CIIE: An initiative for inclusive economic growth

The first China International Import Expo (CIIE), which successfully concluded in Shanghai last week, has achieved great significance and drawn attention from around the globe. It has also produced tangible and positive outcomes for participating countries and the world economy. According to information released by the CIIE Bureau, the expo ended with the value of intended deals of more than $57.8 billion. This includes the intended transactions of trade in high-end intelligent equipment, consumer electronics and appliances, automobiles, apparel, accessories and consumer goods, food and agricultural products, medical equipment, and healthcare products and services. The total value of intended deals with countries and regions involved in the Belt and Road Initiative remained at about $4.7 billion.

A total of 3,617 companies from 151 countries and regions showcased their products at the expo. Initial statistics show that at least 570 new products, technologies or service items debuted in the Chinese mainland or the world.
The expo provided an exhibition space of 300,000 square meters, accommodating around 400,000 merchants from China and abroad.

The expo also attracted a lot of attention from domestic and international media, as more than 4,100 journalists from 630 news organizations at home and abroad reported about the event.

The first China International Import Expo is one of the most important events of this year and it has taken China’s reforms and opening-up to a new level.
The Chinese government rendered great efforts and made impressive arrangements to make this event more successful and result-oriented, as it hosted a large number of local and foreign companies and guests for more than six days.

The expo took place at a very critical time, when unilateralism and protectionism are on the rise and anti-globalization forces are acting to achieve their vested interests.

The participation of such a large number of companies and traders from around the world will create a very positive impact for the world economy. The successful continuation of this event will help to end uncertainty and produce stability in the international economic system.

It shows China’s commitment to and trust in multilateralism and the promotion of a global free trade system. It also reflects the world’s confidence in Chinese efforts to boost multilateralism and free trade. Experts believe that the expo will help in countering unilateralism at a global level and will promote multilateralism and free trade for the benefit of all participants.

The expo has also presented a strong message about the greater need for inclusive growth, which could help realize the dream of the common development of all nations.

Currently, the Chinese economy is undergoing important changes. At the beginning of this year, China decided to make a paradigm shift from quantity-oriented economic growth to quality-oriented economic growth. China is taking steps to raise local consumption and now it is also now focusing on the production of high-quality, high-tech and highly intelligent products.

Now China is ready to welcome more foreign products into its market and is further expanding its market to increase imports.

Chinese President Xi Jinping, in his keynote speech at the opening ceremony of the expo, announced that China's imported goods and services are estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

He also reiterated that China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening-up, and promote international cooperation at multilateral and bilateral levels. At the expo, countries from around the world presented their best potential to take advantage of the benefits and increase their exports.

Pakistan established its pavilion under the theme of "Emerging Pakistan". President Xi Jinping, Pakistani Prime Minister Imran Khan and government officials, and a large number of people from China and abroad visited the Pakistan Pavilion and showed their interest.

The Pakistan pavilion showcased its trade potential in the areas of agriculture, food, textiles, sports, surgical instruments, cutlery, tourism and more. It also highlighted the significance of the China-Pakistan Economic Corridor (CPEC), which is the flagship project of China’s proposed Belt and Road Initiative, and its benefits for Pakistan, China and the entire region.

This year, a very limited number of Pakistani companies registered for the event, reflecting that efforts are needed to bridge the gap among traders of both countries. The expo offered a great opportunity for traders to access not only the Chinese market but also businesses from around the world.

Pakistan is currently facing a trade imbalance. It desperately needs to increase its exports to fix the trade imbalance, as only export-oriented growth can strengthen its economy.

Pakistan needs to take steps to increase its exports to China as it provides more space for imports. China has already entered the next stage of digitalization, and now it places much emphasis on modern and advanced technology, such as artificial intelligence. Pakistan should diversify its product lines, foster more talent through training, and achieve modern technology to become more competitive in the local and international market.

The author is a researcher and journalist working for Independent News Pakistan.

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