Chinese President Xi Jinping sent a letter to the sixth China International Import Expo (CIIE), which opened in Shanghai on November 5, 2023.[i] It is emphasized in the letter that this event serves as a window to the world. Advocating the promotion of high standards and a win-win approach, Xi Jinping stated that platforms such as CIIE are a “good service” for global economic development.
While CIIE reveals China’s high development goals, it also emphasizes the importance of encouraging small-scale countries to participate in the Belt and Road Initiative, winning together and building the future.
At the CIIE held this year, approximately 442 new products, new technologies, and services were introduced, showing the importance that businesses operating in the domestic and foreign markets attach to the Chinese market. The fact that the sixth edition of the fair has attracted more participants from around the world shows that the business world has confidence in the rising potential of China’s consumer market and its continued commitment to high-standard expansion.
China has proposed several measures at this year’s event, such as expanding imports, implementing the national version and free trade zone version of the cross-border services trade negative list, and building higher-level opening-up platforms. All of these present opportunities for multinational companies.
CIIE is also becoming a reliable platform for underdeveloped countries to access the world market. Of the 72 states featured in CIIE’s national exhibition, 64 are members of the Belt and Road Initiative and 16 are underdeveloped countries. Companies from 29 less developed countries participate in CIIE’s corporate exhibition. All stands and services offered during the fair are free of charge. CIIE’s role as a global “public good” is indisputable.[ii] In the future, CIIE and China will build on the successes they have already achieved in promoting inclusive and shared development. This event means that China will always adhere to the win-win understanding and multilateralism, and will be the flag bearer of being open, fair, and inclusive in trade and economic relations between countries.
- Win-Win Relationship: The China International Import Expo (CIIE) has the potential to create a mutually beneficial relationship for participating countries and businesses. The introduction of around 442 new products, technologies, and services indicates that both local and international businesses have faith in the growth opportunities offered by the Chinese market. This demonstrates that trade can be profitable not only for China but also for other countries.
- Transformation of International Trade into a Market of Chinese Origin: China International Import Expo (CIIE) plays a vital role in making China’s position as a central player in the world trade more prominent. It also aids in the establishment of a market in China. China’s import expansion and high-standard policies for opening up to the world market have caught the attention of the international trade community towards China. This presents significant opportunities for businesses worldwide to explore and benefit from.
- The Growth of Small Countries through the Belt and Road Initiative:
The China International Import Expo (CIIE) plays a significant role in the growth of small-scale countries by means of the Belt and Road Initiative. The inclusion of underdeveloped nations in CIIE and their assistance with free stands enables them to have a greater involvement in global trade. This helps to achieve a more equitable distribution of economic growth worldwide.
- The Decline of American Cultural Dominance and An End to Cultural Imperialism: With China’s increasing economic power, the China International Import Expo (CIIE) is presenting itself as an alternative to American imperialism. Additionally, China’s emphasis on cultural exchange promises a more positive and mutually beneficial process as opposed to the cultural and financial domination that American imperialism envisions. China’s policy of opening up to the world and the global impact of the CIIE can be seen as a step towards a more just and fair global trade order, challenging the traditional economic hegemony.
In the next five years, China is expected to exceed $32 trillion in foreign trade of goods and $5 trillion in foreign trade of services. The China International Import Expo (CIIE) is the first import-themed national and global exhibition, and it will continue to support China’s efforts in opening up and achieving high-quality development.[iii] The CIIE aims to promote high-standard opening-up that is more open, inclusive, balanced, and holistic, and ensures that economic globalization benefits all parties involved.
The contribution of CIIE to the transformation of international trade has resulted in a model that can promote sustainable and fair growth, not only for China, but for the global economy as a whole. This, along with increased cooperation and mutually beneficial trade strategies, can help advance economic globalization in a more inclusive, open, and balanced way.
[i] “CIIE Public Good For Win-Win Cooperation: China Daily Editorial”, China Daily, https://www.chinadaily.com.cn/a/202311/07/WS654a2b6fa31090682a5ecf28.html, (Date of Access: 11.11.2023).
[ii]“CIIE 2023: More Attractive, More Influential”, China Daily, https://www.chinadaily.com.cn/a/202311/11/WS654ee0f9a31090682a5edae4.html, (Date of Access: 11.11.2023).
[iii] The same place.
