CGTN: China showcases commitment of opening up via massive trade fair

BEIJING,Nov. 6, 2024/PRNewswire/ -- International companies looking to enter the Chinese market are flocking toShanghaito take advantage of the seventh China International Import Expo (CIIE), the country's biggest import trade fair slated to run fromNovember 5 to 10this year.

A global economic and trade event, the expo generated deals cumulatively valued at$78.4 billionlast year, an increase of 6.7 percent year on year, hitting an all-time high. This year's CIIE will host 3,496 exhibitors from 129 countries and regions in an exhibition center space that covers over 360,000 square meters – equivalent to 50 standard soccer fields.

According to Chinese officials, the number of participating countries and exhibitors has surpassed previous records. And the most notable thing is that 297 exhibitors are from Fortune Global 500 companies, marking a historic high. Among all participants, 186 enterprises and institutions have participated in the expo for seven consecutive years.

Hosting the CIIE is an important aspect ofChina'sopening up and cooperation, representingChina'ssolemn commitment to the world, Chinese PremierLi Qiangsaid during his keynote speech at the opening ceremony of this year's CIIE on Monday.

The Piraeus Port Authority, the operator ofGreece'slargest port, is participating in the expo for the seventh consecutive year. Following its debut at the inaugural CIIE in 2018, Piraeus Port saw its container throughput hit a record high in 2019, with 40 percent of the total volume coming fromChina.

"Piraeus Port takes part in the CIIE every year to explore new cooperation opportunities, aiming for a win-win partnership withChina,"exhibitor Evdoxia Kastrinelli told CMG, adding the port operator will keep participating in the event in the future.

Apitv, an automotive technology supplier headquartered inDublin, is participating in the expo for the first time. A part of a global industrial machinery manufacturer with over 100 years of history, the company is showcasing more than 45 cutting-edge technological innovations, including hydrogen energy solutions, liquid hydrogen booster pumps, and other advanced products, all making their debut inChina.

"We've seen the impact the CIIE has had on global trade over the years, and withChina'sautomotive industry rapidly advancing, this is an excellent opportunity for us to leverage the platform to engage in deeper cooperation with enterprises both inChinaand around the world,"said Jiang Weihao, a representative of the exhibitor.

In addition to tech products and consumer goods from developed countries, this year's expo also welcomed a large number of developing nations, including 37 of the world's least developed countries. Over 120 exhibition booths were provided free of charge to these countries. Some booths highlight African agricultural specialties such as peanut, coffee, honey and beer.

During the 2024 Summit of the Forum on China-Africa Cooperation,Chinaannounced plans to grant zero-tariff treatment on all tariff items for the least developed countries with diplomatic ties toChina, including 33 African nations. Following that, 22 tonnes of avocados imported fromSouth Africacleared customs and arrived at Shanghai Yangshan Port in early October.

Addressing the opening ceremony, Li stressed the need to strengthen consensus on opening up, adding that all parties should jointly adhere to international economic and trade orders and rules and earnestly fulfill multilateral and bilateral economic and trade agreements.

This year,Chinahas rolled out a series of measures to underscore its commitment to deeper reforms and greater openness.

StartingNovember 8,Chinawill grant visa-free entry to citizens from nine more countries, bringing the total to nearly 30. OnNovember 1,Chinaimplemented an updated negative list for foreign investment, removing all restrictions in the manufacturing sector. 

The country has also revised policies for foreign investment in listed companies and will now allow foreign-invested hospitals in nine cities. A nationwide negative list for cross-border services trade will also be introduced.

AsChinacontinues to open its economy and stimulate growth, the International Monetary Fund (IMF) has raised its growth forecast forChinato five percent, matching the country's original growth target.

Based on IMF projections, Bloomberg has reported thatChinais expected to remain the largest contributor to global economic growth over the next five years, surpassing the combined contributions of all G7 countries.

Chinawill further expand institutional opening up and actively align with high-standard international economic and trade rules, Li said, pledging efforts to implement the strategy for upgrading pilot free trade zones.

https://news.cgtn.com/news/2024-11-05/China-showcases-commitment-of-opening-up-via-massive-trade-fair-1yhuKBzAgZa/p.html 

SOURCE CGTN