International companies looking to gain a foothold in the Chinese market are flocking to Shanghai to take advantage of the seventh China International Import Expo (CIIE), the country’s largest import trade fair, taking place from November 5 to 10 this year.
A global economic and trade event, the show generated $78.4 billion worth of business last year, up 6.7 percent year-on-year and reaching a new high. At this year’s CIIE, 3,496 exhibitors from 129 countries and regions will be represented on an exhibition area of over 360,000 square meters – the equivalent of 50 normal football fields.
According to the Chinese authorities, the number of participating countries and exhibitors has exceeded previous records. Most notably, 297 exhibitors come from Fortune Global 500 companies, a historic high. Of all the participants, 186 companies and institutions took part in the trade fair in seven consecutive years.
Hosting the CIIE is an important aspect of China’s opening-up and cooperation and represents China’s solemn commitment to the world, Chinese Premier Li Qiang said in his keynote speech at the opening ceremony of this year’s CIIE on Monday.
The Port Authority of Piraeus, the operator of Greece’s largest port, is taking part in the fair for the seventh consecutive year. After debuting at the first CIIE in 2018, the Port of Piraeus recorded a record container throughput in 2019, with 40 percent of the total volume coming from China.
“The Port of Piraeus participates in CIIE every year to explore new opportunities for cooperation and seek a mutually beneficial partnership with China,” exhibitor Evdoxia Kastrinelli told CMG, adding that the port operator is also in will take part in the event in the future.
Apitv, a Dublin-based automotive technology supplier, is taking part in the show for the first time. As part of a global industrial machinery manufacturer with over 100 years of history, the company introduces more than 45 state-of-the-art technological innovations, including hydrogen energy solutions, liquid hydrogen auxiliary pumps and other advanced products, all for the first time in China.
“We have seen the impact CIIE has had on global trade over the years, and given the rapid development of China’s automotive industry, this is an excellent opportunity for us to use the platform to work more closely with companies in China and around the world ” said Jiang Weihao, a representative of the exhibitor.
In addition to technical products and consumer goods from industrialized countries, numerous developing countries were also represented this year, including 37 of the least developed countries in the world. Over 120 exhibition stands were made available to these countries free of charge. Some stalls sell African agricultural specialties such as peanuts, coffee, honey and beer.
During the 2024 Summit of the Forum on China-Africa Cooperation, China announced that it would provide duty-free treatment on all customs items to least developed countries with diplomatic relations with China, including 33 African countries. Subsequently, 22 tons of avocados were imported from South Africa and cleared through customs, arriving at Shanghai Yangshan Port in early October.
In his speech at the opening ceremony, Li emphasized 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 taken a number of measures to underscore its commitment to deeper reforms and greater openness.
Starting November 8, China will grant visa-free entry to citizens of nine more countries, bringing the total to nearly 30. On November 1, China introduced an updated negative list for foreign investment, lifting all restrictions on the manufacturing sector.
The country has also revised guidelines for foreign investment in listed companies and will now allow foreign-invested hospitals in nine cities. In addition, a nationwide negative list for cross-border services will be introduced.
As China continues to open its economy and boost growth, the International Monetary Fund (IMF) has raised its growth forecast for China to five percent, in line with the country’s original growth target.
Based on IMF forecasts, Bloomberg reports that China will continue to be the largest contributor to global economic growth over the next five years, surpassing the contributions of all G7 countries combined.
China will further expand institutional opening-up and actively adapt to the high standards of international economic and trade rules, Li said, promising to make efforts to implement the strategy to modernize the pilot free trade zones.
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