The 6th China International Import Expo (CIIE) is making waves in Shanghai from November 5 to 10, marking its first fully offline edition post-COVID-19. This year, the expo has significantly expanded its global influence, transforming from the world's first national import-focused exhibition into a platform for internationally shared public goods.
Chinese President Xi Jinping sent a letter on November 5, reaffirming China's commitment to high-standard opening-up and fostering a more open, inclusive, balanced, and beneficial economic globalization. Premier Li Qiang echoed this vision in his keynote speech at the CIIE opening ceremony and the Hongqiao International Economic Forum, emphasizing China's drive to advance opening up with robust innovation.
Expectations are high this year, with the CIIE set to welcome guests from 154 countries and regions, along with international organizations. Over 3,400 exhibitors are registered, and nearly 410,000 professional visitors are expected to attend. The Hongqiao International Economic Forum, a pivotal component of the CIIE, anticipates hosting more than 8,000 participants, including foreign leaders, Nobel Prize and Turing Award laureates, and executives from Fortune Global 500 companies. These figures underscore the CIIE's growing participation and the global community's enthusiasm.
So, why is the CIIE thriving?
Firstly, the CIIE provides stability in an uncertain global economy. Amid unprecedented challenges like rampant trade protectionism and fluctuating globalization, the expo offers much-needed international public goods and growth opportunities. Since its inception in 2018, the CIIE has continuously enhanced its role in international procurement, investment promotion, people-to-people exchanges, and open cooperation. Previous editions saw a total turnover of nearly $350 billion and showcased over 2,000 new products, technologies, and services, highlighting China's innovation in international trade.
Secondly, the CIIE underscores the value of the Chinese market for international businesses. Despite the expo's six-day duration, it reflects the dynamic, year-round Chinese market. Data from China's Ministry of Commerce reveals that from January to August this year, there were 33,154 newly established foreign-invested enterprises, a 33% increase year-on-year. Major opening-up measures, such as the upgrading of pilot free trade zones and the integrated development of the Yangtze River Delta, have been implemented following announcements at previous expos, boosting China's high-level opening-up and generating real business opportunities for global enterprises.
This year's participation is particularly noteworthy, with around 200 enterprises committing to attend the expo for six consecutive years and about 400 returning after a hiatus of over two years. These numbers demonstrate that China's vast market continues to present significant opportunities for the world, as evidenced by the vibrant trade and investment stories emerging from the CIIE.
Reference(s):
cgtn.com
