The 7th China International Import Expo (CIIE), the world’s first national-level fair dedicated to imports, began on Tuesday, November 5, 2024, in Shanghai. Chinese Premier Li Qiang delivered an opening speech at the opening ceremony of the 7th CIIE and the Hongqiao International Economic Forum. The fair has attracted 3,496 participants from 129 countries and regions. Additionally, it set a new record with the participation of 297 companies from the Fortune Global 500 and industry leaders. Over 400 new products, technologies, and services were showcased at the fair, which, according to experts, strongly reflects global companies’ confidence in the Chinese market.[1]
This fair, which promotes global trade and economic cooperation, has created an international platform for the sharing of innovative resources and has made the rapidly growing Chinese market more open and accessible to foreign investment opportunities. In line with China’s ongoing opening-up policy, the opportunities it creates also provide significant benefits for trade partners.
Through the CIIE, China has not only provided a platform for new ideas and technologies, but also played a crucial role in ensuring commercial and economic stability on a global scale. In addition to the continued strengthening of its economy, the growing confidence in its expanding market power has revitalized the process of globalization and given new momentum to the CIIE.
According to China’s customs statistics, in the first three quarters of this year, the total value of China’s imports and exports exceeded 10 trillion RMB (1.40 trillion USD) in each quarter, reaching new record highs. The total for the first three quarters surpassed 32 trillion RMB (4.47 trillion USD) for the first time in history.[2] In the context of China’s opening-up policy, it can be said that this situation has both promoted reform and development, and led to win-win outcomes in terms of international relations on a global scale.
The CIIE, which has been held for seven years, has consistently offered the world a new and inclusive perspective. Its role as an international public service has grown steadily, and participants from Global South countries have deeply felt this impact. The CIIE has accelerated their integration into the globalization process by bringing products such as cashew nuts from Tanzania, peppers from Rwanda, and honey from Zambia to Chinese homes. This year’s Expo provided over 120 free exhibition booths for 37 least developed countries and expanded the African products section. In this way, unilateral openness has been extended towards less developed countries, and the concept of inclusivity and equality has been brought to life through concrete actions.[3]
In this way, the participation of least developed countries in economic globalization has been facilitated, and a fair process has been followed in ensuring that the benefits of global development reach all people. Through the Expo, by providing access to foreign direct investment for least developed countries, these nations have gained more knowledge in the commercial sector, enabling them to create new job opportunities and a skilled workforce.
The success of the CIIE is not only reflected in the increasing trade figures but also in the “spillover effects” across trade promotion, industrial upgrading, consumption improvement, and corporate innovation. With its roles in global procurement, investment promotion, cultural exchange, and an open collaboration platform, the CIIE facilitates the transformation from “exhibits to goods” and from “participants to investors.” In doing so, it injects vitality into trade and investment, turning China’s vast market into significant opportunities for the world and supporting global economic recovery.[4]
China’s commitment to opening up has led to the sharing of opportunities on a global scale, fostering mutually beneficial collaborations and the development of a shared future through globalization. With the Expo, the transfer of knowledge and technology is facilitated, accelerating the formation of new development models in various sectors.
Veronica Nikishima, the General Director of the Russian Export Center (REC), has stated that China, as a true champion of fair and open markets, serves as a global example in supporting multilateralism and free trade.[5] It shows that the cooperation between Russian and Chinese companies has begun to deepen. Clearly, the CIIE has provided a key platform in this context.
Anu Rathninde, President of Johnson Controls Asia-Pacific, has stated that since the U.S.-based smart building solutions provider entered the Chinese market, it has witnessed new growth driven by opening up and modernization.[6] Eric Zheng, the Chairman of the American Chamber of Commerce in Shanghai, emphasized that China will play a critical role in leading the globalization process in the coming decades. Zheng stated, “It is important for the U.S. and Chinese governments to be in coordination and work together. In doing so, their policies will not only benefit these two countries but also be advantageous for the Asia-Pacific Economic Cooperation and the world.”[7]
The CIIE, which offers opportunities for the creation and promotion of new modes of production, holds strategic importance in strengthening trade ties despite the political tensions between the U.S. and China. Especially considering that disputes over customs tariffs and subsidies between parties competing in the technology sector have led to geopolitical interests and security concerns, it can be said that steps toward the development of trade relations are likely to increase the possibility of a softening in diplomatic relations or the adoption of more moderate policies.
In conclusion, the 7th CIIE played a significant role in strengthening multilateral, bilateral, and regional economic cooperation in various sectors, while also showcasing China’s development opportunities to the world. China has emerged as a strong player in industrial transformation through economic and technological advancements, and has played an active role in steering global trade. In this context, the CIIE has offered growth opportunities to many medium and small-sized enterprises, serving as a guide to global market trends. Businesses from around the world have benefited from the Expo, gaining access to new business opportunities and expanding their products to broader markets, thus contributing to the growth of global employment.
[1] “7th China International Import Expo opens in Shanghai”, Global Times, https://www.globaltimes.cn/page/202411/1322459.shtml, (Access Date: 07.11.2024).
[2] “CGTN Poll | ‘Import Expo benefits’ keep growing, global respondents look forward to “big market” bringing big opportunities”, CGTN, https://news.cgtn.com/news/2024-11-06/Global-respondents-CIIE-takes-big-market-to-big-opportunities–1yjdpTVEkEg/p.html, (Access Date: 07.11.2024).
[3] Ibid.
[4] “CIIE 2024 reflects China’s unwavering commitment to global openness”, CGTN, https://news.cgtn.com/news/2024-11-07/CIIE-2024-reflects-China-s-unwavering-commitment-to-global-openness-1ykhMkrEYog/p.html, (Access Date: 07.11.2024).
[5] “China sets example of fair, open market for world, says Russian exporter”, China Daily, https://www.chinadaily.com.cn/a/202411/06/WS672ae00ba310f1265a1cbc0a.html, (Access Date: 07.11.2024).
[6] “Country’s openness creates more opportunities”, China Daily, https://www.chinadaily.com.cn/a/202411/07/WS672bf5b2a310f1265a1cbe53.html, (Access Date: 07.11.2024).
[7] “(CIIE) China Focus: U.S bussinesses reaffirm commitment to Chinese market”, Xinhua News, https://english.news.cn/20241107/8e48322f76b443eead2ff8f7f666ab99/c.html, (Access Date: 07.11.2024).
