhibition, with 99 on-site exhibitors, including 52 domestic institutions and 47 foreign institutions representing more than 20 countries and regions worldwide. Prominent foreign financial institutions such as HSBC, Standard Chartered Bank, Mizuho Bank, Daiwa Securities, Mastercard, SWIFT, London Stock Exchange, and Deutsche Borse are presenting their latest products and applications while exploring collaboration opportunities in the Chinese market.
China has been actively promoting the opening-up of its financial sector in recent years, fostering a multi-channel and multi-level opening-up pattern that encompasses stocks, bonds, derivatives, and foreign exchange markets. Chinese officials emphasize a commitment to expanding financial industry opening-up and cultivating a high-quality environment for market entities, leading to an increased interest from global financial institutions to invest in Chinese assets.
As the world enters a new era of technological revolution and industrial transformation, digital technologies like artificial intelligence (AI) are gaining significance in the financial sector. Financial technology, driven by technology-driven financial innovation in the digital age, plays a vital role in modernizing the financial system. Domestically, institutions like ICBC Credit Suisse Asset Management (International) Co (ICBCCSI) are showcasing solutions like FundGPT, an AI-powered intelligent asset management solution, at the 2023 CIFTIS.