CIIE contributes to global recovery, development, prosperity

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CIIE contributes to global recovery

By He Yin, People’s Daily

The sixth China International Import Expo (CIIE) recently came to a close. It saw tentative deals worth $78.41 billion signed, 6.7 percent higher from the previous expo.

The continuous success of the CIIE showcases China’s increasing appeal in promoting high-level opening up, injecting positive energy into global recovery.

During this year’s CIIE, various parties further demonstrated their confidence in China’s development prospects.

The number of Fortune Global 500 companies and industry leaders participating in the expo exceeded that in previous years, with a flurry of “global debuts,””Asia debuts,” and “China debuts.”

Foreign companies have shown their trust in the Chinese economy through concrete actions. According to data released by the China’sMinistry of Commerce, the number of newly established foreign-invested enterprises in China increased by 32.4 percent year-on-year from January to September this year.

A survey conducted by the China Council for the Promotion of International Trade showed that nearly 70 percent of surveyed foreign companies are optimistic about the market prospects in China over the next five years.

The International Monetary Fund recently raised its growth forecast for China’s economy in 2023 to 5.4 percent, and major financial institutions such as JPMorgan, UBS Group, and Deutsche Bank have also lifted their predictions for China’s economic growth this year.

Business leaders from multinational companies who participated in the CIIE highly praised the resilience and potential of the Chinese economy, expressing their firm confidence in deepening their presence in the Chinese market.

One said that the Chinese supply chain system boasts huge resilience and potential, and the resilience and innovation of the Chinese economy mean an opportunity for foreign companies to satisfy the Chinese consumption market and the country’s economic demand.

This year’s CIIE has further demonstrated China’s determination to expand its opening-up. Before the first CIIE officially kicked off, Chinese President Xi Jinping remarked that the CIIE is hosted by China but for the world. He stressed that it is not an ordinary expo, but a major policy for China to push for a new round of high-level opening-up and a major measure for China to take the initiative to open its market to the world.

The CIIE fulfills its platform function for international procurement, investment promotion, people-to-people exchanges and open cooperation, creating market, investment and growth opportunities for participants.

Be it specialty from the least developed countries or high-tech products from developed countries, they are all getting on board the express train of the CIIE to accelerate their entry into the global trade market.

International observers have noted that an open China creates more cooperation opportunities for the world and China’s commitment to building an open economy injects tremendous certainty and momentum into the global economy.

This year marks the 45th anniversary of China’s reform and opening-up and the 10th anniversary of the establishment of China’s first pilot free trade zone. Recently, the 22nd pilot free trade zone of the country, the China (Xinjiang) Pilot Free Trade Zone, was officially launched.

From the establishment of the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone to the implementation of the integrated development of the Yangtze River Delta, and from the release of theMaster Plan for the Construction of the Hainan Free Trade Port and the ImplementationPlan for Further Reform and Opening-up in Shenzhen to the continuous improvement in business environment and intellectual property protection, a series of opening-up measures announced by China at the CIIE have been implemented, continuously creating new market opportunities for the world.

Thailand’s Deputy Prime Minister and Commerce Minister Jurin Laksanavisit noted that the CIIE has demonstrated China’s commitment to opening up and showcased the willingness of all parties to expand cooperation. It is creating new opportunities for global enterprises, especially small and medium-sized ones, he added.

The global economy is experiencing a weak recovery, with sluggish global trade. Countries need to strengthen open cooperation and work together to address challenges.

China will continue to host major exhibitions such as the CIIE to provide platforms for open cooperation, help build more consensus on open cooperation and contribute to global recovery and development.

CIIE contributes to global recovery, development, prosperity
CIIE contributes to global recovery, development, prosperity