China hopes this event will become an annual fixture. Han Peng explains why Shanghai was chosen for first one in November.

HAN PENG SHANGHAI "This China National Pavillion is the legacy of Shanghai's hosting of the World Expo in 2010. With a record 190 countries taking part, Shanghai has proven success in attracting global participants and most importantly, getting deals done."

HAN PENG SHANGHAI "The people in Shanghai have a growing passion for buying imported goods, believing foreign brands represent a middle-class lifestyle. The city is known as China's shopping paradise with global brands often found on many streets and never a shortage of customers. "

ZHONG XIAOMIN, VICE CHAIRPERSON SHANGHAI MUNICIPAL COMMISSION OF COMMERCE "We are building Shanghai into a world consumption engine. The goal is to attract as many quality foreign brands as possible to set up businesses here, and share the huge and still growing market."

HAN PENG SHANGHAI "But it's more than just strong purchasing power. Shanghai is fundamentally changing its way of doing business with the world. Last year, the city announced it will be building a free trade port with what authorities call "the highest level of openness in the world." It pledges to allow goods to flow in and out more freely and impose no government intervention on rules-based trade inside the port. "

HAN PENG SHANGHAI "Here is the venue for the first China International Import Expo to take place this November. So far, more than 16-hundred enterprises from some 120 countries have signed up to take part, and they'll be dealing with an estimated 150-thousand professional purchasing agents and numerous local visitors. Authorities say the venues booked have already exceeded the original plan by 20 percent. The expo is still open for registration on this website, 200 days before it officially kicks off. Han Peng, CGTN, Shanghai."