The 7th China International Import Expo (CIIE), held from November 5 to 10 in Shanghai, has successfully captured global attention despite ongoing geopolitical tensions and economic uncertainties. Established by Chinese President Xi Jinping at the inaugural Belt and Road Forum for International Cooperation in 2017 and launched in 2018, the CIIE stands out as the world's first national expo dedicated solely to imports, highlighting China's commitment to opening its markets.
Beyond its role in facilitating trade, the CIIE serves as a crucial platform for China's economic recovery, acting as a stabilizing force in a world often marked by divisions. The expo offers businesses worldwide a unique opportunity to showcase their products, forge partnerships, and secure significant deals, thereby supporting international trade and helping companies establish a stronger presence in China's vast and dynamic market.
In a pre-expo address on November 4, Premier Li Qiang emphasized China’s dedication to expanding market access for foreign enterprises despite global uncertainties. During meetings with representatives from leading global firms, Li highlighted China’s consistent economic progress as a prime opportunity for international businesses. He announced plans to streamline market entry and expand opportunities in sectors such as telecommunications, education, and healthcare, reinforcing China’s ambition to be a leading hub for investment and innovation.
The economic impact of the CIIE has been remarkable. Since its inception, the expo has featured over 350,000 products, including around 2,500 new products, technologies, and services, culminating in more than $420 billion in intended transactions, according to China's Ministry of Commerce. The 2022 expo alone generated deals valued at $73.5 billion, marking a 3.9% increase from the previous year. In 2023, as the event returned to full scale, tentative deals reached $78.41 billion, a 6.74% rise from 2022. The latest expo welcomed 3,486 exhibitors, including 289 of the world's top 500 companies, and attracted 410,000 professional visitors. Notably, participation by small and medium-sized enterprises surged by 40% year-on-year, highlighting the expo’s growing appeal.
In response to the rise of tariffs and protectionist policies globally since 2018, the CIIE has championed trade inclusivity, particularly benefiting emerging economies. China's imports in 2022, valued at $2.7 trillion, underscore its position as a leading importer and a stabilizing force in global trade. The expo provides essential market access for small and medium enterprises from Asia, Africa, Latin America, and Europe, enhancing their global competitiveness.
The 7th CIIE is set to host 297 Fortune 500 and leading industry firms, reaffirming its status as a premier platform for international trade and investment. With participation from 152 countries, regions, and international organizations, the expo underscores China’s commitment to trade liberalization amidst global economic upheavals. Countries of honor, including France, Malaysia, Nicaragua, Saudi Arabia, Tanzania, and Uzbekistan, further reflect the expo’s expanding international reach.
Reference(s):
cgtn.com
