The 7th China International Import Expo (CIIE), held from November 5 to 10 in Shanghai, has once again captured global attention amid intensifying geopolitical tensions, trade frictions, and an uncertain economic outlook. As the world’s first national-level expo dedicated solely to imports, the CIIE embodies China’s commitment to opening its markets and promoting global trade.
A Platform for Global Trade
Proposed by Chinese President Xi Jinping at the inaugural Belt and Road Forum for International Cooperation in 2017 and launched in 2018, the CIIE provides unparalleled access for foreign companies eager to engage with the vast Chinese consumer market. The expo has become a vital platform for businesses worldwide to showcase products, forge partnerships, and secure substantial deals.
A Catalyst for Economic Recovery
The significance of the CIIE extends beyond trade exhibitions; it serves as a catalyst for China’s economic recovery and a stabilizing force in the global economy. Amidst a world often characterized by divisions, the expo promotes inclusivity and cooperation, enabling companies to deepen their presence in China’s dynamic market.
Premier Li Qiang’s Commitment to Openness
In a pre-expo address on November 4, Premier Li Qiang underscored China’s dedication to expanding market access for foreign enterprises despite global uncertainties. Meeting with representatives from prominent global firms, Li emphasized China’s steady economic progress as an opportunity for international businesses. He announced plans to ease market entry and broaden openings in sectors such as telecommunications, education, and healthcare, reaffirming China’s ambition to be both a vast consumer market and a leading hub for investment and entrepreneurship.
Impressive Economic Impact
Since its inception, the CIIE has showcased over 350,000 products, including approximately 2,500 new products, technologies, and services, resulting in over $420 billion in intended transactions, according to China’s Ministry of Commerce. The 2022 expo, despite pandemic challenges, generated deals valued at $73.5 billion, a 3.9 percent increase from the previous year. In 2023, the expo secured $78.41 billion in tentative deals, a 6.74 percent rise from 2022. The event attracted 3,486 exhibitors, including 289 of the world’s top 500 companies, and welcomed 410,000 professional visitors. Notably, participation by small and medium-sized enterprises surged by 40 percent year-on-year, highlighting the expo’s expanding appeal.
Promoting Inclusivity in Global Trade
In response to rising tariffs and protectionist policies worldwide since 2018, the CIIE has championed trade inclusivity, especially for emerging economies. China’s imports in 2022, worth $2.7 trillion, affirm its position as a leading importer and a stabilizing anchor in global trade. The expo provides essential market access for small and medium enterprises from Asia, Africa, Latin America, and Europe, helping these nations enhance their global competitiveness.
Growing International Appeal
Building on this momentum, the 7th CIIE hosts 297 Fortune 500 and leading industry firms, reinforcing 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 amid global economic challenges. Countries of honor at this year’s expo include France, Malaysia, Nicaragua, Saudi Arabia, Tanzania, and Uzbekistan, reflecting the event’s growing international appeal.
Reference(s):
cgtn.com
