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CIIE Unveils New Prospects for China’s Opening-up

2019-11-29 13:20:00 Source:China Today Author:ZHANG MAORONG
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THIS year, the second China International Import Expo (CIIE) not only continued the work of the Chinese government in escalating its opening-up policy, but also was held during the year the country celebrates the 70th anniversary of the founding of the People’s Republic of China.

The success of the CIIE has been extremely impressive and played an increasingly important role in promoting China’s and the global economy.

The CIIE, held in Shanghai from November 5 to 10, promotes high-quality development of China’s economy and better meets people’s needs for a better life.

China is the world’s second largest economy, the largest trader in goods, and the country with the largest foreign exchange reserve. Its contribution to global economic growth has exceeded 30 percent for several years. Along with rapid economic development, China has created the largest middle-income population in the world, creating a strong domestic demand for better quality consumption.

At this year’s CIIE, many foreign companies focused on intelligent manufacturing, providing abundant solutions for China’s localized applications, making continuous efforts to expand their presence in the Chinese market and attract local consumers. An increased number of foreign small and medium-sized enterprises were present at the expo. Attending foreign firms indicated that they are very optimistic about the long-term development potential of the Chinese market.

The CIIE provides China with more partners in economic and technological cooperation with foreign countries.

A total of 181 countries, regions, and international organizations were represented at this year’s CIIE, and more than 3,800 companies participated in the expo, far exceeding the first CIIE last year.

                  

Chinese President Xi Jinping and foreign leaders pose for a group photo before the opening ceremony of the second CIIE in Shanghai, November 5, 2019. Later that day, Xi delivers a keynote speech at the opening ceremony.

This year, the total number of domestic and foreign buyers and professional visitors exceeded 500,000, a big increase over last year.

The CIIE continued its innovation by launching more new products, new technologies, and new services, with many of the innovative products adapted to the transformation of domestic companies. This in turn is conducive to promoting the high-quality development of China’s economy. The second CIIE had also held supporting activities, in which 1,367 exhibitors and 3,258 buyers met for negotiations, reaching 2,160 agreements of intent for cooperation.

The procurement contracts from the central state-owned enterprises involve more than 730 suppliers from 87 countries and regions. The drafted purchase contract agreements and their total sum have increased significantly compared with last year. For example, the China National Machinery Industry Corporation Ltd. and Commercial Aircraft Corporation of China Ltd. were involved in procurement of key high-end equipment; the China National Nuclear Corporation and State Power Investment Corporation found partners for technical cooperation; and the China Aerospace Science and Technology Corporation and Aviation Industry Corporation of China established close ties with many European companies. From the perspective of cooperation content, supply chain cooperation is being intensified, and the integration of industry chains is deepening.

The CIIE will help countries to share China’s development opportunities, expand cooperation space, and consolidate relationships, which are practical steps to promote the building of a community with a shared future for mankind.

Over the past four decades, China has adhered to the policy of reform and opening-up, which has not only achieved China’s status as an economic power, but also benefited the international community and businesses of various countries. The CIIE is an international event that is good for both China and the world, promoting open development and win-win cooperation.

                   

                                                                        The venue of the CIIE – National Exhibition and Convention Center in Shanghai.

The great success of the second CIIE has further demonstrated China’s strength in defending the open world economy and leading global development. Christian Rusche, an economist at the Cologne Institute for Economic Research of Germany, said that the CIIE is both a symbol of China’s dynamic development and proof of China opening its market wider. It demonstrates the possibilities of numerous collaborations and provides an ideal environment for new contacts and new partnerships that all participants can benefit from.

According to Bernard Dewit, chairman of the Belgian-Chinese Chamber of Commerce, the second CIIE fully demonstrates that opening-up will be a long-term policy for China, following the principle of reciprocity. As economic globalization faces major challenges and the global economic growth momentum is insufficient, it sends a positive signal to countries and is of great significance to boosting confidence in the global market.

On November 5, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of the second CIIE, where he proposed China’s initiative to build an open global economy. It can be expected that with China’s vast market as an anchor, and unswerving opening-up policy as a guarantee, the CIIE can become an important platform for promoting the common development of the world economy and the Chinese economy.

 


ZHANG MAORONG is a research fellow with the Institute of World Economic Studies, China Institutes of Contemporary International Relations.

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