Over 150 companies and institutions from Shandong participated in the 2020 China International Fair for Trade in Services (CIFTIS), which was held from Sept 4 to 9 in Beijing.

The event was the first major international economic and trade event held both online and offline in China since the COVID-19 outbreak.

The fair allows enterprises, particularly small and micro-sized enterprises, to display their products and services online, as well as broadcast livestreams and sign deals online.

The fair's Shandong-themed day was held on Sept 4, during which industrial parks and companies from Shandong promoted their services and products.

A file photo of the China International Fair for Trade in Services [Photo/Sipa]

The Shandong Provincial Department of Commerce has set up an exhibition area to showcase the achievements of its service trade in recent years and promote the province's service trade policies and investment environment.

In addition, the Shandong Provincial Department of Culture and Tourism has set up a "Friendly Shandong" exhibition area to promote its cultural and tourism attractions and the development of tourism trade.

Shandong considers the service trade an important way to optimize its trade structure, increase development momentum, and promote the high-quality development of foreign trade.

In 2019, Shandong's imports and exports of services totaled 237.94 billion yuan ($34.74 billion) in value, an increase of 8.9 percent over the previous year. Service exports were valued at 118.26 billion yuan, up 14.2 percent, while imports were valued at 119.68 billion yuan, up 4.1 percent.

Imports and exports of emerging services, represented by information technology services, financial and insurance services, cultural and sports services, and maintenance and repair services, were valued at 56.4 billion yuan in Shandong last year, accounting for 23.7 percent of the province's total trade in services.

Service outsourcing has also seen rapid growth in Shandong. In 2019, services outsourced by the province were valued at 87.87 billion yuan, up 25.8 percent.