OPINION

Why does the CIIE do better and better?

Qian Feng

05 November 2023

Editor's note: Qian Feng, a special commentator on current affairs for CGTN, is a senior research fellow at the National Strategic Institute, Tsinghua University, and Taihe Institute. The article reflects the author's opinions, and not necessarily the views of CGTN.

The 6th China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, marking the first time that it has fully resumed offline exhibitions after the COVID-19 pandemic. From announcement to action, from debut to better, from the world's first national exhibition with an import theme to globally shared international public goods, the CIIE has got a wider international influence.

Chinese President Xi Jinping sent a letter to the 6th CIIE on November 5. He pledged that China will firmly advance high-standard opening-up and continue to make economic globalization more open, inclusive, balanced, and beneficial to all. Chinese Premier Li Qiang delivered a keynote speech at the opening ceremony of the 6th CIIE and the Hongqiao International Economic Forum. He said that "China will continue to push forward opening up with stronger innovation momentum."

According to official information, this year's CIIE is expected to attract guests from 154 countries, regions, and international organizations, and more than 3,400 registered exhibitors, and nearly 410,000 registered professional visitors. And the Hongqiao International Economic Forum, a significant part of the CIIE, is expected to attract more than 8,000 people, and more than 300 heavyweight guests. Foreign leaders, heads of international organizations, Nobel Prize and Turing Award winners, and executives of Fortune Global 500 companies will gather together for in-depth discussions and share insights on open global development. There is no doubt that these specific figures truly reflect the participation and expectations of the CIIE by all walks of life.

Why is the CIIE getting better and better?

First, the CIIE has injected new certainty into the uncertain world economy. In the current era, profound changes unseen in a century are deepening, trade protectionism is rampant, and globalization and global economic growth are facing unprecedented challenges. The international community calls for more international public goods and more growth opportunities.

Since 2018, the CIIE has continuously strengthening the role of international procurement, investment promotion, people-to-people exchanges, and open cooperation. During the previous events, the expo had a total turnover of nearly $350 billion, and more than 2,000 representative new products, new technologies, and new services were displayed. The CIIE reflects China's innovation in the field of international trade, which strongly responds to the expectations of the international community and opens up new ideas for international trade.

Secondly, the CIIE makes international businesses realize the value of the Chinese market. Although each CIIE only lasts six days, behind it is the 365-day dynamic Chinese market. Statistics from China's Ministry of Commerce show that from January to August this year, China had 33,154 newly established foreign-invested enterprises, up 33 percent year on year.

From the continuous upgrading of pilot free trade zones to the full implementation of the national strategy for the integrated development of the Yangtze River Delta, several major opening-up measures announced at the opening ceremony of the previous five expos have been implemented, which have given a strong boost to China's high-level opening-up and brought real business opportunities to global enterprises.

Of the more than 3,000 global enterprises participating in the exhibition this year, about 200 enterprises have signed contracts to participate in the exhibition for six consecutive years, and about 400 enterprises have returned to the exhibition after more than two years. China's big market is a big opportunity for the world. This has been well explained in the real and vivid trade and investment stories of the CIIE.

Third, the CIIE conforms to the needs of China's national development. In recent years, China's economy has shifted to a stage of high-quality development. The goals for improving the economic structure and transforming the drivers of growth are clear, but the task is also arduous.

For six years, the CIIE has been serving the new development pattern, perfecting the "government guidance, market operation, enterprise management" exhibition mode, increasing specialization and marketization level, letting more and more global quality goods and services into the circulation system, and letting the domestic market form complementary partnerships to promote each other. It has contributed to the high-quality development of the Chinese economy.

Fourth, the CIIE meets the expectations of the Chinese people for a better life. With the continuous development of China's economy and the continuous expansion of the middle-income group, the increase of residents' income and the upgrading of consumption have become the main driving force for the growth of import consumption.

From the cumulative intended turnover of $57.83 billion of the first CIIE to the $73.52 billion of the fifth, by turning exhibits into commodities, the CIIE has introduced a large number of high-quality consumer goods, forcing domestic enterprises to improve production efficiency, accelerate product innovation, strengthen brand building, promote industrial upgrading, optimize the market supply structure, and further stimulate the vitality and potential of the consumer market.

More and more CIIE stories have been written down and will still be written down. It has become an international consensus that the Chinese market is "the world market, a shared market, and a market for everyone." The CIIE originates in China, but it brings opportunities to the world.