Chinese Premier Li Qiang opened the 6th China International Import Expo (CIIE) on November 5 in Shanghai. In a congratulatory letter, President Xi Jinping said that China will always provide important opportunities for global development, and the nation will remain committed to high-level opening-up and driving economic globalization in a more open, inclusive, balanced and win-win direction. He also emphasized the need for various nations to stand in solidarity and jointly seek development amid the sluggish global economic recovery. The CIIE, first held in 2018, serves as a platform for international procurement, investment promotion, people-to-people exchanges and open cooperation, which has contributed to fostering a new development pattern and global economic growth, Xi noted. The Expo should fully amplify its role as a platform for facilitating high-level opening-up, make the Chinese market a major one shared by the world, further provide shared international public goods and services, and facilitate the building of an open global economy, so that the whole world can benefit from win-win cooperation, Xi said.
In his keynote speech at the opening of the Expo, Premier Li Qiang reiterated Beijing’s commitment to advancing opening-up with greater market opportunities, proactively expanding imports and further creating immense dividends for the world by putting in place negative lists for cross-border trade in services. China’s imports of goods and services are expected to reach a cumulative USD17 trillion in the next five years, he said. China's rules will better align with international ones and China will develop more high-level opening-up platforms such as pilot free trade zones (FTZs) and the Hainan Free Trade Port, he said. He repeated China’s readiness to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPATP) and the Digital Economy Partnership Agreement (DEPA) as part of broader efforts to widen market access and protect the legitimate interests of foreign investors. Li pledged to advance opening-up with greater impetus on innovation. Beijing will firmly uphold the authority and effectiveness of the multilateral trading system, fully participate in the reform of the World Trade Organization (WTO), and firmly promote the stability of global industrial and supply chains, he added.
The Expo’s opening ceremony brought together about 1,500 representatives from 154 countries, regions and international organizations. The Premier met separately in Shanghai with Cuban Prime Minister Manuel Marrero Cruz, Serbian Prime Minister Ana Brnabic and Kazakh Prime Minister Alikhan Smailov, who were among leaders attending the ceremony. Rebeca Grynspan, Secretary General of the United Nations Conference on Trade and Development (UNCTAD), said: “As President Xi has said, development is not a zero-sum game. One nation’s success does not mean another’s downfall. In a multipolar world, healthy competition, trade based on internationally agreed rules and greater cooperation must be the way forward”. The CIIE is a powerful and well-established platform and a symbol of China’s commitment to balanced trade relations with the rest of the world, especially with developing countries and small and medium-sized enterprises, she added.
The CIIE is the world's first national-level exposition dedicated to imports, with 3,400 exhibitors participating this year. The U.S. has sent an official delegation for the first time. The American Chamber of Commerce (AmCham) is co-hosting the American Food and Agriculture Pavilion with the U.S. Department of Agriculture. The pavilion features 17 exhibitors showcasing the best in American agricultural products, ranging from meat, almonds and cheese to wine and health supplements, according to AmCham Shanghai. It showcases agricultural produce and technology from the U.S. states of California, Idaho and Georgia. The U.S. Heartland China Association sent a group of mayors from 20 inland U.S. states to explore trade opportunities.
Australian Prime Minister Anthony Albanese led a delegation to participate and visit the booths of Australian companies. The number of Japanese companies participating in the exhibition is more than three times that of last year. China's imports have maintained sound momentum, with import volume expanding quarter by quarter this year. China has been the world's second-largest import market for 14 consecutive years. The previous five CIIEs have attracted over two million registered visitors, 131 countries and international organizations, and more than 15,000 companies. Over 2,000 new products, new technologies and new services were unveiled at previous CIIEs, and close to USD350 billion worth of tentative deals were reached.
China will step up efforts to develop future industries and cutting-edge technologies, in order to offer greater vitality for global industrial development and economic growth, government officials, company executives and industry experts said at a session of the Hongqiao International Economic Forum during the sixth CIIE. The session focused on future industries such as artificial intelligence (AI), humanoid robots and the industrial internet. Xin Guobin, Vice Minister of Industry and Information Technology, said China will promote the research and development (R&D) of cutting-edge technologies to create a global innovation collaboration circle. He emphasized that more efforts will also be made to upgrade traditional industries, especially the integration of AI and the metaverse with manufacturing. “China welcomes global partners, including international R&D institutions, to jointly promote new technological breakthroughs and create a global source of innovation,” Xin said.
An additional 36,000 point of sale (POS) machines were installed or upgraded in Shanghai to enhance its payment service and better serve the Expo. They accept domestic and overseas credit/debit cards to make payments easier for visitors. The machines will cover tourist destinations, communities with foreign residents, shopping venues and transportation hubs. “Over 90% of the urban area will see the installation of such POS machines,” said a government statement. The People’s Bank of China (PBOC) said digital payment services are to be enhanced to allow foreign-registered handsets or e-wallet accounts to be used for payments in China.
Meanwhile in Guangzhou, the 134th edition of the China Import and Export Fair, also known as the Canton Fair, closed on November 4. The event has been held each spring and autumn since 1957. Use of the Chinese yuan has gained in popularity among overseas buyers, but export orders failed to meet expectations of beating pre-pandemic levels. Organizers said close to 198,000 overseas buyers attended the 21-day fair, up 6.4% from the pre-pandemic autumn session of 2019. Export deals worth USD22.3 billion were recorded, a modest 2.8% more than in the spring session in April-May but still nearly USD7 billion less than in the pre-Covid edition. China’s export growth dropped for the fifth straight month in September but at a much slower pace, as the overall economy bounced back in the third quarter.
This overview is based on reports by the China Daily and the Global Times.
