The weeklong China International Import Expo (CIIE) that opened in Shanghai on November 5 is a big feast that China is sharing with other economies, with participants from 155 countries and regions. Compared with the first expo last year, the exhibition area is larger and more companies are taking part this year.
Although no senior government officials from the U.S. are attending, the participating U.S. companies have high expectations about the Chinese market and are eager to grasp this opportunity in Shanghai.
A total of 192 U.S. companies are present, 18 percent more than last year. The U.S. exhibition area is 47,500 sq m, the biggest of all participating countries and regions. Some companies that had doubts last year were determined to join the expo this year. And those that participated last year expanded their exhibition area this year. This is what our reporters bring you straight from Shanghai:
Also, President of Honeywell China Scott Zhang said in a written interview that “Honeywell is the first batch of multinationals to commit to join the CIIE, and this is the second time for Honeywell to join with triple exhibition areas compared with last year, which shows Honeywell’s commitment to China.”
With the U.S. waging a protracted war against China, the U.S. companies’ willingness to engage with China indicates how deeply the two countries are integrated economically. It also shows that the trend of cooperation is irreversible.
In his keynote speech at the opening of the expo, President Xi Jinping said, “Of the problems confronting the world economy, none can be resolved by a single country alone. We must all put the common good of humanity first rather than place one’s own interest above the common interest of all. We must have a more open mindset and take more open steps, and work together to make the pie of the global market even bigger.”
Since last year’s expo, China has lived up to its promise of opening up further with a series of reforms. They include the decision to set up six more new pilot free trade zones, adding a sci-tech innovation board to the Shanghai Stock Exchange, and introducing a management system nationwide that combines pre-establishment national treatment for foreign companies with a negative list that details the areas where they can’t invest. Also, the new Foreign Investment Law will come into effect in January, offering more legal and institutional support for foreign investors.
The second CIIE is a sign that China is widening its opening up. A huge market with an emerging middle class and broadened access is open to all. It is a neon sign that China is sincere about sharing trade and development opportunities. Thank you for watching. See you next time.
Copyedited by Sudeshna Sarkar
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