By Guo Jiping
The second China International Import Expo (CIIE) slated to kick off in Shanghai on Nov.5 will be a grand event witnessing in-depth integration of China into the world and win-win cooperation between China and countries across the globe.
So far, over 3,000 enterprises from more than 150 countries and regions have signed up for the expo, with the number of countries, regions, international organizations, exhibitors, as well as Fortune Global 500 enterprises and industry leading companies to attend the second CIIE all surpassing that of the first CIIE held last year.
The surge in the number of participants caused exhibition area shortage in the National Exhibition and Convention Center (Shanghai), the venue for the upcoming expo. Only after several extensions, the exhibition area in the venue can scarcely meet the huge need for booths.
How is a newborn expo enjoying such extraordinary popularity around the world?
Above all, the popularity is credits to thegrand background of the CIIE, given that it is the world’s first-ever import expo held at national level and an innovation in the history of global trade which has been planned, arranged, and promoted by Chinese President Xi Jinping.
In particular, the popularity of the second CIIE is a result of the remarkable success of the first CIIE, where exhibitors reaped fruitful results.
In just 6 days during the first CIIE, more than 800,000 people visited the exhibition halls for business discussions, purchase, and sightseeing, generating a total of $5.78 billion in terms of volume of deals.
The popularity of the CIIE also reflects the confidence of enterprises around the world in China’s determination to constantly deepen its efforts at all-round opening-up.
With the implementation of a major series of favorable policies and measures aiming at promoting opening-up at a higher level, China has constantly optimized its institutional environment.
By further lowering its overall tariff level, broadening market access, shortening the negative lists for foreign investment, and promoting transparent market rules, China has endeavored to make it more convenient for various companies around the world to share its development opportunities.
“In the coming 15 years, China’s import of goods and services are expected to exceed $30 trillion and $10 trillion respectively.” The remark of President Xi about the general forecast of Chinese market made at the opening ceremony of the first CIIE sparked heated discussion around the world.
The rise of China’s consumer market has been universally regarded as an important pillar of the steady and sustained economic growth of the country, and the primary focus of foreign enterprises to continue investing in China.
Japan External Trade Organization (JETRO) has actively organized Japanese enterprises to take part in the CIIE. These companies will focus their efforts on introducing such goods as food, agricultural produce, and medicine that have huge potential in Chinese market.
The CIIE will serve as an important platform for the marketing of these products in China, said JETRO.
A delegation of business representatives from 84 Singaporean companies will participate in the second CIIE, according to Teo Siong Seng, Chairman of Singapore Business Federation (SBF).
Seeing the remarkable results of the first CIIE, more Singaporean companies hope to showcase their innovative products and services in China, said Teo.
The appeal of China’s consumer market is not just because of its size, but is rooted in its structure which is constantly optimized.
From daily necessities to such areas as housing, transportation and tourism, the proportion of service consumption in China’s consumer market has significantly increased over the past few decades, while forms of circulation have been continuously innovated and the market volume of online retailing now leads the world.
In the face of the changing times, more and more multinationals regard Chinese market as an ideal land for incubating global innovations, hence constantly increase innovation inputs in China.
It is expected that the amount of new products, new technologies, new services, new techniques, and new applications to debut in the world or to be unveiled for the first time in China at the second CIIE will exceed that at the first CIIE last year.
These new creations include concept car that can automatically perceive the physiological status of passengers and adjust its interior environment accordingly, pulverizer that can turn 150 to 200 tonnes of construction waste into renewable materials within an hour, and Steinway & Sons’ newest piano that can automatically perform music and precisely record the performances of musicians.
The enthusiasm for launching new products in the CIIE is closely related with China’s constantly intensified efforts to strengthen the protection of intellectual property rights (IPR).
China has made great efforts to perfect its laws to better protect IPR. The country has built a fully-fledged intellectual property legal framework which is in line with prevailing international rules. It will also introduce punitive damages for infringements on intellectual property, which will make its punishment for infringements reach a relatively high level in the world.
China’s remarkable progress in IPR protection has significantly improved the country’s environment for innovation, enabling transnational corporations to be totally reassured about expanding their business in China.
At the moment when economic globalization is undergoing headwinds, observers of various countries think the CIIE held by China is a powerful measure to continue driving forward economic globalization.
By holding the CIIE, China has built a platform for international trade and cooperation opportunities shared among various countries around the world, said Bernard Dewit, Chairman of Belgian-Chinese Chamber of Commerce (BCECC).
China is safeguarding the free trade system with practical actions, noted Dewit, adding that the country’s endeavor to further expand opening-up will generate huge business opportunities for various countries in the world.
While hosted by China, the smooth holding of the CIIE is the result of collaboration of China with international organizations including the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), and the United Nations Industrial Development Organization (UNIDO), and also the joint participation of many countries.
Such high-level partners and extensive participation reflect the internationalization and openness of the CIIE as an important platform built by China in an effort to proactively expand imports and open its market wider. It also manifest the international community’s sincere expectation for improving global trade environment and realizing win-win cooperation.
China today is standing at a higher starting point on a journey of promoting development through opening-up.
On the one hand, the realization of opening-up at a higher level has become an inevitable requirement of the transformation and upgrading of Chinese economy. On the other hand, the country is confronted with pressure caused by the changing global trade environment.
From constantly deepening efforts and increasing solid outcomes in joint construction of the Belt and Road Initiative (BRI) to creating a brand new platform for cooperation by hosting the CIIE, making continuous breakthroughs in the construction of free trade zones, adopting the new foreign investment law, and accelerating the opening-up of service industry, China has not only brought its own development into a new stage, but significantly benefited the development of the world.
Looking into the future, China is full of confidence and strength to serve as an important promoter of opening-up across the world, a stable power source of global economic growth, a dynamic market for business opportunities benefiting various countries, and an active contributor to the reform of the global governance system.
China is ready to work with various countries around the world to share opportunities, boost common development, and promote the joint construction of a community with a shared future for mankind, so as to bring peace and development to the whole world.
(Guo Jiping is a well-known pen name used for People’s Daily editorials meant to outline China’s stance and viewpoints on major international issues.)
