China continues opening up to the world

With tragedies caused by ongoing conflicts in some parts of the world and a growing tide of radical thoughts, China calls for all countries to cooperate under the umbrella of advocating humanity and serving the interest of the people.

The China International Import Expo, which attracted more than 3,600 domestic and international companies, was held to underline the principles of win-win cooperation and mutual benefit.

Of those companies, 37 were from Egypt. The Egyptian pavilion encompassed 27 firms for the agricultural and food industries, six for the medical and pharmaceutical field, and four for ready-made clothes.

This was the first occasion for Egyptian entrepreneurs to enter the Chinese market, and given their unfamiliarity, they were reluctant to take part in the expo.

But according to deputy chairman of export development authority Ahmed Amin, the turnout was huge and exhibitors would reap the harvest of this event soon.

Chinese president Xi Jinping said the world needed to know China, and that is exactly what happened when Egyptian businessmen discovered the massive opportunities in the country.

In the wake of this successful participation, Amin expects an increase in representation at the next CIIE.

Egypt seeks to narrow the trade deficit with China in the coming period by doubling exports which will include textile and furniture along with some already existing crops and fish in China.

Egypt aspires to attract further investment to give more momentum to the economy, which grew by 5 percent in the year 2017-2018 as per the Egyptian Ministry of Planning.

China is one of the biggest investors in Egypt, with many companies working in the industrial zone in Suez Canal and the new administrative capital.

CIIE, which came only two months after the Forum on China-Africa Cooperation, indicates China is pressing ahead with further opening-up in the face of rising protectionism and unilateralism.

Africa, a major trade partner for China, also emerged as a new competitive market thanks to its fruitful ties with the world’s second largest economy.

According to US Energy Information Administration, Africa’s gross domestic product (GDP) is projected to grow at an annual rate of 5 percent from 2015 to 2040, due to a flourishing manufacturing sector in the fledgling continent.

The Chinese government declared that it does not want create a trade deficit with its partners, but aims to cultivate reciprocal ties based on benefits for all parties.

In that respect, CIIE was launched to give a boost to countries willing to take advantage of the enormous Chinese market and $10 trillion earmarked by the government for importing products and services in the next 15 years.

But this huge number cannot go ahead with crippling policies such as protectionism. Those measures will have a negative impact on global trade and the world economy, which finally started to bounce back in 2012.

The author is the head of the foreign affairs department at Al-Gomhuria newspaper in Egypt.

The opinions expressed here are those of the writer and do not represent the views of China Daily and China Daily website.