As China diversifies its economy away from low-cost manufacturing, Beijing will be holding its first international trade fair this summer on the services industry. One organizer says the event will open up new opportunities for global entrepreneurs to diversify their own local economies.

China is increasing its efforts to boost service trade both at home and abroad with the up-coming "China Beijing International Fair for Trade in Services" (CIFTIS).

The fair is sponsored by the Ministry of Commerce and organized by the People's Government of Beijing Municipality, and will now be held annually from May 28th to June 1st in Beijing.

Zhou Liujun, the director of the Department of Trade in Services at the Chinese Ministry of Commerce highly praised the fair.

Zhou said: "The CIFTIS is so far the world's first and only trade fair specializing in the services industry and we are proud to be the first. The fair will gather world class resources and market information. "

CIFTIS will be the only platform that covers 12 industries of service trade in China, including financial services, tourism and so on. CIFTIS have already signed a strategic partnership contract with Air China.

According to Zhou, China's service trade is expected to reached over 400(410) billion US dollars this year. In the previous 5 years (2006 -2010) the country's services trade grew 17.3 percent annually, almost doubling from 191.7 billion US dollars in 2006 to 362.4 billion US dollars in 2010.

The general director from the Beijing Municipal commission of commerce explained the benefits of choosing the country's capital as the fair's host city.

Lu Yan, the director general of Beijing Municipal Commission of Commerce, said: "Last year, Beijing's service trade accounted for almost one percent of the global service trade volume. Since 2008, Beijing proved its strong consumption power. Also Beijing's market advantage and openness will serve companies which come from all over the world."

Officials say the transfer of China's economic focus from manufacturing to the services industry provides tremendous business opportunities for global firms.