China will always be important opportunity for global development

BEIJING, Nov. 6, 2024 /PRNewswire/ -- A report from People's Daily: The 7th China International Import Expo (CIIE) kicked off at the National Exhibition and Convention Center (Shanghai) on Nov. 5. Running from Nov. 5 to 10, the 7th CIIE has attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

Besides, it has brought together 77 countries and international organizations to participate in the Country Exhibition, with France, Malaysia, Nicaragua, Saudi Arabia, Tanzania and Uzbekistan serving as guest countries of honor.

Political and business leaders from 152 countries, regions and international organizations attended the opening ceremony. Around 3,800 Chinese and foreign journalists from more than 400 media outlets are participating in the coverage of this event. Additionally, the area dedicated to cultural exchanges exceeded 32,000 square meters, marking a new high in the history of the expo.

Opening up is a defining feature of Chinese modernization and is also the core philosophy of the CIIE. Hosting the import expo is an important step for China to further open up and a concrete action China took to build an open world economy.

In July this year, the 20th Central Committee of the Communist Party of China (CPC) concluded its third plenary session, drawing up a grand blueprint for further deepening reform comprehensively to advance Chinese modernization.

The CPC noted that to further deepen reform comprehensively, it is a must to maintain a unified approach to reform and opening up. The deeper the reform goes, the higher the requirements for the level of opening up; the higher the level of opening up, the greater the boost to reform.

As a significant economic diplomatic event held after the Third Plenary Session of the 20th Central Committee of the CPC, this year's CIIE highlights China's confidence, determination, and practical actions in further deepening reform comprehensively, promoting high-quality development, and advancing high-level opening-up.

Based on the super-sized Chinese market, the CIIE has enabled exhibits to become traded goods and exhibitors to spot more investment opportunities. It has become a catalyst for enhancing global consensus on open cooperation and pursuing an open world economy, creating new opportunities for the world through China's further development.

Open cooperation is a defining feature of the CIIE, and the key to its success. The annual expo has leveraged the strengths of China's enormous market and fulfilled its platform function for international procurement, investment promotion, people-to-people exchanges and open cooperation, facilitating the exchanges of cultures and ideas, as well as transactions of goods and services.

The CIIE has continuously embraced innovation and green development. The previous six editions of the expo saw nearly 2,500 new products, technologies, and services make their debut. The 7th CIIE has, for the first time, established the new materials section, which showcases over 400 representative new products, technologies, and services, unleashing the vitality of innovation and green development.

The expo has served as a platform of high-standard opening up that allows China's enormous market to be shared by the world. The first six editions of CIIE have generated a total intended transaction amount exceeding $420 billion. Additionally, over 1,130 foreign enterprises and investment promotion organizations have conducted targeted connections across the country. A total of 186 enterprises and institutions have achieved full attendance across all seven editions of the expo, and many exhibitors have gone on to open new stores, factories, and R&D centers in China.

With a population of over 1.4 billion, a middle-income group exceeding 400 million people, a complete supply chain, a well-developed infrastructure, an abundant talent pool, and a vibrant innovation ecosystem, the Chinese market continues to unleash tremendous dividends, enabling all parties to achieve mutual benefit.

"The CIIE is a unique grand event filled with opportunities," said Nicolas Hieronimus, CEO of L'Oreal and rotating chairman of the CIIE Enterprise Alliance. He noted that the expo serves as an "amplifier" for new product debuts, a "catalyst" for cooperation, and a "propeller" for business development.

The spring breeze of China 's openness has continuously brought warmth to all parts of the world. So far, China has signed 22 free-trade agreements with 29 countries and regions. The country has been continuously deepening regional economic and trade cooperation by applying the highest standards in implementing the Regional Comprehensive Economic Partnership Agreement and taking proactive steps to align its economic and trade rules with the high standards of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).

In the first three quarters of this year, China's goods trade volume exceeded 32 trillion yuan ($4.45 trillion), reaching a new high, and its trade with over 160 countries and regions around the world achieved growth.

As a developing country and a natural member of the Global South, China is a staunch supporter, active participant and key contributor of South-South cooperation. By committing itself to openness to meet development challenges, fostering synergy for cooperation, building the momentum of innovation, and delivering benefits to all, China has provided all nations with greater and fairer access to the fruits of development.

Since its inaugural edition of the CIIE, China has offered free booths and other support measures to the least developed countries, such as product transportation and personnel reception, to help them showcase their products at the import expo.

This year's CIIE offered more than 120 free exhibition booths for vendors from 37 least developed countries. To expand unilateral opening to the least developed countries, the expo has also enlarged the exhibition area for African agricultural products.

Starting from Dec. 1 this year, China will give all the least developed countries having diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. This significant measure was announced by Chinese President Xi Jinping at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC). China is the first major developing country and major global economy to implement such a measure.

The 7th CIIE has once again demonstrated to countries around the world that China remains committed to high-level opening up and open international cooperation. By further deepening reforms comprehensively and open its doors wider to the outside world, China will always be an important opportunity for global development.