The China International Import Expo (CIIE), the world's first national-level import-themed trade fair, has proved to be a significant platform for sharing the market opportunities in China with the world.

The CIIE, which was launched in 2018, comprises a business exhibition, a country exhibition and the Hongqiao International Economic Forum. It has been growing in scale and influence. The area of its business exhibition increased from 270,000 square meters in 2018 to 366,000 square meters in 2021, while the first three editions have helped channel about $30.5 billion of foreign investment into 622 projects.

The CIIE has further opened up the huge Chinese market and made a profound difference to the world, especially in least developed countries and those in Central and Eastern Europe or along the Belt and Road.

Mamani, for example, an alpaca craftsman from Peru, used to make a living by selling alpaca artworks at his roadside stall, earning less than $20 a day. Because of the CIIE, orders from China now generate a monthly income of $50,000 for him, and stable jobs for another 200 or more craftsmen just like him. "Without the orders from China, many craftsmen like me will be unemployed," he said.

The expo's strong spillover effects have drawn more participants. More than 280 Fortune 500 companies and industry giants around the globe attended the fourth CIIE last year and over 120 of them were four-time exhibitors. More than 70 percent of the exhibition space for the fifth CIIE, which will take place from Nov 5 to 10 in Shanghai, has already been reserved. The sign-up rate for this year's edition of the expo has been the fastest.

According to the CIIE Bureau, 182 companies and eight national or regional pavilions had confirmed their participation in this year's expo by the end of January and nearly half of them will be present for the fifth time.

The CIIE has also become a preferred place for companies to announce new creations. During the past four editions, exhibitors have debuted more than 1,500 new products, technologies and services.

In addition, a series of sideline events such as promotional activities in foreign countries, signing ceremonies and forums, have made the CIIE more than just a six-day expo, but also a means to turn exhibitors into investors.

Boehringer Ingelheim, a German pharmaceutical company, clinched a 200-million-yuan ($29.43-billion) deal when it first took part in the CIIE in 2019. The company's second participation in 2020 helped its new product hit the Chinese market within less than a year.

Opening-up is a hallmark of contemporary China. CIIE demonstrates China's resolve to expand high-level opening up, share development opportunities with the world and make economic globalization more open, inclusive, balanced and beneficial for all.

Source: People's Daily