The fifth CIIE opens at the Shanghai National Convention and Exhibition Center, November 5, 2022. /CFP
Editor's note: Qian Feng is a senior fellow of Taihe Institute. The article reflects the author's opinions and not necessarily those of CGTN.
The 5th China International Import Expo (CIIE) is being held in Shanghai starting from November 5. Against the backdrop of severe challenges confronting the multilateral trading system, along with rising sentiments supporting trade protectionism and unilateralism, the CIIE can be taken as a reassuring pill. It's restoring confidence to the international community and promoting the global economic recovery.
Over the past five years, the CIIE has touted four platforms: international procurement, investment promotion, people-to-people exchanges and open cooperation, and supporting China's high-level opening-up for the international public good.
According to official statistics, the previous four sessions of CIIE, all exhibitors have released more than 1,500 new products, technologies and services, with a cumulative estimated turnover of more than $270 billion. Countless exhibits have changed into commodities, more exhibitors have become investors and innovations of science and technology have entered into the market, providing a bigger stage for enterprises on the world stage.
This year's CIIE was held shortly after the 20th National Congress of Communist Party of China (CPC).
A number of Western politicians and media outlets have dismissed China's economic development, labeling the country as "self-closed" and "decoupling from the world," hoping to spark panic by claiming China is facing more "industrial chain transfers" and "foreign enterprises fleeing."
The critics are saying that if foreign-owned companies keep doing business with China that's "suicidal" and "politically incorrect" behavior. Yet, many international companies have stood firm by staying in the country. The CIIE's "circle of friends" has even expanded in recent years, despite the prevailing anti-China sentiments brewing in the Western nations.
During the expo, 145 countries, regions and international organizations have participated. Among them, both developed countries and developing countries, including some of the least developed countries have joined in.
The RCEP (Regional Comprehensive Economic Partnership) members have sent companies to the exhibition, as well as countries along the BRI (Belt & Road Initiative) route and SCO (Shanghai Cooperation Organization) participating countries have increased their representation compared to the previous year. More than 280 enterprises from Fortune 500 companies and industry leaders have joined, with nearly 90 percent of the "return rate." Many enterprises have signed contracts for the sixth CIIE as well.
The CIIE is showing to the world that China's door will not close, but will open wider. The principle of mutual benefit, and welcoming globalization has not changed.
Visitors visit the automobile pavilion at the opening of the fifth China International Import Expo (CIIE) in Shanghai, November 5, 2022. /CFP
China will strengthen the linkage between its domestic and international markets and resources, while offering more opportunities for the world with its development, including China's big market, institutional opening-up and deepening international cooperation.
Additionally, the CIIE provides free standard booths for enterprises from the least developed countries every expo session. It manifests China's development to benefit the world and demonstrating the true meaning of building a human community with a shared future.
Therefore, an open China is an opportunity for the world. Over the past decade, China has supported economic globalization and boosted the world's economic growth. China is a major trading partner of more than 140 countries and regions and the world's largest trader in goods and big driver of international economic growth.
According to the latest report released by the World Bank, China had contributed an average of 38.6 percent to world economic growth from 2013 to 2021, more than the G7 countries combined. The country has entered a stage of high-quality development that's accelerating a unified national market, while ushering in a stable, fair, transparent and predictable business environment.
This can smooth the national circulation and strengthen the domestic and international circulation. The CIIE remains a vivid portrayal of China's opportunities to benefit the world.
In today's world, chaos is emerging more troublesome, businesses are suffering from geopolitical confrontations and the world economy is at risk of recession. The international community must cooperate more and the world economy needs to open up further. The CIIE is delivering on hope, and injecting confidence. China will run the CIIE one session after another, which will bring more surprises for the world.
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