The south square of the National Exhibition and Convention Center (Shanghai), the main venue for the seventh China International Import Expo (CIIE), in east China's Shanghai, November 2, 2024. /Xinhua
Editor's note: Azhar Azam, a special commentator on current affairs for CGTN, works in a private organization as a market and business analyst and writes about geopolitical issues and regional conflicts. The article reflects the author's opinions and not necessarily those of CGTN.
At the opening ceremony of the seventh China International Import Expo (CIIE), Chinese Premier Li Qiang delivered a keynote address and underscored the need for upholding, expanding and upgrading China's opening-up, stating it was the only effective way to promote lasting peace, stability, development and prosperity in the face of rising unilateralism and protectionism and the backlash against globalization.
High-standard opening-up has been a key feature of China's economic journey. Over the past six editions of the CIIE, companies from 173 countries and regions have made appearances with transactions of more than $424 billion and over 2,400 products, technologies and services debuting annually.
The sheer size of the CIIE is so appealing that chief executive officers see even their firms' participation as "very rewarding" for it presents them with the opportunities to showcase their latest innovations to one of the world's largest and fastest-growing consumer markets.
Hailed as an access point for international businesses looking to make a footing or expand their market presence in the large Chinese market, last year's expo saw the largest-ever delegation from America comprising more than 200 U.S. companies such as Ford and Tesla, among others. This reflected their approach to distance themselves from their country's unilateralist and protectionist policies and bracket their interests with China's development.
The number of exhibitors for this year's expo alone has hit a new record with participation from 152 countries, regions and international organizations. With another record 297 Fortune-500 companies and industry leaders set to attend the exhibition, China is increasingly becoming a hub for global business development activities.
The 2024 Investment Promotion Conference in support of this year's edition has already taken place, attracting attendees including consular officials from Argentina, Mexico and the Czech Republic as well as delegates from foreign investment promotion agencies. The successful event again describes the interest of foreign officials and companies to invest in China and their trust in the country's openness.
China's opening-up isn't just about removing trade barriers, boosting and facilitating economic and trade cooperation or encouraging investment; by holding such exhibitions, Beijing is also opening up minds and hearts to new ideas and cultural exchanges, bringing countries and regions closer to each other. From this perspective, the CIIE is a platform of innovation, cross-cultural interactions and transnational harmony, all of which are crucial to bringing stability, development and prosperity to the world.
The exhibition is taking place in a complex geopolitical environment where the escalation of regional conflicts, especially in the Middle East, poses serious threats to international security and economic growth. At this critical time, orchestration of the expo delivers a treasured message of cooperation, peace and mutual coexistence with China's openness presenting an invaluable opportunity to global nations and companies to make or expand their footprint in one of the world's largest consumer markets.
The Enterprise and Business Exhibition, comprising six major areas – including an Innovation Incubation Special Section, aiming to provide opportunities for small and medium-sized enterprises – will remain the cornerstone of this year's edition, offering an equal level-playing field to the companies from developed and developing nations to showcase their innovations and promote their products.
People visit the Innovation Incubation Special Section during the seventh China International Import Expo (CIIE) in east China's Shanghai, November 5, 2024. /Xinhua
Due to the expo's potential to grow their businesses, global industry groups and countries are keen to take advantage of this international business development opportunity that would allow exporters to exhibit their brands and products in one of the world's largest trade shows.
According to the International Trade Center, since its onset, the CIIE has been providing an "unparalleled" platform to hundreds of small businesses from dozens of developing countries to connect to the colossal Chinese market. This year too, more than 120 complimentary booths have been provided to exhibitors from 37 least-developed countries to familiarize them with the high-quality demand in China and facilitate their efforts to push their exports to Beijing.
The CIIE is promoting healthy competition among companies to foster a green transition. In the 2023 expo, 40 awards were presented to the winners with their technologies in the fields of green hydrogen, energy efficiency and clean energy innovation which were showcased in one of the booths.
Since its unveiling in 2018, the expo has been working as an antithesis of protectionism and unilateralism, becoming a symbol of trade liberalization and economic globalization. Due to these essential characteristics, the CIIE continues to garner the support of countries from all over the world, providing an opportunity to jointly work for peace, development and prosperity while serving as a platform for China's high-standard of opening-up and representing Beijing's unshakable confidence to share the rewards of its economic dynamism with the rest of the world.
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