China Int’l Import Expo opens | Daily News

China Int’l Import Expo opens

Some of the volunteers and visitors at the CIIE
Some of the volunteers and visitors at the CIIE

SHANGHAI: The China International Import Expo (CIIE), hailed as “an innovation in the history of global trade,” opened its third edition on Wednesday.

As the world’s first import-themed national-level expo, the CIIE embodies China’s solemn promise to opening-up, and epitomizes its firm commitment to supporting economic globalization and building an open world economy.

The CIIE came into being a decade after the 2008 global financial crisis, as the world economic recovery was losing steam, trade protectionism and unilateralism were on the rise, and economic globalization was facing strong headwinds.

When the world economy was facing severe challenges, China, as the world’s largest trader of goods, set up the CIIE as a platform for businesses around the world to further tap its enormous and growing market. According to a 2018 estimate, China was expected to import more than 30 trillion and 10 trillion U.S. dollars’ worth of goods and services respectively in 15 years.

Official statistics show that tentative deals worth about 57.83 billion and 71.13 billion dollars were reached at the previous two editions respectively.

The opening of the latest CIIE also clears up the doubts about China’s opening posture arising from China’s efforts to form a new development pattern that features the domestic market as the mainstay with domestic and international markets reinforcing each other.

“Our aim is to turn the Chinese market into a market for the world, a market shared by all, and a market accessible to all,” Chinese President Xi Jinping said in his keynote speech via video at the CIIE opening ceremony late Wednesday. “This way, we will be able to bring more positive energy to the global community.”

Since the 2008 international financial meltdown, China’s imports have contributed one sixth of the global import increase and served as a key booster and anchor of the global economic recovery.

Meanwhile, China has now become the largest trading partner of more than 120 countries and regions. It has signed 200 cooperation documents with 138 countries and 30 international organizations and carried out more than 2,000 cooperation projects within the framework of the Belt and Road Initiative.

In her speech at the first CIIE, Christine Lagarde, then managing director of the International Monetary Fund (IMF), said the CIIE is a symbol of China’s efforts to build “a bridge to the world,” “a bridge to prosperity” and “a bridge to the future.”

Defying the multi-pronged onslaught of COVID-19, the CIIE not only showcases China’s substantial progress in epidemic containment, but offers much-needed hope for the world’s post-pandemic growth and development.

Committed to opening-up and sharing its development opportunities, China has in recent months held multiple large fairs, including the 2020 CIFTIS in Beijing.