CIIE blooms amid global uncertainties

Editor's note: Yasir Masood is a Pakistani political and security analyst, broadcast journalist, and strategic communication expert providing international relations insights for global media and think tanks. The article reflects the author's opinions, and not necessarily the views of CGTN.

The 7th China International Import Expo (CIIE), held from November 5 to 10, has once again captured global attention amid intensifying geopolitical tensions, trade frictions and an uncertain economic outlook. Proposed by Chinese President Xi Jinping at the 1st Belt and Road Forum for International Cooperation in 2017 and launched in 2018, the CIIE distinguishes itself as the world's first national expo with a focus specifically on imports, embodying China's pledge to open its markets. Held annually in Shanghai, the expo provides unique access for foreign companies eager to tap into one of the world's largest consumer markets.

The significance of the CIIE extends beyond trade; it represents an essential mechanism for China's economic recovery and a stabilizing force within a global order often defined by rifts rather than rapports. The CIIE has proven itself to be a vital platform where businesses from around the world can showcase products, form partnerships, and secure substantial deals, ultimately supporting international trade and enabling companies to deepen their presence in China's dynamic market.

Premier Li Qiang, in a pre-expo address on November 4, underscored China's dedication to expanding market access for foreign enterprises despite global uncertainties. In meetings with representatives from prominent global firms, Li emphasized China's steady economic progress as an opportunity for international businesses. Announcing plans to ease market entry and broaden openings in sectors such as telecommunications, education, and healthcare, Li reaffirmed that China aims to be not only a vast consumer market but also a leading hub for investment and entrepreneurship, fostering partnerships that drive technological innovation and global economic growth.

Since its inception, the CIIE has showcased over 350,000 products, including approximately 2,500 new products, technologies, and services, resulting in over $420 billion in intended transactions, according to China's Ministry of Commerce. The economic impact of the past CIIEs has been impressive. Despite the challenges posed by the pandemic, the 2022 expo generated deals valued at $73.5 billion, a 3.9 percent increase from the previous year. In 2023, as the event returned to full scale, it secured $78.41 billion in tentative deals, a 6.74 percent rise from 2022. Last year expo welcomed 3,486 exhibitors, including 289 of the world's top 500 companies and attracted 410,000 professional visitors. Notably, participation by small and medium-sized enterprises surged by 40 percent year-on-year, further underscoring the expo's expanding appeal.

In response to the rise of tariffs and protectionist policies worldwide since 2018, the CIIE has provided a counterbalance, championing trade inclusivity, especially for emerging economies. China's imports in 2022, worth $2.7 trillion, affirm its position as a leading importer and a stabilizing anchor in global trade. The expo offers essential market access for small and medium enterprises from Asia, Africa, Latin America, and Europe, helping these nations enhance their global competitiveness.

Many international companies have strengthened their presence in China, establishing local operations and forming partnerships with Chinese enterprises. Building on this momentum, the 7th CIIE will host 297 Fortune 500 and leading industry firms, underscoring its status as a premier platform for international trade and investment. Moreover, it features participation from 152 countries, regions, and international organizations, reinforcing China's commitment to trade liberalization amid global economic upheavals. Countries of honor, including France, Malaysia, Nicaragua, Saudi Arabia, Tanzania, and Uzbekistan, reflect the expo's growing international appeal.

Additionally, a record 39 government and four industry trade missions, comprising 780 trade sub-missions, highlight the expo's substantial growth over the years. CIIE has evolved into more than just an annual trade event; giving over 400 million middle-income Chinese consumers access to an expanding array of international products and services.

Aligned with China's 2060 carbon neutrality goals, this year's CIIE emphasizes sustainable growth and highlights advancements in artificial intelligence, green energy, and supply chain resilience, aiming to foster sustainability and reduce environmental impact. The event also encourages cultural exchange through fairs and exhibitions, solidifying international ties built on mutual understanding and respect.

The CIIE also showcases "new quality productive forces," focusing on high-end manufacturing and automotive innovations, such as autonomous driving and new energy storage vehicles. A new materials section is set to feature breakthroughs in electronics, biomaterials, and specialty manufacturing, presenting global companies with opportunities to introduce advanced products and technologies to the Chinese market. Lastly, the strategic expansion of the CIIE reaffirms China's dedication to countering protectionism, advancing open markets, and actively participating in global economic governance.

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