Gardeners decorate the South Square of the National Exhibition and Convention Center (Shanghai), the main venue of the China International Import Expo (CIIE), in Shanghai, east China, Oct 15, 2022. Photo : Xinhua
As the global economy faces headwinds from the pandemic, anti-globalization and trade protectionism, the 5th China International Import Expo (CIIE) will build on the successes of the previous four sessions and continue to generate concrete benefits for the global business community, the Chinese said experts and attendees at the show.
Experts said the wider turnout this year is a testament to China’s growing attraction and influence as a huge market with rich investment opportunities. Meanwhile, the annual import fair, which opens on Friday, introduces new features in line with China’s commitment to sharing its growth opportunities with the world on China’s path of modernization.
For the first time, 100 economically strong counties and 1,000 strong townships from across China will attend the event to seek trade and investment opportunities.
Wei Jianguo, vice president of the China Center for International Economic Exchanges and former vice minister of the Ministry of Commerce, said the presence of these localities demonstrates China’s enormous potential as the country is committed to a continuous opening.
The participation of United Nations agencies, including the United Nations Industrial Development Organization and the World Intellectual Property Organization, also shows global recognition of China’s efforts to improve its business environment, Ms. Wei.
In addition, the broader participation of countries around the world and international organizations heralds a growing trend of more foreign countries and regions investing in China as a safe bet to hedge against downside risks, Mr. Wei.
China’s ranking in the World Bank Group’s Doing Business survey fell from 78th place in 2018 to 31st place in 2020.
In the first nine months of 2022, discounted foreign direct investment in the central and western parts of the country increased by 34.8% and 33% year-on-year, far more than the 13.3% growth recorded by China. eastern region.
The 5th CIIE will also see the debuts of Nicaragua, Djibouti and Iraq, among eight nations. Afghanistan, which first participated in the CIIE last year, will participate again and bring its pine nuts to the fair.
Over the past four years, the CIIE has seen cumulative deals valued at $272.3 billion. Sourcing orders from Chinese buyers have proven to be of great value to global companies, which have tied themselves to the event.
As the event enters its fifth year, multinational business leaders say the CIIE is a demonstration of the country’s continued commitment to opening up. This year, 284 Fortune Global 500 companies and industry majors are expected to join, up from 281 last year.
Leon Wang, executive vice president of global drugmaker AstraZeneca, said AstraZeneca has participated in the CIIE for five consecutive years, and every year the company is all-in for the CIIE. “The end of each CIIE is the starting point of our work for the next CIIE. It’s so important to us,” Wang told the Global Times.
“Every year at the show, I have been shocked by the level of participation from around the world and the level of support for the show from across the country. In our showroom, we have had ministers, local officials and even heads of state from other countries – the event signifies an unparalleled level of efficiency in communication,” Wang said. AstraZeneca is showcasing four innovative medicines at this year’s CIIE.
German specialty chemicals producer Evonik sees China as one of the engines of the global economy and a key market for its growth. Evonik participated in the first CIIE in 2018.
“Over the years, we have established close and long-term partnerships with many local customers…one of these customers is a national auto parts company that has signed a strategic partnership and purchasing agreement with Evonik” , Xia Fuliang, president of Evonik Greater China, said.
“After five years, the company has become our largest global customer in the automotive segment,” Xia told the Global Times.
During the 5th CIIE, Evonik will launch four battery materials that lead to better and safer performance of lithium-ion batteries for electric cars, three of which are global debuts and two were innovated in China.
The CIIE, in addition to the China International Trade Fair for Services in Beijing and the Canton Fair in Guangzhou, Guangdong Province, is a major platform showcasing the country’s efforts for opening up and cooperation. world.