A view of the National Exhibition and Convention Center (Shanghai), the main venue for the upcoming seventh China International Import Expo (CIIE), in east China's Shanghai, October 24, 2024. /CFP
Editor's note: Daryl Guppy, a special commentator for CGTN, is an international financial technical analysis expert. He has provided weekly Shanghai Index analyses for mainland Chinese media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a former national board member of the Australia-China Business Council. The article reflects the author's opinions and not necessarily the views of CGTN.
The seventh China International Import Expo (CIIE) that will be held from November 5 to 10 is not about China coming to the world. It is about the world coming to China and it underlines China's essential role in the global economy.
The CIIE is proof of the confidence in the growing strength of the Chinese economy and its essential role in developing all aspects of the global economy from traditional commerce to the new technologies underpinning the green economy. The clamor of foreign exhibitors for ever-more exhibition space is evidence of a growing trade relationship that continues recognizing China as a growth market.
These exhibitors are companies eager to sell into China because they recognize that China is the most powerful consumer market in the world with continued growth potential. China is a consumer market too big to ignore and the CIIE provides a gateway where foreign companies can develop new business contacts.
The sixth CIIE delivered deals of $78.41 billion, a record high, in 2023, confirming China's vital role in the international market. The high level of exhibitor demand for the seventh CIIE runs counter to the narrative in some foreign media that suggest the economic outlook is deteriorating. The exhibition stands are filled with companies eager to do business with China and to expand their business footprint in China.
Norway, Slovakia, Benin, Burundi and Madagascar, as well as the United Nations International Children's Emergency Fund, are making their debut appearance at this year's CIIE. This heightened level of participation is repeated by country after country and confirms the irreplaceable importance of China's market for the global economy.
As the name confirms, the primary objective of the CIIE is to act as a convenient contact point for companies which are inclined to increase their trade with China and find Chinese business partners who wish to import goods or services. Unlike the Canton Fair with its focus on Chinese exports, the CIIE is a platform for Chinese buyers looking to import goods or services.
For each of the countries exhibiting at CIIE, China is their largest trade partner. For many exhibitors, China is already the largest single country source of their profits.
This is where foreign countries are committed to show how engaged they are with China and also how important China is to their economic prosperity. The trade expo is an affirmation of China's engagement with the world of international trade and its commitment to expanding the green economy. Without China's participation in the global economy, the prosperity that international trade brings to all countries is threatened.
A view of the National Exhibition and Convention Center (Shanghai), the main venue for the upcoming seventh China International Import Expo (CIIE), in east China's Shanghai, October 29, 2024. /CFP
Some governments may wish to deny the importance of China's role in international trade and try to inhibit it further with tariffs and sanctions. The participants in the CIIE show that the business community recognizes the trade reality that underpins global prosperity.
More than ever, this year the CIIE objective is on assisting China's high-level opening-up with a focus on technology for green and sustainable development. A key highlight is the innovation incubation special section that will focus on four key tracks: the digital economy, green and low-carbon technologies, life sciences and manufacturing technology.
High-quality incubators, innovation centers and accelerators from around the world are participating. This year there are increased opportunities for media exposure and investor engagement, making it a transformative event for startups seeking to broaden their reach and impact.
The business exhibitions highlight cutting-edge technology. The vehicle exhibition area will focus on autonomous driving, the low-altitude economy and new-energy storage, showcasing the key elements of future transportation.
The CIIE introduces an online matchmaking platform to enable precise, convenient and efficient connections between exhibitors and buyers. This digital platform uses the power of artificial intelligence to offer real-time connections, intelligent matchmaking and advanced communication tools. The investment promotion section provides a gateway for real-time engagement with potential investors, maximizing the opportunities presented by the expo.
Standing against protectionism, sanctions and other policies that promote trade barriers, the CIIE is where the world comes to China and exhibitors know that global economic prosperity rests on free and open trade with China.
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