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The Significance of China's 1st Import Expo

Excerpts from The Diplomat and The State Council The China International Import Expo (CIIE) is slated to be held in Shanghai in November 5-10, 2018. It will be co-hosted by the Chinese Ministry of Commerce (MoC) and Shanghai’s municipal government. Preparations are underway for

the gigantic event, which is expected to attract over 100 countries and regions. The Philippines is one of the countries that are invited to showcase its products, services, and tourism. CIIE is the “first national expo in the world” which focuses on imports. It emanates from China’s ambition to emerge as the arbiter of the global economy — the process of which was kick-started by the launch of the Belt and Road Initiative (BRI). As Xi stated at the WEF in 2017, “China has not only benefited from economic globalization but also contributed to it. Rapid growth in China has been a sustained, powerful engine for global economic stability and expansion.” In support of this statement, he pointed out that China provided over 400 billion yuan of foreign assistance between 1950

and 2016, and it drew more than $1.7 trillion of foreign investment and made over $1.2 trillion of direct outbound investment since the launch of economic reforms. The expo represents the important measure that China has taken to further open up its market to the world, and it will increase imports. Many countries have seen economic growth through exports to China in the past five years, said Zhang Jianping, president of the Chinese Academy of International Trade and Economic Cooperation, the Ministry of Commerce. “China has a large-sized middle class and will become the world’s biggest consumer market in a few years. If we increase imports from other countries, it will help many nations involved in the Belt and Road Initiative share in China’s rapid growth.” The first import expo will showcase two exhibitions, one on the Belt and Road countries’ trade and investment, including their goods and services, tourism, and featured products, and the other on varied business sectors, including consumer electronics, auto, clothing, food, medical equipment, service outsourcing and education. Hongqiao International Trade Forum will also be held during the expo with state leaders, ministers, heads of international organizations, business representatives and scholars participating. Read the full articles #entrepreneurship #government #finance #event #jobs

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