BEIJING, Nov. 5, 2024
/PRNewswire/ -- International companies looking to enter the
Chinese market are flocking to Shanghai to take advantage of the seventh
China International Import Expo (CIIE), the country's biggest
import trade fair slated to run from November 5 to 10 this year.
A global economic and trade event, the expo generated deals
cumulatively valued at $78.4 billion
last year, an increase of 6.7 percent year on year, hitting an
all-time high. This year's CIIE will host 3,496 exhibitors from 129
countries and regions in an exhibition center space that covers
over 360,000 square meters – equivalent to 50 standard soccer
fields.
According to Chinese officials, the number of participating
countries and exhibitors has surpassed previous records. And the
most notable thing is that 297 exhibitors are from Fortune Global
500 companies, marking a historic high. Among all participants, 186
enterprises and institutions have participated in the expo for
seven consecutive years.
Hosting the CIIE is an important aspect of China's opening up and cooperation,
representing China's solemn
commitment to the world, Chinese Premier Li
Qiang said during his keynote speech at the opening ceremony
of this year's CIIE on Monday.
The Piraeus Port Authority, the operator of Greece's largest port, is participating in the
expo for the seventh consecutive year. Following its debut at the
inaugural CIIE in 2018, Piraeus Port saw its container throughput
hit a record high in 2019, with 40 percent of the total volume
coming from China.
"Piraeus Port takes part in the CIIE every year to explore new
cooperation opportunities, aiming for a win-win partnership with
China," exhibitor Evdoxia
Kastrinelli told CMG, adding the port operator will keep
participating in the event in the future.
Apitv, an automotive technology supplier headquartered in
Dublin, is participating in the
expo for the first time. A part of a global industrial machinery
manufacturer with over 100 years of history, the company is
showcasing more than 45 cutting-edge technological innovations,
including hydrogen energy solutions, liquid hydrogen booster pumps,
and other advanced products, all making their debut in China.
"We've seen the impact the CIIE has had on global trade over the
years, and with China's automotive
industry rapidly advancing, this is an excellent opportunity for us
to leverage the platform to engage in deeper cooperation with
enterprises both in China and
around the world," said Jiang Weihao, a representative of the
exhibitor.
In addition to tech products and consumer goods from developed
countries, this year's expo also welcomed a large number of
developing nations, including 37 of the world's least developed
countries. Over 120 exhibition booths were provided free of charge
to these countries. Some booths highlight African agricultural
specialties such as peanut, coffee, honey and beer.
During the 2024 Summit of the Forum on China-Africa Cooperation,
China announced plans to grant
zero-tariff treatment on all tariff items for the least developed
countries with diplomatic ties to China, including 33 African nations. Following
that, 22 tonnes of avocados imported from South Africa cleared customs and arrived at
Shanghai Yangshan Port in early October.
Addressing the opening ceremony, Li stressed the need to
strengthen consensus on opening up, adding that all parties should
jointly adhere to international economic and trade orders and rules
and earnestly fulfill multilateral and bilateral economic and trade
agreements.
This year, China has rolled out
a series of measures to underscore its commitment to deeper reforms
and greater openness.
Starting November 8, China will grant visa-free entry to citizens
from nine more countries, bringing the total to nearly 30. On
November 1, China implemented an updated negative list for
foreign investment, removing all restrictions in the manufacturing
sector.
The country has also revised policies for foreign investment in
listed companies and will now allow foreign-invested hospitals in
nine cities. A nationwide negative list for cross-border services
trade will also be introduced.
As China continues to open its
economy and stimulate growth, the International Monetary Fund (IMF)
has raised its growth forecast for China to five percent, matching the country's
original growth target.
Based on IMF projections, Bloomberg has reported that
China is expected to remain the
largest contributor to global economic growth over the next five
years, surpassing the combined contributions of all G7
countries.
China will further expand
institutional opening up and actively align with high-standard
international economic and trade rules, Li said, pledging efforts
to implement the strategy for upgrading pilot free trade zones.
https://news.cgtn.com/news/2024-11-05/China-showcases-commitment-of-opening-up-via-massive-trade-fair-1yhuKBzAgZa/p.html
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SOURCE CGTN