How Will China’s Pledge to Import Much More be Achieved?

During the opening ceremony of the China International Import Expo (CIIE) in Shanghai on Nov. 5, China announced its import of goods and services are expected to exceed US$30 trillion and US$10 trillion respectively in the coming 15 years. China has been the world’s second largest merchandise importer for nine consecutive years. Last year, import of goods reached US$1.84 trillion, an increase of 15.9 percent from 2016. Against the background of such an encouraging performance, a total of 172 countries, regions and international organizations from five continents are currently showcasing their development achievements and what they have to offer at the CIIE, a unique event being held for the first time. More than 3,600 companies from other countries are taking advantage of the occasion to seek common development with hundreds of thousands of potential Chinese purchasers. What will China import? The top 10 imports last year were electrical machinery, equipment; mineral fuels, including oil; machinery, including computers; various mineral ores, slag, ash; optical and medical apparatus; vehicles; plastics and plastic articles; organic chemicals; oil seeds; and copper. These items account for three-quarters (75.2 percent) of China’s overall imports from the rest of the world. Imported mineral fuels, including oil, grew the fastest (up 40.2 percent from 2016). In second place in this regard were purchases in the ores, slag and […]

Nov 9, 2018

CIIE: New chapter for India-China trade

All eyes are on next week’s mega event, the China International Import Expo (CIIE) in Shanghai which opens on November 5. The world’s first import-themed expo, the CIIE is going to be a path-breaking event in the process of China’s opening-up which not only represents China’s sincere strategy to further open its market to the world, but also reflects the win-win spirit of the Belt and Road Initiative. According to media reports, the six-day import fair will draw the participation of more than 2,000 government officials, international organization leaders, renowned entrepreneurs and academics from over 130 countries and regions. The CIIE will not only provide opportunities for 3,000 companies around the world to explore the Chinese market, but also create a platform for countries to share business opportunities with each other. Such levels of participation from the international community is a clear vote of confidence on China’s leading role in globalization and free trade at a time when the developing and developed worlds both face challenges in trying to overcome a tendency during tough economic times to turn toward protectionism. As such, the CIIE is an example of China’s global insight as well as its long-term goal of creating a global society that works together. During his visit to New Delhi on March 26 this year, Chinese Commerce Minister Zhong […]

Nov 9, 2018

Foreign Comments on Xi’s Keynote Speech

On November 5, 2018, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of the China International Import Expo (CIIE) in Shanghai. China Pictorial collected an array of comments from foreign participants at the expo. Jeffrey J. Schott, senior fellow at the Peterson Institute for International Economics: President Xi’s speech was very important for emphasizing the openness of China and the policies that China will pursue to ensure that the world is welcomed in China and do business here. Lowering the barriers at the border is important. Besides, many other initiatives that President Xi talked about with regard to investment and intellectual property are also important for promoting and maintaining economic growth in China. The growth of China will in turn support the growth of the rest of the world. Many of the items that President Xi touched upon could serve as a positive signal when he meets with U.S. President Donald Trump later this month at the G20 summit in Buenos Aires. The two sides will find ways if there is goodwill to be found in both — China and the U.S. can de-escalate the terrible trade friction. So I think there were some very important signals that President Xi gave today that will hopefully lead to more positive discussions between the United States and China […]

Nov 9, 2018

Xi’s Keynote Speech Inspires Chinese Participants

On November 5, 2018, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of the China International Import Expo (CIIE) in Shanghai. China Pictorial collected comments from Chinese participants of the expo: Luo Qiang, deputy secretary of Chengdu Municipal CPC Committee, mayor of Chengdu: At the opening ceremony of the China International Import Expo, Chinese President Xi Jinping’s remarks exhibited China’s resolution and attitude to drive its reform and opening-up to a deeper level as well as the country’s determination to build a community with a shared future for humanity. This year marks the 40th anniversary of China’s reform and opening-up. China’s economic development has made great contributions to the stability and growth of the world economy. The country’s reform and opening-up fuels its own development as it brings opportunities to countries around the world. Since the launch of the Belt and Road Initiative in 2013, China has been steadfastly seeking win-win cooperation and fruit sharing. Against this backdrop, the country will not close its door to the world and will only become more and more open. The initiatives proposed by China have been widely accepted and recognized by the international community. Δ Luo Qiang, deputy secretary of Chengdu Municipal CPC Committee, mayor of Chengdu. by Chen Jian Wang Tongzhou, Chairman and President of China Non-ferrous Metal Mining […]

Nov 9, 2018

CIIE, A History-making Event—An Interview with Maltese Prime Minister Joseph Muscat

The first China International Import Expo (CIIE) has attracted the participation of more than 3,600 companies from 172 different countries, regions and international organizations, and 82 countries and three international organizations set up booths at pavilions of the expo for trade and investment. Moreover, 18 heads of state and government have been invited to attend the expo, and among them is the Maltese Prime Minister Joseph Muscat. Malta is one of the first Western countries that established diplomatic relations with China, and has been an active participant in the China-proposed Belt and Road Initiative. What does the expo mean to Malta, a country often dubbed as the “heart of the Mediterranean?” To learn more about that, China Today conducted an exclusive interview with the Maltese Prime Minister Joseph Muscat in Shanghai on the afternoon of November 4. China Today: As an honored guest of the Chinese President Xi Jinping to the first China International Import Expo (CIIE), what do you think about the great event? What do you think China is signaling to the world by holding the import-themed expo, particularly during this time of rising trade protectionism? Joseph Muscat: I think it’s a very strong signal, and it will not go unnoticed by people, by companies, and by governments across the world. Over the past several decades, China has […]

Nov 6, 2018

Open Global Economy for All

Over the past 40 years of reform and opening up, China’s overall national strength has constantly grown. Today, the country has become the world’s second largest economy and largest cargo trader, and ranks at the tops in terms of both inbound and outbound investment. China has become deeply integrated in the world economy and is playing an increasingly important role in economic globalization. Currently, economic globalization faces both opportunities and challenges. The popularity of new technologies such as big data, cloud computing, the Internet of Things, intelligent manufacturing, and blockchain has prompted the emergence of many new industries, new market opportunities, and new business modes, injecting enormous impetus into global economic recovery. The international division of labor and global transaction systems are witnessing accelerated evolution, and countries around the world are participating in the process with their own comparative and competitive advantages. The development of digital technologies has driven trade in goods and services to increase exponentially. Trade remains the major engine driving global economic growth. Δ Valued at 200 million yuan, AW189 helicopter manufactured by Leonardo from Italy is seen at China International Import Expo held in Shanghai, Nov 4, 2018. [Photo/China Daily]  However, alongside the rise of anti-globalization mentalities, some developed countries have turned to trade protectionism. Unilateralist, protectionist and strong-armed measures taken by a few countries have […]

Nov 6, 2018

Highlights of Xi’s keynote speech at import expo

President Xi Jinping delivered a keynote speech at the opening ceremony of the China International Import Expo in Shanghai on Monday. Here are the highlights. On CIIE and opening-up The China International Import Expo is a “trail-blazing” move in the history of international trade development. The CIIE is the first-ever import-themed national-level expo. Economic globalization is an irreversible historical trend and provides strong momentum for the world economic development. All countries should be committed to opening-up and oppose protectionism and unilateralism in a clear-cut stand. All countries should stick to innovation and accelerate the transition with traditional growth drivers being replaced by new ones. All countries should uphold the principle of inclusive development and shared benefits, in order to realize common development. China will not close its door to the world and will only become more and more open. Δ The expo’s largest product, valued at 2.6 million euros, a gantry milling machine from German company Waldrish Coburg, is seen at China International Import Expo held in Shanghai, Nov 4, 2018. [Photo/chinadaily.com.cn]  On measures to promote opening-up 1. Imports China’s initiative to expand imports is not a makeshift, but long-term consideration of embracing the world and future while promoting common development. 2. Market access China’s imported goods and services are estimated to exceed $30 trillion and $10 trillion, respectively, in the […]

Nov 6, 2018