CIIE 2024 reflects China's unwavering commitment to global openness

The seventh China International Import Expo (CIIE) kicked off on Tuesday in east China's Shanghai.

As the world's first national-level expo dedicated to imports, the CIIE has been held annually without interruption since 2018. It has evolved into a window for China to build a new development pattern, a platform to promote high-level openness, and an international public resource to be shared globally.

"The CIIE signals China's firm commitment to advancing high-level openness and building an open world economy," noted Jean-Christophe Pointeau, president of Pfizer China. This year marks both Pfizer's 175th anniversary and its 35th year in China, he said. At this year's expo, Pfizer announced its strategic plan called "China 2030," pledging an additional $1 billion investment over the next five years to further advance its innovative pharmaceutical products up the high end of China's value chain.

Amid a sluggish global economic recovery and renewed calls for "decoupling" and disruption of supply chains from certain nations, the CIIE offers a vital platform that brings together diverse voices, creating a consensus for mutual cooperation. This platform has catalyzed new momentum for China and the Global South countries to pursue joint development and shared prosperity.

Since its inception, the CIIE has prioritized inclusivity by offering support for exhibitors from the world's least-developed countries through subsidies for booth setup and product transportation. This year, the CIIE organizers have provided over 120 free booths for companies from 37 least-developed countries, enabling more developing nations to engage in a mutually beneficial and inclusive economic globalization process, allowing development gains to reach all people worldwide in a more equitable way.

Meanwhile, China's focus on developing new quality productive forces at a faster pace has infused fresh dynamism into the CIIE. Highlights this year include tech innovations such as flying taxis and AI-enhanced tea production. Over 400 new products, technologies and services are expected to debut, with a dedicated new materials section introduced for the first time.

Marc Horn, executive vice president of Merck and president of Merck China, told CMG, "China's development of new quality productive forces will not only drive its own sustained economic growth but will also revitalize the globalization process and spur the next wave of technological revolution." June Chang, president of Greater China at Boston Scientific, said, "This year's expo has strengthened our sense of China's strong appetite for innovation, reinforcing our commitment to increase our investment in China."

CIIE's 'spillover effect'

The success of the CIIE is reflected not only in growing trade figures but also in its "spillover effect" across trade promotion, industrial upgrading, consumption upgrading and institutional innovation.

Through its roles as a platform for global purchasing, investment promotion, cultural exchange and open cooperation, the CIIE facilitates the transformation from "exhibits to commodities" and "exhibitors to investors." In doing so, it injects vitality into trade and investment, turning China's enormous market into significant opportunities for the world and boosting global economic recovery.

"The next China is still China; investing in China is investing in our future," remarked Jean-Paul Agon, L'Oréal Group chairman. As L'Oréal progressed from being an exhibitor to an investor and ultimately a partner at the CIIE, Agon expressed that the expo's spillover effect has steadily strengthened their confidence in China's market and motivated them to increase their investments in the country. L'Oréal has already signed up to participate in the eighth CIIE, underscoring its commitment to this platform.

A senior executive from a German pharmaceutical company in China echoed this sentiment, describing the CIIE as an invaluable platform. "Through the CIIE, we can showcase our products directly to China's healthcare professionals and consumers while also engaging in direct dialogues with China's regulatory agencies to expedite product approval process."

Adhering to the theme of "New Era, Shared Future," this year's CIIE encapsulates China's steadfast commitment to the world. From "buying globally and selling globally" to "turning exhibits into commodities and exhibitors into investors," and fostering and advancing new quality productive forces, the CIIE returns year after year with fresh vitality, yet its unwavering commitment to openness and sincere intent to share opportunities with the world remain constant. This mutually beneficial partnership is one that China and the world eagerly renew, year after year, moving forward together toward a shared future.