This photo shows the National Exhibition and Convention Center (Shanghai), the main venue for the 7th China International Import Expo (CIIE), in east China's Shanghai, Nov. 4, 2024. (Xinhua/Yin Gang)

The seventh China International Import Expo (CIIE) saw a total of 80.01 billion U.S. dollars worth of tentative deals reached for one-year purchases of goods and services, representing an increase of 2 percent from that of last year. 

For seven years since its inception in 2018, the CIIE has achieved great success with larger attendance and ever expanding intended turnover year on year and has evolved into a symbol of China's new development pattern, a platform for high-level opening up and a public good for the whole world. 

Against the backdrop of changes unseen in a century and sluggish global economic recovery, the CIIE by connecting the global enterprises with China’s super-sized market, has fostered global trade and cooperation, adding momentum to global economy and also injecting dynamism into the joint efforts of Global South countries to push for more balanced and inclusive economic globalization. 

Commitment to opening up

Openness is a key driving force behind the progress of human civilizations and an intrinsic path toward global prosperity and development, said Chinese President Xi Jinping at the opening ceremony of the fifth CIIE. 

As the world's first national-level import expo, the CIIE demonstrates China’s sincere commitment to expand opening up and is also a concrete action by China to advance an open world economy. 

The Chinese economy is not a pond, but an ocean. As the world’s second-largest economy, China is still growing at a fairly rapid pace and boasts a vast market with a population of over 1.4 billion and a middle-income group of over 400 million. 

China's gross domestic product (GDP) grew 4.8 percent year on year in the first three quarters of this year, and the country will remain on a steady course to achieve its full-year targets.

China's level of openness is constantly rising. The World Openness Report 2024, which was released at the seventh Hongqiao International Economic Forum in Shanghai, showed that China remains one of the bright spots in a globally declining landscape of openness.

The Report indicates that from 2008 to 2023, China's openness index rose from 0.6789 to 0.7596, an increase of 11.89 percent, placing it among the top economies globally in terms of growth rate. 

The previous CIIEs have seen China unveil a series of new measures to expand opening up and create a favorable business environment from taking further steps to lower tariff to continuously trimming the negative lists for foreign investment. 

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, said Chinese Premier Li Qiang in a keynote speech at the opening ceremony of the 7th CIIE and the Hongqiao International Economic Forum.

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.

China’s commitment to openness and vast market bring about enormous opportunities for global players with CIIE serving as a golden gateway to the unmissable opportunities. 

Statistics show that the previous six editions of the expo have generated combined intended turnover up to over 420 billion U.S. dollars, facilitating precise matchmaking for more than 1,130 foreign enterprises and investment promotion agencies across different regions.

This year’s expo has attracted about about 3,500 exhibitors from 129 countries and regions, with a record high of 297 Fortune Global 500 companies and industry leaders attending the event. Among all participants,186 enterprises and institutions have achieved full attendance across all seven editions of the expo.

The expo sent a message of openness that businesses worldwide can connect, forge partnerships, and contribute to a more prosperous and interconnected global economy, said Rebeca Grynspan Mayufis, secretary-general of the United Nations Conference on Trade and Development. 

For years, the CIIE has witnessed numerous success stories with some exhibitors becoming investors and opening new stores, new factories and new R&D centers in China while others building valuable partnerships and enhancing foothold in the Chinese market. 

From a 9-square-meter stall at the inaugural CIIE, cuddly Peruvian alpaca wool toys have now made it into over 30 shopping malls across China and onto various e-commerce platforms, with annual sales volume surpassing 30,000.

"It has been an incredibly rewarding journey completely exceeding our expectations," said Ysabel Zea, co-founder of Warmpaca.

U.S. firms have since the first edition been at the forefront in terms of exhibition area and exhibitor numbers. This year’s expo once again attracts the attendance of a large number of U.S. enterprises, including Fortune 500 companies such as General Motors, Johnson & Johnson, and Honeywell. 

The CIIE has featured a section dedicated to U.S. food and agriculture companies since last year. This year, the American Food & Agriculture Pavilion, covering over 240 square meters, showcases the diversity of the American agriculture and food industry, displaying a range of products such as beef, wine, potatoes and pet food.

Steve Reinhard, chairman of the United Soybean Board (USB), said that China has been a major destination for American soybean exports, accounting for 54 percent of all exported U.S. soybeans, while adding that U.S. soybeans are among the top three sources of China's soybean imports.

Fostering inclusive development

In a letter to the sixth CIIE, President Xi pledged that China will firmly advance high-standard opening up and continue to make economic globalization more open, inclusive, balanced and beneficial to all.

Amid a tepid economic recovery globally, the CIIE is leveraging its role as an international public good to better support least developed countries (LDCs) in accessing China's vast market and further integrating into the world economy. 

This year, China has offered over 120 free booths and other support measures to 37 of the world's least developed countries. The exhibition area for African agricultural products has been expanded, showcasing a variety of specialty agricultural products from the continent, such as coffee beans, shea butter, cashew nuts, honey and tropical fruits. 

Since its debut in 2019, Ethiopian coffee has gained significant recognition and increased visibility in the Chinese market, said Ruth Wondosen Tesfaye from Addis Coffee.

"CIIE offers a unique platform to engage directly with consumers and distributors, which will be invaluable for enhancing our export strategies," Ruth told Xinhua in Shanghai, adding that China's large market and increasing demand for unique products, such as coffee from Ethiopia, present immense potential for African businesses.

Amadou Thera, an exhibitor from Mali promotes shea butter produced by his manual workshop at this year’s expo. 

"Our company has participated in the CIIE on three occasions, and I always see numerous opportunities here," said Thera, adding that he is confident of attracting more big clients over the next few days.

"We brought many varieties of newly designed handmade Afghan carpets to the expo to better cater to the needs of Chinese consumers," said Ali Faiz from Biraro Trading Company, which has participated at the CIIE for five consecutive years. Ali added that it used to be difficult for small businesses in Afghanistan to find overseas markets for local products.

To attract more Chinese buyers, Ali decided to use short videos and livestreaming to share knowledge about Afghan carpets and hold cultural experience activities together with other exhibitors during this year's CIIE.

China has always been committed to promoting South-South cooperation. The CIIE is just one of China's endeavors to support the least developed countries. 

During this year's FOCAC Beijing Summit, China announced it has decided to give all the least developed countries having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines. This has made China the first major developing country and the first major economy to take such a step.

China's trade promotion measures have significantly boosted Africa's exports to China. In the first nine months of this year, China's imports from Africa reached 626.74 billion yuan (about 87 billion U.S. dollars), marking a 10.3 percent year-on-year increase, according to data from the General Administration of Customs.

Tapping potential of innovative growth

When addressing the first edition of CIIE, Xi said innovation is the premier engine for development. Only with bold innovation and reform can we break the bottlenecks in global growth.

According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, China has moved up one spot to 11th place in the latest rankings of the world's most innovative economies -- becoming one of the fastest risers over the past decade.

China’s shift towards high quality development gives rise to accelerated industrial transformation, robust innovation, and even shifts in people's lifestyles. The new technologies, new industries, and new forms and models of business have brought enormous opportunities for cooperation. 

Global companies show interest in taking advantage of opportunities from China’s vision of developing new quality productive forces. 

Frank Heinricht, CEO of German glass company SCHOTT AG, said China's emphasis on new quality productive forces has played a key role in the company's global supply chain, and the company is looking forward to participating in China's industrial upgrade and supply-side reform.

Over the past years, the CIIE has become a major launchpad for new products, cutting-edge technologies and innovative services, demonstrating global companies’ confidence in the Chinese market and their commitment to further development in China. 

The previous six editions of the expo saw nearly 2,500 new products, technologies and services make their debuts -- with combined intended turnover reaching over 420 billion U.S. dollars.

At this year’s CIIE, over 400 new products, technologies and services from around the world were unveiled, spanning sectors such as artificial intelligence, new materials, autonomous systems and energy transition technologies.

The Innovation Incubation Special Section features for the first time exhibitions in four major fields: digital economy, green and low-carbon development, life sciences, and manufacturing technologies. It showcases about 360 innovative projects, the highest number for the section since 2018.

"China's growth pattern has shifted from quantity-oriented to quality-oriented," said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation. "To keep pace with this change, we are setting up more research and development teams in China to quickly adapt to the evolving Chinese market."

In the newly established new materials zone this year, Suzano, a giant in commercial pulp production from Brazil, showcases its innovative achievements in bio-based solutions, as well as a low-carbon tissue product jointly developed with its Chinese partner. 

"Chinese customers are open to innovation and testing new products, business models and practices," said Pablo Machado, president of business management at Suzano Asia. "The biggest opportunities for companies here will be higher-quality products and services."

The CIIE is not China’s solo show, but rather a chorus involving countries from around the world. The annual event will play an increasingly important role in promoting the free flow of goods and services globally, and provide more inclusive opportunities for the world to benefit from China’s economic development.