The China International Import Expo (CIIE) wrapped up its fifth edition on Thursday, after an awe-inspiring showcase of cutting-edge products along with wide-ranging business cooperation and the signing of deals.

Exhibitors from 145 countries, regions and organizations participated in this year's event, according to the CIIE Bureau. More than 2,800 enterprises from 127 countries and regions were present, including all the member states of the Regional Comprehensive Economic Partnership (RCEP) – the world's largest free-trade deal.

Many exhibitors debuted innovative products and expanded cooperative partnerships with China.

New subsections opened this year, featuring the crop seed and artificial intelligence industries, with hundreds of consumer, agricultural, technological and service products displayed for the first time.

At this year's expo, $73.52 billion worth of tentative deals were reached for one-year purchases of goods and services, up 3.9 percent from last year, said Sun Chenghai, deputy director of the CIIE Bureau, on Thursday.

"Promoting high-standard opening up" is stressed in a report to the National Congress of the Communist Party of China (CPC), which said China will "upgrade trade in goods and develop new mechanisms for trade in services."

Multinational corporations eye opportunities in China

On November 4, CGTN conducted an online survey on multinational corporations' interest in trading in China, with a total of 9,522 questionnaires being sent out to overseas senior management. As of November 11, 1,404 answers have been received.

For the first question asking what makes China attractive for foreign investment, 35.3 percent of respondents chose China's market potential, while 29.3 percent chose the reliable supply of resources. Other choices include China's business services and supportive policies.

The consumer products industry, according to 37.4 percent of respondents to the second question, has the greatest potential for growth, followed by sectors of Industrials & IT (29.7 percent), health care (14.8 percent), financial & real estate (11.8 percent) and entertainment (6.3 percent).   

In terms of the factors that impact the company's operations in 2023, 32.6 percent of the respondents said consumer demand is the most important factor, while others cited operating costs, industrial regulations, infrastructure, credit access and tax cuts.

Sharing opportunities with the world

As a one-stop trading service platform, CIIE provides opportunities for global exhibitors to start or expand their investments in China.

Among exhibitors from around the globe, U.S. enterprises continue to be a large presence, seeking further investment and cooperation in the Chinese market. The bilateral trade between China and the U.S. in 2021 increased by 17.6 percent over 2020, according to the 2022 report by the U.S. Congressional Research Service.

American medical product company Boston Scientific participated in the expo for the first time in 2019. Now, it has established a new branch in Shanghai and produced one of its most famous devices domestically, which is presented at this year's expo.

Now the company can localize the manufacture of medical systems in China that were previously imported, according to June Chang, president of Boston Scientific, Greater China. She told CGTN that the company will be able to adapt the medical system a lot faster and tailor it to the needs of Chinese customers.

Craig Allen, president of the U.S.-China Business Council, expressed his confidence in the high level of growth in the Chinese market.

China has produced about 30 percent of global growth over the last 10 years, he said during an interview with CCTV, adding that he hopes to see continued market opening-up and market liberalization and economic reform. 

China and the U.S. together represent about 40 percent of the global GDP and collectively have a responsibility for the health of the overall global economy, he said.

China-U.S. economic relations remain deeply intertwined, and China is among the largest and fastest growing markets in the world and constitutes an important market for U.S. products and services, according to the 2022 American Business in China White Paper.

Other foreign companies are accelerating localization and seizing greater market share in China. As one of the first international beauty groups to enter the Chinese market, Shiseido has witnessed the rapid development of China's market economy for more than four decades.

To localize the operation of Shiseido Group brands, the company opened its Beauty Innovation Hub in Shanghai in 2020, aiming to work with local startups to experiment and create new businesses for Chinese consumers and globally. 

"The 20th CPC National Congress report stated that China will continue efforts in high-standard opening-up and towards enhancing services in trade, foreign direct investment and attracting foreign talents to create more convenient business environment," Naoko Hase, chief strategy officer of Shiseido China, told CGTN.

"This will surely make foreign companies including Shiseido feel more confident in long-term investment in China."

Nearly 80 percent of 500 foreign enterprises surveyed maintain their current scale of production and business in China, and over 5 percent have expanded their investment, according to a survey released in October by the China Council for the Promotion of International Trade.

Read more: Graphics: Foreign capital still positive on Chinese market

Exhibitors from developing countries also see opportunities in China, with many bringing local specialties to the expo, including toys from Peru, coffee from Timor-Leste, jewelry from Pakistan and carpets from Afghanistan.

Ali Azghar Faiz, general manger of Biraro Trade Hub, a company that sells handmade woolen carpets, brought something new for his third time at the expo – an Afghan carpet with Chinese elements.

"This year, we add some dragon and this structure you see; you can find in China, in different architecture and culture. We made it in our carpet," he told CGTN during the expo. "This is our new product for this year and people's feedback has been very good."

Despite the sluggish economic recovery from the pandemic, the CIIE highlights China's commitment to opening-up and economic reform by encouraging domestic consumption of imported goods.

"The fifth CIIE reflects China's proactive approaches to engage with the outside world and incredible strategy to address global challenges by opening up its domestic market," wrote Huang Yongfu, an economic affairs commentator on CGTN.

(Cover image by Yu Peng; Info-graphic designed by Liu Shaozhen)