China committed to further opening-up as 7th CIIE opens

People visit the China Pavilion during the 7th China International Import Expo (CIIE) in Shanghai, November 5, 2024. The newest edition of the CIIE opened on Tuesday and will last through Sunday. (Photo: Xinhua)

Chinese Premier Li Qiang delivered a keynote speech at the opening ceremony of the 7th China International Import Expo (CIIE) and the Hongqiao International Economic Forum on Tuesday, saying China has continued to walk the talk in expanding opening-up and that the country is capable of promoting sound and steady economic growth, according to the Xinhua News Agency.

On Tuesday, Shanghai officially entered the "CIIE moment," which has become an annual feast of global trade cooperation, and the colorful billboards on the streets of Shanghai and bustling scenes at the exhibition halls put on vivid display of the strong vibrancy and attractiveness of the Chinese market, in stark contrast to rising protectionism in some advanced economies.

In interviews with the Global Times at the CIIE on Tuesday, many foreign businesses, including multinational companies, praised the CIIE as a critical platform to reach the vast Chinese market and showcase China's market prospects and openness, while vowing to further expand investment in China.

Continuous opening-up

During the keynote speech on Tuesday morning, Li said China is willing to open up its enormous market further and will continue to expand market access to sectors in an orderly fashion, including telecommunications, the internet, education, culture, and healthcare.

Li said the country has fully implemented all the opening-up measures announced at the previous six CIIEs, including scrapping all items in the manufacturing industry on the national negative list for foreign investment.

First launched in 2018, the CIIE, described on its official website as the world's biggest import expo, has become an influential global trade event and a barometer of the Chinese market. This year, several record-breaking numbers highlighted the continued success of the CIIE.

A total of 3,496 exhibitors from 129 countries and regions are attending the CIIE, exceeding the numbers of the previous session. Notably, a new record number of 297 Fortune Global 500 companies and industry leaders are in attendance, among which 186 enterprises and international organizations will have attended all seven editions of the CIIE so far, according to official data.

China's message of continuous opening-up and sound development offered a great boost of confidence for global businesses that have gathered at the CIIE.

"I am very inspired and encouraged by China's commitment to continue high-level opening-up and to sharing development opportunities with the rest of the world," Toshinobu Umetsu, president and CEO of Shiseido China, a unit of Japanese cosmetics giant Shiseido, told the Global Times after the opening ceremony on Tuesday morning. "Shiseido has been in the China market for over 40 years now, and throughout this time, we have never wavered in our confidence and determination to invest in China."

Poh-Yian Koh, senior vice president of FedEx and president of FedEx China, a unit of US-based logistics giant, also said the CIIE has reaffirmed China's firm determination to uphold high-level opening-up and to build an open world economy. "On the occasion of the 40th anniversary of FedEx's development in China, it further solidifies our commitment to the Chinese market and our confidence in working together for long-term development," Koh told the Global Times on Tuesday.

Further highlighting China's commitment to opening-up, the Hongqiao International Economic Forum, which also opened on Tuesday in tandem with the CIIE, issued its flagship publication, the World Openness Report, which stated that the status quo and the trend of opening up worldwide is worrying with an obvious shrinkage. However, the report commended China's opening-up efforts.

"China's determination to expand opening-up is as solid as a rock, and the pace of expanding opening-up has never stopped," the report said, noting that the Third Plenary Session of the 20th Central Committee of the Communist Party of China drew up a new blueprint for reform and opening-up.

In addition to China's continuous opening-up, many foreign businesses also expressed profound optimism about China's economic prospects at the CIIE on Tuesday.

In his speech at the opening ceremony, Li said the sound fundamentals of the Chinese economy remain unchanged, noting the country is capable of promoting sound and steady economic growth. He added that China is confident in achieving this year's economic and social development goals and the future development of its economy.

"The next China is China, and investing in China is investing in our future. Our consistent 7-year participation in CIIE shows our deep commitment to Chinese consumers, our long-term commitment to China, and our profound commitment to the Sino-French relationship," Jean-Paul Agon, chairman of France-based international beauty company L'Oréal, told the Global Times on Tuesday.

Important role

Many global businesses also praised the increasingly important role of the CIIE for global businesses to explore and expand in the Chinese market.

"The CIIE acts as a 'catalyst' for transforming innovations into impactful outcomes and serves as a vital platform for multinational corporations to foster collaboration and strengthen local partnerships," Marc Horn, executive vice president of German conglomerate Merck KGaA and president of Merck China, told the Global Times at the CIIE on Tuesday.

More than just an opportunity for global businesses to showcase their latest products and services, the CIIE also provides a platform for business deals, with the previous six editions witnessing the introduction of nearly 2,500 new products, new technologies, and new services, and the signing of intended deals worth more than $420 billion.

This year, more than 400 new products, new technologies, and new services are set to be unveiled at the CIIE. On Tuesday afternoon, the first deal of the 7th CIIE was signed between purchaser Shanghai Nuoyin Electromechanical Technology Co and exhibitor HIWIN GmbH. Valued at $50 million, the contract covers goods in the semiconductor, automotive, and 3C (computer, communication, and consumer electronics) sectors.

In another key feature, the CIIE is not just providing business opportunities for multinationals, but is also helping small businesses and farmers from some of the world's least-developed countries to access the Chinese market.

At this year's CIIE, the organizers offered more than 120 free exhibition booths for vendors from 37 least-developed countries to participate in the expo. The CIIE is just one component of China's broader efforts to support the world's least developed countries, especially those in Africa. In a recent announcement, China said that it would give all the least developed countries having diplomatic relations with China, including 33 African countries, zero-tariff treatment for 100 percent tariff lines.

China's move to offer zero-tariff treatment to least-developed African countries is very conducive for African products to enter the Chinese market. The CIIE has provided a great opportunity to introduce African products to Chinese consumers, said Xing Xian, a representative of Mpundu Wild Honey Limited, a Zambian honey processing company, adding that at the first CIIE in 2018, the company only brought one honey product from Zambia, but this year it has brought over 20 honey products from different African countries.

"We hope to help promote the products of our African brothers in the Chinese market in a better, faster, and more comprehensive manner," Xing told the Global Times at the CIIE on Tuesday.

Tu Lei contributed to the story.