CIIE advances China's high-quality opening up

An exhibitor poses for a selfie at the booth of China during the 7th China International Import Expo (CIIE) in east China's Shanghai, Nov. 7, 2024. [Photo/Xinhua]

Foreign leaders and industry heads gathered in Shanghai for the 7th China International Import Expo (CIIE). As the world's first national-level import-themed trade exhibition, the CIIE provides strong evidence of China's opening up to the world. Built around the theme of "New Era, Shared Future," it puts a premium on development opportunities between China and 152 countries, regions and organizations.

Through the platform, participating companies can showcase their top-tier products, deepen market access, and benefit from China's rising demand for cutting-edge commodities. Zhang Tongyang, general manager of the Zambia-based Mpundu Wild Honey who is attending the event, said: "A great many small businesses from Africa are also keen to utilize the CIIE to access the Chinese market, but independent participation is a hurdle for them. That's why we've decided to lend our support, bringing their products to the expo to be showcased together."

Here's why it matters.

Against the backdrop of rising protectionism, the CIIE stands as a beacon of trade liberalization and open investment, allowing foreign businesses to compete for influence and expand their footprint in China. Sectors such as energy, consumer goods, agriculture, trade and advanced materials provide diverse options for companies to pursue growth and adapt to consumer needs in China. In recent times, demand for cutting-edge products has clearly been on the rise, while the CIIE finalized nearly $79 billion in trade deals in 2023. By showcasing hundreds more signature products and technology offerings this year, businesses can compete for market influence and promote value-addition in promising sectors.

China's high-quality opening up has focused on shared opportunities for countries across the region and around the globe. Through the CIIE, China is actively living up to that vision. For instance, this year's expo features booths from over three dozen least developed countries, alongside a record 297 Fortune Global 500 companies. Equal participation underlines China's belief in forging dynamic trade and investment relations with partner states across development stages.

For foreign firms and investors, the CIIE offers a glimpse into China's fast-growing market. From automotives to dedicated zones for health products and high-end manufacturing, the expo demonstrates a diversity of market demand in the world's second-largest economy. An overwhelming majority of foreign firms have already signaled their confidence in China's business environment, creating space for more collaborations in promising fields such as new materials. Merck Group, one of Germany's top innovation brands, is among the many companies looking to strengthen their long-term investments in China and benefit from the CIIE's new materials exchange.

It is well-known that trade and investment cannot materialize in isolation. To the CIIE's credit, it focuses on international economic exchanges, with around 100 dialogue events and conferences taking place on the sidelines. These productive exchanges can play a critical role in helping exhibitors deepen their market presence in China, given the CIIE's track record of facilitating new commercial facilities, manufacturing plants, as well as R&D centers. The opportunities this year are even more abundant, with hundreds of competitive products and technologies making their debut.

Moreover, China's green transition is pulling more international firms into its orbit. "I strongly agree with the theme [New Era, Shared Future] as it envisions a sustainable and more decarbonized future that requires collaborative efforts from governments, enterprises, customers, partners and the entire supply chains," said Christian Bruch, president and CEO of Siemens Energy AG.

The CIIE's belief in a truly sustainable future has also reaped important dividends for foreign investors as well as the Chinese market. Numbers speak for themselves: In its past six iterations, the CIIE has helped launch 2,500 commodities, services and technological offerings, and reached an aggregate intended turnover in excess of $420 billion. These are remarkable figures for a platform that launched just six years ago, promoting market opportunities for local businesses and multinationals alike.

The CIIE is also a vital learning platform for small-scale enterprises. In order for them to effectively penetrate the Chinese market, it is essential to understand investment opportunities and dominant business trends. Since the CIIE brings the most relevant product ranges into the open, small-scale enterprises have reason to adapt. Exhibitors from across the world can showcase their competitive products across renewables, fintech, new energy vehicles, agriculture and other sectors. For budding enterprises, business partnerships and exposure can support market access.

Interestingly, the focus on "new quality productive forces" is a reflection of China's economic trajectory. It refers to China's innovation-led development vision, which utilizes swift technological progress to boost high-quality economic growth. The CIIE has taken a landmark step by promoting sustainable development on the back of these forces. Marine engineering, biotech and cutting-edge agricultural technologies are fields that can complement China's new growth engines, and promote economic growth through "frontier technologies." As China pledges to further open up its massive market, there is no shortage of high-tech opportunities for foreign firms.

These are promising signs for hundreds of industry-leading companies at the CIIE. Investment in China's new quality productive forces is already on the rise, encouraging industry leaders to push for more competitive products in the smart manufacturing space. Foreign firms are also better positioned to pursue collaborations with official stakeholders, business counterparts and budding enterprises on shared objectives, such as the transition to clean energy.

For some of the world's least developed countries, this year's CIIE serves as cause for market optimism. After all, China offered dozens of exhibition spaces to these countries in a bid to streamline African products into its market. This should be seen as a valuable extension of Chinese policy objectives. Another such example of this approach can be seen in the Forum on China-Africa Cooperation (FOCAC) Action Plan (2025-2027), where Beijing committed to developing a "green channel" for quality agricultural produce.

By facilitating "open sharing," the CIIE furthers China's desire for equal, non-discriminatory and mutually beneficial trade in an increasingly polarized world. "World economic recovery still awaits more impetus while countries need to address different problems on their development path. Cooperation is needed to promote world economic growth, for which China is making its due contribution," said Chinese Premier Li Qiang in his keynote address.

The CIIE is making tangible contributions to China's high-quality opening up. Through sizeable participation, cutting-edge innovations and rich industrial exchanges, China is offering up a compelling defense of its increasingly globalized market.