Chinese Expo Beats Expectations with Record-Breaking Deals Worth $80 Billion
SHANGHAI, Nov 12 — The seventh China International Import Expo (CIIE) concluded on November 10, marking a remarkable success story for the country's high-level opening-up and vast market potential. Since its inception in 2018, the event has grown steadily in attendance and turnover, solidifying its status as a global service.
Data released by the CIIE Bureau showed that tentative deals reached at this year's expo had increased by 2 percent year-on-year, exceeding $80 billion, making it one of the most successful trade shows globally. Foreign business executives described the event as a key to unlocking China's vast market, citing unprecedented opportunities for multinational corporations looking to deepen their presence in the country.
Multinational companies like Tapestry Inc and Royal Philips showcased their cutting-edge technologies at this year's CIIE, with many viewing it as an essential platform to engage with Chinese clients, government representatives, and business partners, receive real-time market feedback, and access significant resources.
Foreign Investment Optimization In recent years, the structure of foreign investment in China has undergone continuous optimization as multinational companies adjusted their strategies. Many have opted to align with domestic industrial upgrading trends by relocating production lines for less demanding products and focusing on high-tech sectors like automation, new materials, and energy storage.
According to industry reports, Chinese companies will play a critical role in driving economic growth going forward through the Belt and Road Initiative and other related projects. Foreign investment now makes up an increasing proportion of China's total foreign invested stock, reaching record levels since 2019.
Government Support The Chinese government has made significant efforts to improve its business environment, fully lifting restrictions on foreign investment in the manufacturing sector earlier this year. This provides equal treatment for foreign companies regarding access to resources, licensing, standards, and government procurement.
CIIE's New Materials Zone Attracts Global Talent Established at the seventh CIIE to foster international exchange and innovation in new materials, this innovative zone drew participation from several top global technology giants. Industry insiders expressed optimism that the CIIE would continue to build on its growth momentum, attracting more foreign business leaders for future editions.
Their optimism can be seen both domestically and internationally where key developments and innovations have sparked renewed interest in further investment opportunities in China.
This will make Shanghai increasingly important as global service destination for trade and investments from Asia to other continents.