The fifth China International Import Expo (CIIE) will take place from November 5-10 this year. Buoyed by its opening-up policy, continuous optimization of the business environment and strong economic resilience, China will remain a hot investment destination in the years to come, said global experts at the World Economic Forum (WEF) 2022 in Davos, Switzerland.
China’s stable economic growth is of great significance to a global recovery, WEF President Borge Brende said, “So long and medium term, I’m quite bullish on China’s economy.”
In addition to China’s own economic size, business leaders also agreed that China’s approach and commitment to globalization also matter. Chinese leaders have repeatedly reaffirmed commitment to economic globalization and free trade, including during speeches at the WEF.
Why is CIIE an instrumental global event?
A platform for procurement, investment promotion, cultural exchanges and cooperation, the China International Import Expo (CIIE) has been held for four consecutive years and regarded as a public good for economic globalization and multilateral trading system, and a carrier for building an open world economy and a community with a shared future for mankind.
Since its inception in 2018, the expo has grown in influence. For example, the area of its exhibition increased from 270,000 sq. meters in 2018 to 366,000 sq. meters in 2021, while the first three editions helped channel about $30.5bn in foreign investment into 622 projects.
According to a report on the business exhibition of the fourth CIIE, which took place from November 5-10, 2021, more than 2,900 companies from 127 countries and regions participated in the exhibition. Among them, 622 companies are from countries along the Belt and Road while 125 are from Central and Eastern Europe and 87 are from Africa. Companies from about 30 least developed countries were provided with free booths at the fourth CIIE.
The report also shows that 274 industry-leading companies, some of which are on the Global 500 list, attended last year’s expo. During the fourth CIIE, $70.72 billion worth of tentative deals were clinched. As the CIIE enters its fifth year in a row, multinational exhibitors have continued to express hope in participating in the fifth edition of the trade fair in November.
How is China championing the fight against COVID?
At an online meeting held by the China International Import Expo Bureau, 15 high-profile corporate executives from different committees of the CIIE Enterprise Alliance expressed confidence in Shanghai’s anti-epidemic fight and the resilience of the Chinese market.
“Facing changes unseen in a century, we see that China has never stopped the pace of implementing opening-up when confronting challenges of the pandemic or the turbulence of the global situation. It has steadily advanced the annual CIIE, which provides broader opportunities for industry exchanges and stronger confidence,” said Jean-Christophe Pointeau, president of Pfizer Biopharmaceuticals Group China during the online meeting.
Pointeau added that Pfizer’s products became more accessible to ordinary people in China and brought benefits to many Chinese patients through the annual expo. Despite the ongoing pandemic, the fifth CIIE will be held from November 5 to 10 this year as scheduled.
The CIIE Bureau recently released several favorable measures to help exhibitors overcome difficulties in production and operation caused by the COVID-19 pandemic and other factors.
For example, exhibitors that set up their own booths will be entitled to a 300-yuan ($45.14) subsidy for each square meter of their exhibition space. The subsidies, which shall be no more than the cost of setting up the booth, can be redeemed directly or used to offset booth fees at the sixth CIIE or costs incurred during the fifth CIIE, like costs for forums, activities, hotels and ads. The registration deadline for the fifth CIIE has also been moved to July 31, 2022.
To date, more than 75% of the planned exhibition space of the 5th China International Import Expo has been reserved. More than 250 Fortune Global 500 companies and industry leaders, as well as most of the world’s top 10 companies in the pharmaceutical, medical equipment and automobile industries have confirmed their participation in the expo.
Opening-up is the hallmark of contemporary China. The CIIE demonstrates China’s resolve to expand high-level opening up, share development opportunities with the world and make economic globalization more open, inclusive, balanced and beneficial for all.
It is time to seize the myriad opportunities in the Chinese market through the China International Import Expo. Be sure to sign up for the fifth edition. Click here to register.