CIIE 2024: A record-breaking showcase of global innovation and cooperation

The seventh China International Import Expo (CIIE) saw a total of $80.01 billion in tentative deals reached for one-year purchases of goods and services, an increase of 2 percent over last year.

Running from November 5 to 10, the CIIE attracted 3,496 exhibitors from 129 countries and regions. Among the participants, 186 enterprises and institutions have attended all seven editions of the expo, while many others are exhibiting for the first time.

For these participants, especially multinational corporations that aim to maintain a strong presence in China, the country remains an essential destination for trade and investment.

Li Jingcheng, vice president of Asia Strategy and Business Development for the global automotive company FORVIA, said that revenue from the new energy vehicle (NEV) sector makes up 45 percent of FORVIA's total earnings in China.

"In FORVIA's global strategy, China has consistently been one of the most important markets," he said.

He noted that China has been the world's largest automotive market for 14 consecutive years and that China has been setting global trends, particularly in the NEV sector.

"We hope to channel global innovation resources into China and plan to establish a global R&D center here within the next two to three years," Li said.

According to a research report issued by one of the CIIE's official forums, the CIIE's spillover effect index has increased by 169 percent from the first CIIE in 2018 to the sixth in 2023.

"The impact of the CIIE goes far beyond the expo itself; its spillover effect has deeply influenced international procurement, consumption upgrades, investment promotion, cultural exchange, and open cooperation," noted Li Qingjuan, director of the Think Tank Center at Fanhai International School of Finance of Fudan University. "It has become a crucial driver in China's efforts to accelerate the creation of a new development pattern and pursue high-quality development."

Recruitment for CIIE 2025 started in July, according to the CIIE Bureau. Eighty enterprises and organizations, including Mercedes-Benz, Zeiss, Estée Lauder, Bayer, and the Singapore Business Federation, have already signed up for the eighth CIIE next year, reserving nearly 50,000 square meters of total exhibition space, showcasing the firm confidence that global businesses have in the event.

New forces in focus

This year, the term "new quality productive forces" has become a buzzword at the CIIE.

As a major platform for shared global innovation and collaboration, the past six editions of the CIIE have featured nearly 2,500 innovative products, technologies, and services debuting globally.

This year's CIIE continues to serve as a collaborative platform where global companies can debut new products, showcase cutting-edge technologies, and introduce innovative services. Across the 420,000 square meters of exhibition space, multinational companies presented over 400 new products, technologies, and services for the very first time.

Over the past seven years, the CIIE has not only continued to improve but has also showcased an increasing number of "firsts," making it a recognized global launch pad for new products, a preferred venue for leading technologies, and a hub for innovative services.

A launchpad for global market expansion

From the perspective of its positioning, the CIIE is the world's first national-level expo dedicated to imports, providing a premier stage for global products to enter China. For numerous new products and technologies, it serves as a "direct path" to commercial success.

Tang Xiaodong, president of Kärcher Greater China, explained that as a company that has participated in every CIIE since the beginning, Kärcher selects the CIIE as the launchpad for its new global products each year.

"The brand has grown and thrived through the empowering platform of the CIIE, and the returns from a short six-day exhibition are long-lasting," he explained.

On the consumption side, the vast Chinese market, with its 1.4 billion people and over 400 million middle-income earners, offers an ideal testing ground and launchpad for new global products and technologies.

In terms of innovation, the Chinese population has always embraced creativity. Particularly over the past decade, China has seized the opportunities presented by a new wave of technological advancement and industrial transformation, implementing an innovation-driven development strategy that provides fertile ground for foreign companies.

Toshinobu Umetsu, president and CEO of Shiseido China, noted that the importance of the Chinese market is reflected not only in its business but also in its innovation. "Understanding China's innovation trends means capturing opportunities for future growth," he said.

As China accelerates the development of new quality productive forces, it is becoming a more attractive part of the global economic landscape. According to the World Intellectual Property Organization's preliminary report on the "Global Innovation Index (GII) 2024," China is home to 26 of the world's top 100 science and technology innovation clusters, maintaining its position as the global leader for two consecutive years. The organization's report highlights China as one of the fastest-rising economies in terms of innovation over the past decade.

Each new product at the CIIE represents people's aspirations for a better life and exemplifies the mutual advancement of openness and innovation. It is foreseeable that, in the annual CIIE, foreign companies will not only secure orders, markets, and ideas but also gain unlimited opportunities through China's path toward modernization."