The China International Import Expo begins

05/11/2018

 

In a time when the waves of protectionism and unilateralism are threatening global growth, the event aims to promote a global economy, able to grow thanks to the new frontiers of technology and thanks to the commitment of China

 

The China International Import Expo (CIIE) will probably be an event that will change the fate of the global economy and, during the opening ceremony, the event is receiving global attention. The opening of the China’s import expo was inaugurated by President Xi Jinping in the presence of a total of 172 countries, regions and international organizations on five continents, in the halls of the Shanghai National Convention & Exhibition Centre.

The aim of CIIE is to open the Chinese market to the world and stimulate and support a global economy. To do so, more than 3,600 companies from different countries will hold discussions and seek common development with over 400,000 purchasers from China and overseas.

 

The slogan of the expo is “New Era, Shared Future”

 

The event, which will end on November 10th, has among its main aims to promote the fight against protectionism and unilateralism, asking all countries to build an open world economy. In a time when the waves of protectionism and unilateralism are threatening global growth, in fact, the expo is expected to muster support for free trade and inject certainty to the world economy.

During the fair there will be various quality exhibitions ranging from German machine tools, Japanese robots and U.S. medical equipment to Australian wine, Brazilian farm produce and South Sudanese handicrafts.

 

The expo is the brainchild of Xi and is set to become a platform for win-win economic cooperation

 

China has said it wants to support a global economy and wants to hinder unilateral agreements, but what will it do about it? From the first statements, China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening up, and promote international cooperation at multilateral and bilateral levels.

The inaugural expo comes at an inflection point as China transitions to high-quality development and shifts from the world’s workshop to the world’s market, with the world’s biggest middle-income population demanding higher-quality consumer products. This means above all great opportunities for exporting countries, which increasingly see China as the first reference market.

 

The fair is also a great opportunity for West Africa

 

China has also become a great growth opportunity for developing countries. For example, Joseph Boahen Aidoo, chief executive of Ghana’s cocoa industry regulator Cocoa Board, said: “We believe that we can expand our market horizons in China. We are talking about 1.3 billion people, and even if we can get one percent of that market, it is very huge. So everybody is looking to China”.

But what are the figures of this market? Xi announced Monday China’s imported goods and services were estimated to exceed 30 trillion U.S. dollars and 10 trillion U.S. dollars, respectively, in the next 15 years. Furthermore, China has already been the world’s second largest merchandise importer for nine consecutive years.

 

Prominent exhibitors at the Expo include big household names – Sony, Samsung, Foxconn, Intel, General Motors, BMW, Tesla, Facebook, and Google, as well as many smaller rising players

 

However, it would be wrong to think that CIIE is a simple event that marks the decision to open China to the world. Indeed, this year marks the 40th anniversary of China’s reform and opening up. A path that has seen a series of concrete measures taken by the country to broaden its doors and which has seen numerous efforts by China.

 

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