China International Import Expo: A new window for opening up and international trade

Editor's note: Zhou Jianjun is an assistant researcher at the Institute of State System Research and School of Economics of Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity. 

The 7th China International Import Expo (CIIE) will be held in Shanghai, China from November 5 to 10, 2024. As a global economic and trade event, the CIIE provides a platform for collaboration among companies, industries and countries worldwide, while showcasing China's commitment to trade liberalization and a renewed approach to opening up.

Free trade is essential for global economic prosperity, and China is dedicated to promoting global trade liberalization. However, rising de-globalization and trade protectionism have severely impacted global interests, leading to increased trade frictions, tariff hikes, and both visible and invisible trade barriers, which hinder normal global trade operations. China firmly opposes trade protectionism and has implemented various measures to uphold trade liberalization, maintaining high standards in its opening-up policies. This strategy is a cornerstone of China's national development and has been key to its economic success in the past decades. China's growth is interconnected with the world, and the world's prosperity increasingly depends on China.

In 2018, the first CIIE was launched in Shanghai under the leadership of President Xi Jinping, marking the world's first large-scale national expo focused on imports. Since then, China has successfully hosted six CIIEs, receiving widespread acclaim and participation from exhibitors globally. The upcoming 7th CIIE promises to be even larger than its predecessors. Amid regional conflicts, geopolitical tensions, and an uncertain economic recovery post-pandemic, hosting an expo centered on openness, resource sharing, and mutual benefit is crucial for both China and the world.

With the CIIE as a platform, China invites countries worldwide to engage in practical collaboration through friendly exchange. The event is expected to attract participants from 152 countries and regions, with France, Malaysia, Nicaragua, Saudi Arabia, Tanzania, and Uzbekistan serving as guest countries of honor. Additionally, 39 government trade missions and four industry trade missions, comprising 780 trade sub-missions, will attend the 7th CIIE—more than ever before. By facilitating international procurement, investment promotion, cultural exchange, and open collaboration, the CIIE fosters extensive cooperation with exhibitors globally and serves as a vital avenue for China's high-standard opening up.

Each previous CIIE has yielded impressive collaborative outcomes, fostering friendly relations between Chinese and foreign exhibitors. According to the Ministry of Commerce, the first six CIIEs showcased over 350,000 products, including nearly 2,500 new products, technologies, and services, generating over $420 billion in intended transactions. Many foreign exhibitors have established operations in China through the CIIE, opening stores, factories, and R&D centers while forming partnerships with Chinese companies. Building on past successes, the 7th CIIE aims to attract leading enterprises across various sectors, expanding its global reach. According to Tang Wenhong, assistant minister of commerce, a record 297 Fortune 500 and industry-leading companies will participate this year. Leveraging China's vast market, the CIIE is committed to global economic collaboration and is becoming a key platform for foreign trade.

The 7th CIIE will emphasize new quality productive forces, showcasing a range of innovative products, technologies, and services. This focus is central to China's economic strategy and represents a core competitive strength for companies worldwide. Exhibitors will present cutting-edge products, with many making their global or Chinese debut. For the first time, a dedicated section for new materials will be featured, highlighting enterprises and products from high-end manufacturing, including electronic materials, biomaterials, and specialty materials. The automotive sector will showcase emerging industries such as autonomous driving, low-altitude economy, and new energy storage vehicles. Through the CIIE, China aims to establish a collaborative platform for new quality productive forces, promoting high-quality, coordinated development for economies globally.

The CIIE underscores China's commitment to trade liberalization, the expansion of high-standard opening up, and active participation in global economic governance. China strives to make the CIIE a new window for opening up and a platform for international trade, sharing the benefits of open development and free trade with the world, and contributing positively to global economic prosperity and development.