Reform and Opening Up: China steps up efforts to promote trade

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Over a thousand companies from 120 countries say they'll attend the expo. CGTN's Yang Chengxi spoke to foreign companies in Shanghai for their take on how China has been stepping up its game in promoting trade.

40 years have passed since China extended open arms to international trade and investment and dedicated itself to creating a positive business environment for companies from around the world.

WANG TINGTING, GREATER CHINA VICE PRESIDENT DECATHLON "We can see that China still provides huge business opportunities for foreign investments. The market potential is still huge."

China has been one of the most attractive markets for multinationals for four decades. Foreign firms now contribute 50 percent of all imports and exports, 25 percent of industrial output and 20 percent of China's tax revenues. This country has become the largest overseas market for many global fortune 500 companies.

RACHEL DUAN, PRESIDENT & CEO GE CHINA "GE actually has been in China for 100 years. But obviously our fastest growth has been the last three decades. So we have been here since the very beginning of the China opening door policy and economic reform. We benefitted from it a lot."

YANG CHENGXI SHANGHAI "The first China International Import Expo will be held in Shanghai during the 40th anniversary year of China's reform and opening up. The government sees the expo as one of its most important global events in 2018."

Over one thousand firms from more than 120 countries say they will attend the November expo. Among them are nearly 100 global fortune 500 companies, including L'Oreal, the world's largest cosmetics conglomerate.

JEAN-PAUL AGON, CHAIRMAN & CEO L'OREAL "L'Oreal China is growing very fast. It's developing very well. We have been very successful, we have been here for 20 years."

The Chinese Ministry of Commerce says China will import over 10 trillion US dollars worth of goods and services during the next five years. The ministry also says that the upcoming China International Import Expo will be a symbol of the vast potential in the Chinese market.