CIIE enhances cooperation among emerging economies
President Xi sent a keynote at the opening ceremony of the China's International Import Expo 2019, that China will continue to open up its market and reinforce free trade globally. Under the Belt and Road Initiative, more countries are capturing opportunities to enhance their economic growth. Jeffrey Wong, the Head of Advisory at KPMG China commented that co-developing with BRI countries is a reciprocity that enhances overall economic development.
China is the one of world's largest economies focusing on mutual development. The combined mechanism of the CIIE is providing a long term impetus for BRI countries' growth amid the shaky global economic situation. Data show that the transaction volume in last year's CIIE reached 60 billion U.S. dollars in terms of deal signed.
"I think this [CIIE] is a very great platform to allow China to open up, but more importantly, bringing different types of technologies and solutions to China," Wong said, "We do see new technologies from the more developed countries, but likewise the less developed countries also bring more uniqueness."
"Different countries brings us something that we are not aware of. And this really creates a platform to bring specific uniqueness to the wider audience, global audiences as well. So definitely I think that's a great platform for opening up more in the future," he added.
Shanghai. /VCG Photo
Shanghai. /VCG Photo
China has made great progress in optimizing its business environment, including lowering barriers to foreign investment and strengthening the protection of intellectual property rights. China will further lower tariffs and set up pilot free trade zones across the country. Wong said these regulations provide a more equal platform for multinationals and foreign companies, and help them understand how to deal with the Chinese market.
"I think in particular the bank sectors. We are helping a lot of banks tackling what actually Chinese consumers need and also navigating regulation as well. I think more transparency and more opening-up will just give a better platform and transparency for multinational companies and foreign companies in China," Wong noted.