China’s opening seen at the import fair
- It's a long-term commitment.' The 7th China International Import Expo ended on the 10th.
- The annual transaction intention was $80.01 billion, a 2.0% increase compared to the 6th, and 3,496 companies from 129 countries and regions participated in the exhibition.
- On the 8th, China announced that it would expand the scope of visa-free countries and implement visa exemption for 9 countries, including Slovakia and Norway.
‘We have already reserved tickets to the 8th Import Expo. It’s a long-term commitment.’ The 7th China International Import Expo ended on the 10th. Jean Paul Agon, Chairman of France’s L’Oréal Group and Joint Chairman of the France-China Committee, announced that he plans to participate in the 8th expo.
The 7th Import Expo achieved fruitful results. The annual transaction intention was $80.01 billion, a 2.0% increase compared to the 6th, and 3,496 companies from 129 countries and regions participated in the exhibition. Among them, the number of the world’s top 500 companies and industry leaders reached a record high, and 186 companies and organizations participated in the 1st to 7th expo. At this expo, 450 new products, new technologies, and new services were unveiled for the first time, and the national exhibition was upgraded again to further promote practical cooperation such as trade and investment.
During the Import Expo, China announced a series of opening policies.
On the 8th, China announced that it would expand the scope of visa-free countries and implement visa exemption for 9 countries, including Slovakia and Norway. A few days ago, China relaxed all restrictions on foreign investment in the manufacturing sector. Additionally, starting December 1, China has decided to apply tariff-free treatment to 100% tax-deductible products in least developed countries.
These measures have made it more convenient for foreigners to visit China, allowed foreign investment to develop more smoothly in China, and expanded the space for cooperation.
At a time when the world economy is sluggish, the trend of reverse globalization is on the rise, and unilateralism and trade protectionism are on the rise, China’s opening and opportunities are scarce goods. According to announced during the 7th Import Expo, the world openness index in 2023 decreased by 0.12% compared to the same period, and decreased by 0.38% and 5.43% compared to 2019 and 2008, respectively. In comparison, China’s openness index in 2023 rose 11.89% compared to 2008, leading the world in terms of increase.
Today, China’s openness to the outside world is already transitioning from a mobile opening of goods and elements to an institutional opening. One of them is the import expo and visa-free policy, which is leading to deeper and broader integration between the Chinese and global economies.
The recently held Third Plenary Session of the 20th Communist Party of China announced that it will rely on China’s ultra-large market advantage to expand international cooperation, improve openness capabilities, build a new higher-level open economic system, and steadily expand institutional opening. revealed. This is expected to accelerate the global development by promoting the opening of an open world economy.
As many foreign companies made reservations to participate in the next import expo, the newly confirmed exhibition area exceeded 100,000 m². The 2nd China International Supply Chain Promotion Expo will open at the end of this month to promote international cooperation in industrial and supply chains. Opening up is a clear sign of Chinese modernization and a rare commodity that China offers to the world. This is why foreign companies say that entering China is a long-term commitment. John Markman, China president of Denmark’s Grundfos Group, said China’s openness and inclusion benefits all foreigners and foreign-invested enterprises.