The 2024 China International Fair for Trade in Services (CIFTIS), set to be held in Beijing in September, has completed 93 percent of the expanded exhibition area for the comprehensive exhibition and special exhibitions.
This year's CIFTIS will be held from Sept 12 to 16 at the National Convention Center and Shougang Park, a sprawling industrial park turned iconic attraction. With the theme of "Global Services, Shared Prosperity", the fair will cover topics such as supply chain and business services, telecommunications, computer and information services.
"This year, the CIIE has intensified its efforts in promotion and attracting business and exhibitors at home and abroad, inviting more Fortune 500, specialized and new enterprises and unicorn enterprises. Currently, 93 percent of the exhibition area expanded for comprehensive exhibitions and special exhibitions have been completed. 72 countries and international organizations have decided to set up offline exhibitions in the name of national governments or headquarters," said Zhou Ling, deputy director of the Beijing International Service Trade Affairs Center.
Organizers said at a press conference held in Beijing on Monday that this year's event will focus on the country's new quality productive forces, referring to innovation-led development to promote high-quality growth.
"We'll emphasize new quality productive forces and create specialized exhibits. The high-level design showcase will focus on innovation, featuring the latest achievements in digital, smart and green services trade," said Ai Yinfang, deputy director of Beijing China International Center for Economic and Technical Exchanges.
The fair will also host the Global Trade in Services Summit, reinforcing a commitment to openness and serving as an international platform for public exchanges.
Organizers said the fair will offer wide-ranging services for international attendees, providing one-stop solutions for transportation, payments, dining, and more.
They also emphasized that everything is on track for the exhibitions. As a flagship project of China's opening up, the organizers believe this year's event will focus even more on boosting cross-border collaboration and creating a better future through shared services.
Expanded exhibition area nearly complete for China's foremost services trade fair
Many Singaporeans support raising the re-employment age, partly to stay busy and active in retirement, and to help address demographic challenges in the workforce.
Like many other Asian countries, Singapore is grappling with a rapidly aging population. The government predicts that by 2030, one in four Singaporeans will be aged 65 or older, up from one in 10 two decades ago.
A survey on retirement and employment conducted last year in the country found broad support for raising the national retirement age, with about 88 percent of those aged 50 and above in favor.
Some supported increasing the retirement age because continuing to do what they love, rather than retiring, keeps them feeling youthful and fulfilled.
When Nancy Hor, a retired IT operations manager, left her job five years ago, she wasn't sure how to fill her time.
"I'm a workaholic. At the very first stage after I retired, I felt I could not find balance," she said.
Hor, now 70, said it took her some time to adjust. In her spare time, she stays busy line dancing and spending time with her family.
But she said that if she had had the choice, she would have liked to stay employed a little longer.
"I think it's good for the elderly that even they have some job to do, and keep them busy," said Hor.
In March, authorities announced plans to raise the retirement age to 64 and the re-employment age to 69 by 2026.
Singapore's Minister of State for Manpower, Gan Siow Huang, said the changes to the rules protect senior workers from dismissal due to age-related issues before they reach the statutory retirement age. Employers are also required to offer re-employment to eligible workers until they reach the statutory re-employment age limit.
This follows a similar move made two years ago to raise the retirement and re-employment ages to 63 and 68, respectively. The city-state is also aiming for a retirement age of 65 and a re-employment age of 70 by 2030.
"That is to reduce the impact on businesses, so it gives time for businesses to adapt their policy. This gradual increase in retirement age basically provides a framework for individuals like myself, who want to continue to be gainfully employed," said Patrick Chang, a retirement planning specialist and the author of the A to Z guide to retirement planning.
Chang said that businesses will need to make adjustments to accommodate the changes, including offering retraining for senior workers.
He noted that the changes won't impact those who still wish to retire earlier, but given Singapore's demographic challenges, the country cannot afford to remain idle.
"If we don't do it now, the social cost could be high. We cannot wait until the time when we need it today, and then we get something done. It will probably be a bit too late, and the cost of getting to that solution will be higher," said Chang.
Many Singaporeans support raising retirement, re-employment ages
