CHINA has made fresh pledges on increasing imports and easing market access for foreign investors among a raft of opening-up measures, as the sixth China International Import Expo (CIIE) opened in Shanghai on Sunday.

Making its first return to in-person exhibitions since the onset of COVID-19, the annual expo epitomizes China’s dedication to high-standard opening up and shared economic development.

This year’s CIIE has attracted participants and guests from 154 countries, regions and international organizations. Over 3,400 exhibitors and nearly 410,000 professional visitors registered for the event, representing a full recovery to pre-pandemic levels.

The world’s first national expo of imported products, the CIIE was proposed by Chinese President Xi Jinping, for the purpose of expanding China’s opening up and turning its enormous market into opportunities for the world.

A wider gate

From highly flexible robots and innovative therapies for rare diseases to Syrian perfumes and Afghan carpets, a wide variety of products and services from across the globe are on display at this year’s expo, which has been known as the “golden gate” into the vast Chinese market since its inauguration in 2018.

In the fifth edition, 66 countries and three international organizations participated in the name of their countries, while this year three more countries make their presence at country exhibitions. The past expos witnessed about 2,000 new products, technologies and services making their debuts.

In a keynote speech at the expo’s opening ceremony, Chinese Premier Li Qiang said China’s imports of goods and services are expected to reach US$17 trillion in cumulative terms in the next five years.

Noting that China has always been willing to share its market opportunities, Li also vowed to expand imports, implement negative lists for cross-border service trade, and continue to facilitate market access.

“The latest announcement on China’s expected import volume for the next five years is extremely encouraging, for both foreign companies doing business with China and the world economy as a whole,” said Julian Blissett, General Motors (GM) executive vice president and president of GM China.

Compared with previous editions, this year’s CIIE witnesses a record number of Global Fortune 500 companies and industry leaders in attendance. “The expo’s full return to offline exhibitions is exciting,” said Blissett, who referred to the CIIE as a “perfect example” of China’s commitment to opening up.

“We’re looking forward to further tapping the huge potential of the Chinese market, which has great appeal with its dynamism and openness,” he told Xinhua.

Over 400 new items — products, technologies and services — will take center stage at this year’s CIIE, some of them making their global debuts, reflecting the importance of the Chinese market in the world economy.

“CIIE is an important platform that attracts leading companies to showcase their latest technologies and innovation capabilities,” said Jasper Ang, president of Fortive Asia, a company returning to the expo a sixth time.

At this year’s event, Fortive Asia is presenting technologies and solutions in such fields as industry 4.0, green energy, green transportation and advanced healthcare.

New opportunities

While the global economy is facing headwinds, a more open and vibrant Chinese economy has provided business opportunities for many foreign enterprises attending the CIIE.

According to Andreas Thorud, the Norwegian Seafood Council director for the Chinese mainland and Hong Kong, exhibitors and visitors from various countries will, through the CIIE, get a real sense of the dynamism of the Chinese market and the vast opportunities it presents.

“I’m truly looking forward to this year’s CIIE,” said Thorud. “Given that we are attending (the CIIE) for the first time after the pandemic, I anticipate a surge in visitors, a heightened buzz, and a lot more exciting things. I am confident it will be highly successful.”

China has seen multiple signs of improvement in its economy in recent months, with major economic indicators for industrial output, consumption and investment picking up.

With China’s third-quarter economic performance surpassing market expectations, foreign financial institutions, including the UBS and Deutsche Bank, have raised their forecasts for the country’s growth this year.

The Chinese economy is creating increasing opportunities for foreign firms. Among them is the German pharmaceutical company Boehringer Ingelheim, which is attending the expo for the fifth year.

Over the past five years, this company has brought nearly 30 innovative products and solutions to the CIIE, many of which have entered the Chinese market. In the next five years, the company plans to invest more than 4 billion yuan (US$ 557 million) in R&D in China.

“China positions innovation at the heart of its modernization drive. The focus on innovation helps global healthcare multinationals like us capitalize on the huge potential of the Chinese market,” said Pavol Dobrocky, senior official of Boehringer Ingelheim.

Inclusive development

Through the CIIE, countries and companies veer into a fast lane by accessing the vast Chinese market.

Pakistani exhibitor Habib Ur Rehman brought local lamps made of rock salt to the fourth CIIE, fanning a craze among the expo visitors. He sold about 60,000 lamps through the orders harvested at the expo and another fair in Shanghai dedicated to selling CIIE goods.

“The Chinese market is very resilient, and many of my old customers have already contacted me to order new products for this year,” he said. “We hope through the expo, Chinese consumers will fall in love with original Pakistani handicrafts, which will help the sustainable development of our handicraft industry.“

This year, about 1,500 small and medium-sized enterprises (SMEs) participated in the expo, with the number of SME exhibitors and their exhibition area up by nearly 40% compared with the previous exhibition. The CIIE has also provided free booths and other preferential policies for about 100 companies from 30 least developed countries.

In his letter to the expo, President Xi expressed hope that the expo will play a greater role in facilitating an open world economy and win-win cooperation.

Botakoz Yelshibek from Kazakhstan is a first-time exhibitor at the CIIE, who has brought many local specialties, such as wheat flour and camel-milk powder.

“The CIIE gives us an opportunity to explore the Chinese market. We hope to establish strategic partnerships with manufacturers, suppliers and buyers from different countries here, further expand our market share, and attract more consumers,” she said.(Xinhua)