CIIE living proof of opening-up

The China International Import Expo (CIIE) fully illustrates how the nation shoulders its responsibilities as a leading member of the global community and demonstrates the promising blueprint of China's two-way opening-up as well as its huge market appeal, according to a report published on Wednesday on the sidelines of the ongoing 7th CIIE.

For the sixth consecutive year, Shanghai Academy and the Chinese Academy of Social Sciences jointly released a development research report — the CIIE Blue Book. It is seen as a scientific and comprehensive study on CIIE achievements based on massive data and information, as described by Li Youmei, deputy director of Shanghai Academy and editor-in-chief of the CIIE Blue Book.

"Holding the CIIE is of irreplaceable significance to China, as a powerful measure for the country to implement high-standard opening-up and promote economic globalization, Li Peilin, former vice-president of Chinese Academy of Social Sciences, said at the launch ceremony.

"The CIIE has become an important platform promoting global economic growth and construction of a community with a shared future for mankind," Li said.

The report pointed out that China is a stabilizer and powerhouse of global economic growth against the complex background of weakened global economic activity, a continued slowdown in growth, sluggish overall trade performance and intensifying geopolitical risks.

"Only by further removing obstacles to the development of new quality productive forces and striving to make international trade and investment freer and more convenient can the global economy continuously rejuvenate itself," it said.

The report highlighted CIIE's function on the successful transformation from exhibits to commodities as a large number of new products made their global, Asian and China debuts at the expo.

More than $420 billion worth of tentative deals were signed at the earlier six editions since 2018. The exhibition area of enterprises and businesses at the CIIE has expanded from 270,000 square meters for the inaugural edition to 367,000 sq m now.

Beyond the event, global companies can reach a larger customer base and make further investments in the country.

The report also said the CIIE has managed to share development opportunities and achievements with the least developed countries (LDCs) over the past few years by expanding trade volume with these countries, promoting mutual investment between China and the LDCs, and helping these countries to integrate into the multilateral trade mechanism.

During the ongoing CIIE, more than 120 free booths are being offered to the 37 LDCs in attendance. As an important part of the event, the Hongqiao International Economic Forum has invited dignitaries, heads of international organizations and internationally renowned experts and scholars from the LDCs to have in-depth discussions and contribute their wisdom to promoting global cooperation and supporting global economic recovery.

"The CIIE provides a series of preferential measures to facilitate the participation of LDCs, providing a more inclusive open platform to help them link up with the large Chinese market and even the global market, and giving them more opportunities to share in the benefits of globalization," the report says.

In order to further consolidate and increase the effectiveness of the CIIE, the report suggested that the annual trade event should intensify efforts to attract high-tech industries and promote the development of new quality productive forces.

Also, the CIIE should promote the integration of digital and real economies to better achieve two-way opening-up, and find more ways to benefit the rest of the world.