Openness and cooperation for a shared future
Global business

The China International Import Expo is a reminder of how China has never ceased in its efforts to open up as the second expo kicks off in Shanghai Tuesday, with President Xi Jinping delivering a keynote speech.

President Xi Jinping's speech was warmly welcomed by the audience at Tuesday's opening ceremony. That could be seen in the spontaneous applause that came when Xi discussed the key issues that many are concerned about, including promoting free trade, cooperating with less developed countries and improving China's business environment.

Zhao Zhongxiu, president of Shandong University of Finance and Economics, says the world should strengthen the mechanisms to better deal with frictions and differences when the trend of economic globalization cannot be stopped.

"President Xi proposed building an open world economy through cooperation. Distances are getting shorter, interactions are increasing, but that also increases the probability of friction. We should join hands by cooperation and implement policies and not increase the probability of friction as everybody will suffer from that. The outcome should be beneficial, every stake holder will benefit from this job," said Zhao.

China will give more importance to imports and will seek a balanced development of imports and exports. 

"Traditionally, small developing economies emphasize exports and foreign exchanges for development, but China is a large emerging economy and mass consumption accounts for more than just a few percent; it has to contribute over seventy percent to growth," Zhao said. 

CGTN Screenshot

CGTN Screenshot

"We often use domestic consumption as a basis of economic development. There is also room for the world economy, which is China's market providing benefits to the global economy.

"China is the second-largest economy and addresses policies of openness. We need to import more high-quality products for a better life and also as a component of high-level development," Zhao added.

French President Emmanuel Macron is also attending the CIIE, his visit is expected to boost economic and trade ties between China and France.

"This is a long-term friendship and cooperation. French companies play a very important role in participating and contributing and also benefiting from China's development, such as manufacturing, automobile, energy and food and luxury brands. Increasing Chinese tourists to France, which is a great destination for Chinese tourists, and France also emphasizes openness. The bilateral relations are quite stable," Zhao concluded.