China Held the Largest-ever Import-themed National-level Expo
November 29, 2018
The China International Import Expo (CIIE) which ran from Nov 5 to 10 in Shanghai recently drew world’s attention. As the world's first import-themed national-level expo, the big event featured enterprise and business exhibitions, country pavilions for trade and investment, and the Hongqiao International Economic and Trade Forum.
The China International Import Expo, a major initiative from China to expand imports of goods and services, made national and international headlines for the significance it could carry for China and the world. The active participation of media delegates, political officials and business leaders from home and abroad added special value to the event.
The six-day CIIE held in Shanghai had tangible benefits in three aspects: First, the event signals China’s intention for opening wider to the outside world. China has declared that it is against unilateral policy and a zero-sum game and will open its door wider to foreign enterprises to enter the Chinese market, which has close to 1.4 billion consumers and more than $10 trillion demand in goods and services in the coming five years.
Second, China is seeking to pursue a win-win strategy through expanding the volume of its trade with the world and the CIIE proved very fruitful in this regard. The business deals at the expo reportedly reached $57.83 billion – which included $16.5 billion worth of smart equipment, $12.7 in billion good and agricultural products, $12 billion in automobiles, $5.8 billion in medical equipment and medical care products, $4.3 billion in electronic products and home appliances, $3.4 billion in consumer goods and clothes and $3.2 billion in service trade. The total deals with Belt & Road Initiative countries reached $4.7 billion. Hence, trade deals between China and other countries are the very win-win result being stressed by Chinese officials.
Third, the CIIE was a platform for Chinese and foreign enterprises to strike deals with each other and have friendly exchanges and dialogue.
A General Data Review about CIIE:
- A total of 172 countries, regions and international organizations from the five continents showcased their development achievements and international image to the world at the CIIE. 71 booths were set up at the country pavilions for trade and investment, covering an area of about 30,000 square meters.
- 12 countries have been granted the status of "Guest of Honor" by China at the CIIE. They are Brazil, Canada, Egypt, Germany, Hungary, Indonesia, Mexico, Pakistan, Russia, South Africa, Vietnam and the United Kingdom.
- More than 30 of the world's 44 least-developed countries participated in the event
- More than 3,600 companies from different countries participated in the enterprise and business exhibitions at the expo, with a total booth area of 270,000 square meters.
- More than 200 attending companies are on the Fortune Global 500 list, or industry leaders.
- The CIIE saw 160,000 buyers from over 80,000 domestic and foreign companies, exceeding the organizer's expectation of 15,000 companies
- Exhibitors launched more than 100 new products and technologies at the event
- Around 300,000 visitors arrived for the expo
With the world’s largest population, China is the second-largest economy and the second-largest importer and consumer in the world. Now China has entered a development stage at which consumption keeps increasing, indicating enormous potential for the growth of consumption and import. In the next five years, China is expected to import products and services valued at more than $10 trillion, which provides a historic opportunity for enterprises across the world to enter the huge Chinese market.