This year, China International Import Expo (CIIE) is expected to show how China can inject a dose of energy into the global economy amid the uncertainties caused by the pandemic and to further promote the country's strategy of "Double Development Dynamic (DDD)", also known as "dual circulation."
The DDD, a strategy proposed in May this year, describes an economic development pattern that takes domestic development as the mainstay, with domestic and international development reinforcing each other.
"The (DDD) strategy is suitable for the current world which still faces a lot of uncertainties. We know the Chinese economy is recovering well but also facing many challenges because a lot of regions outside China are still containing the virus," said Qian Jun, Executive Dean at Fanhai International School of Finance of Fudan University.
As China has vowed to continue to expand liberalizing policies and improve economic efficiency through external competition, the CIIE sends a very strong signal that China is committed to globalization, global trade, and rule-based global trade system, Denis Depoux, global managing director at Roland Berger, told CGTN.
This year 400,000 purchasers from 112,000 companies registered for the expo this year.
German home appliance maker Vorwerk, an old fan of the expo, is ready to share experience gained from the Chinese market to other regions and promote its global connections.
The company's China sales rose 30 percent after attending the first CIIE in 2018. And the second CIIE last year gave the company an additional growth burst of 41 percent.
The U.S. commercial real estate services provider, CBRE, which debuts at the CIIE this year, also considers the CIIE a great platform to unlock new business opportunities.
"It helps all clients to do their special planning much easier and optimize their office layout," said Sam Xie, Head of research from CBRE China.
Meanwhile, booming online shopping in China during the pandemic is pushing forward the rapid expansion of cross-border e-commerce.
The number of overseas brands that have established storefronts on Alibaba's e-commerce platform Tmall grew 125 percent on the year since April, with total revenue up 113 percent, according to a report from Deloitte Research and Tmall.
Sales of U.S. shoemaker SKECHERS was hit by the pandemic lockdown but the sales in China recovered soon and jumped by double digits year-on-year in the second and third quarters.
"With the current COVID-19 impact and economic and political uncertainties globally, China market is very important. For foreign brands like us, it's a great opportunity to let everyone see who SKECHERS is and also it's a great opportunity to meet all the vendors and to see the latest in the market," said Megan Zhang, marketing & store development vice president of SKECHERS China.
"I think China in the next 10 years will represent 30 to 40 percent of the global growth – not of the global economy, but of the growth of the global economy. You need to be here even further than before," Depoux told CGTN.