A view of the South Square of the National Exhibition and Convention Center in Shanghai on November 4, a main venue of the 2nd China International Import Expo that opened on November 5 (XINHUA)

The Second China International Import Expo (CIIE) opened in Shanghai on November 5 in a flood of global attention, drawing more participants as China continues to open up its market. 

China will continue to expand and improve its opening up, optimize the domestic business environment, deepen multilateral and bilateral cooperation, and further the cooperation with countries participating in the Belt and Road Initiative, Chinese President Xi Jinping said at the opening ceremony of the event. 

Themed "New Era, Shared Future", the six-day event is hosting nearly 4,000 companies from 155 countries and regions, including 192 U.S. companies, an 18-percent increase over last year. 

"Though improved imports may make domestic enterprises feel some pressure, it meets the demands of consumption upgrade and can drive China's industrial restructuring," Liang Ming, Director of the Foreign Trade Institute with the Chinese Academy of International Trade and Economic Cooperation, told Beijing Review. The expo, he added, will give new impetus to China's imports challenged by the global economic slowdown. 

Initiated in 2018, the CIIE is the world's first import-themed national-level exhibition. Last year, more than 5,000 products were displayed for the first time in China and over 800,000 people visited the exhibition. The transactions were valued at $57.83 billion. 

Since the First CIIE, China has opened the domestic market wider by adding new pilot free trade zones, introducing a new foreign investment law that will come into effect in January 2020, and easing access for foreign banks and insurance companies.  

Copyedited by Sudeshna Sarkar 

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