China’s ongoing efforts to promote economic cooperation and globalization have received a major boost with the upcoming sixth China International Import Expo (CIIE), scheduled to be held in Shanghai in November. The event is expected to provide a platform for multinational corporations (MNCs) to expand their footprint in the vast Chinese market, while also contributing to the global economic recovery.
The CIIE has gained added significance this year as many believe the event can sharpen the edge of China’s dual-circulation paradigm, a new pattern of development that focuses on the domestic economy but also stresses a positive interplay between domestic and international economic flows. Business leaders predict that the expo will continue to turn foreign companies’ exhibits into popular products in China, while also injecting more growth momentum and confidence into the world economy.
The global economy has been facing headwinds over the past three years due to pandemic-fueled disruptions to both supply and demand. However, China’s optimized COVID-19 response and opening-up measures will definitely inject vitality and motivation into not only the Chinese economy but also the global economy. This will create a more MNC-friendly business environment, according to Mike Hwang, the president for China unit of Amorepacific Corp, the South Korean cosmetics company.
“The sixth CIIE will write a new chapter of openness and cooperation. It will reinforce China’s firm determination to support trade liberalization and economic globalization,” said Hwang, adding that the company will display more products at the expo this year to meet the growing beauty needs of Chinese consumers.
Similarly, Anu Rathninde, president for the Asia-Pacific region at Johnson Controls, a US-based smart building solutions provider and a five-time CIIE participant, said the expo has provided the company with plenty of opportunities to interact with both Chinese companies and customers. “We are impressed by the CIIE as a customized platform to connect advanced technologies, experience, and innovation around the world with local market demands.”
The CIIE has attracted more than 500 companies to participate, with over 200,000 square meters of exhibition area already booked, according to the CIIE Bureau, the event’s organizer. The expo will be held fully offline this November and will open to the public on a limited basis, said the CIIE Bureau.
China’s complete industrial chain and massive consumer base have attracted foreign direct investment in the Chinese mainland, with data from the Ministry of Commerce showing that in actual use, FDI expanded 14.5 percent year-on-year to 127.69 billion yuan ($18.58 billion) in January. The CIIE remains a hugely important platform for MNCs like Shiseido China, the country branch of Japanese cosmetics company Shiseido Group, which sees China as its largest market and its second global headquarters.
Overall, the sixth CIIE is poised to continue driving international cooperation and expanding global economic growth, while also helping to bolster China’s position as a leader in economic development and innovation.