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China International Import Export to promote global trade

By Nicholas Dweh Nimley (People's Daily Online)    10:48, August 02, 2018

The first China International Import and Export (CIIE), is expected to be held this November in the coastal city of Shanghai, the birth-place of the Communist Party of China.

Chinese President Xi Jinping disclosed at the Belt and Road Forum for International Cooperation in May 2017 that China will hold beginning 2018 its international import exports. The CIIE is a policy initiative to open up the Chinese market to the rest of the world.

During the event, over 80 countries are expected to showcase their development through trade, and investment, while 186 companies from African countries have agreed to participate, says Ms. Zhong Xiaomin, Deputy Organizer of the event.

Ms. Zhong Xiaomin told journalists from Africa and Asia Pacific Countries that the CIIE is a significant initiative by the Chinese government to give firm support to trade liberalization and economic globalization and to actively open the Chinese market, facilitates countries and regions of the world and to strengthen economic cooperation and trade.

She explained that the November event will promote global trade and contribute to the world economic growth through a world economy that is ‘more open’. The CIIE will provide new channels for countries and regions to do business, to strengthen cooperation and promote common prosperity, she adds.

There would be opportunities for least-developed countries, while investment and business cooperation will be carried out in other areas. G20 members, BRICS and Belt and Road Countries have also been invited for the event.

She indicated that over 150,000 domestic and foreign professional purchasers will presumably participate in the event, while some leverage would be given to products from coming from least developed countries.

She also disclosed that China within the next five years is expected to import products and services valuing more than 10 trillion U.S. dollars.

Currently, Africa is China largest trading partner with over 170 billion recorded in trade volume in 2017. Products from Africa sailing to China are mainly gold, diamonds, beef, crude oil, iron ore, timber, while China's exports to Africa is food products and clothing.

Nehemiah Fensuah, a Liberian Economist has urged African countries to prioritize value addition in order to enhance their exports. Fensuah believes that with value addition, products from Africa will be accepted on the world market.

Africa, he added, continues to be poor because value addition has not been prioritized over the years and that has led to the continent losing huge funds that increase revenue generation.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Bianji, Hongyu)

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