Editor's note: Moaaz Awan is a keen China observer and a researcher at Tianjin University. His research interests include the China-Pakistan Economic Corridor, Belt and Road Initiative and Shanghai Cooperation Organization. The article reflects the author's opinion, and not necessarily the views of CGTN.
The China International Import Expo (CIIE), which started on November 5 in Shanghai, has been a huge success for China, the partner states and moreover the global business community.
It has been a great response by China, the “new leader of globalization,” to the emerging threats of protectionism and isolation. It is yet another example of the win-win scenario and a glimpse of what the "community of shared future” would look like.
The expo attracted 3,600 companies from more than 130 countries and regions, all eager to tap into one of the world's largest markets.
Opening up wider
President Xi Jinping in his remarks reaffirmed “the doors of China's opening up will never shut, but will only open wider.” This means that China will give even greater market access to foreign businesses and it would not follow US protectionism.
China Pavilion at the CIIE, Shanghai, November 6, 2018. /VCG Photo
Xi also pointed out his government's work on relaxing market access, reducing investment limits, opening up mining, agriculture, healthcare and other service sectors.
This opening of China gives a golden opportunity to businesses to focus on the world's largest market. The president addressed the global concerns of China's economic slowdown. He said, “The Chinese economy is a sea, not a pond. Storms can overturn a pond, but never a sea."
His statement gives renewed confidence to investors keen on investing in China and also to partner states worried about the implications of the US-China trade war.
Community of shared destiny
The CIIE provided the world with a glimpse of what the “community of shared destiny” would look like. The presidents of China, Kenya and Pakistan, along with the prime ministers of Russia and Vietnam, visited the Pakistan Pavilion.
The CIIE Media Center, Shanghai, November 4, 2018. /VCG Photo
The leaders enjoyed the pavilion and President Xi Jinping especially seemed very interested in the Pakistani handmade football. This is what the community of shared destiny is about: people are willing to share their benefits instead of slashing taxes on foreign products and discouraging trade.
The leaders viewed various stalls and a very friendly atmosphere existed as everyone in the fair was a winner. The dream of shared destiny, however, cannot mature unless and until each member state achieves economic prosperity and political stability in their own domains.
CIIE and the Chinese economy
The CIIE is also a golden opportunity for the Chinese economy. China already imports goods worth trillions of dollars and by holding this expo, China has opened a door for access to the best commodities at the best price.
It has increased the competition, whose ultimate beneficiary will be the end user who will get a better deal for his product. Until now, billions of dollars of trade deals have been signed in the import of aircraft, machinery, agriculture and various other fields.
The world has already entered into the irreversible globalization period, those opposing it will be lost and the ones embracing it will enjoy the fruits of prosperity.
(If you want to contribute and have specific expertise, contact us at opinions@cgtn.com.)