The 6th China International Import Expo (CIIE) focused on the theme of 'opening-up for sharing' as a key topic [9627a790]. Chinese President Xi Jinping expressed his hope that the CIIE would serve as a platform for fostering a new development pattern and high-standard opening-up. Businesses from various countries and regions participated in the expo to explore new business possibilities and potential partners in China's market. General Motors (GM) showcased its advanced technologies and products at the CIIE, including the Ultium platform for electric vehicles. HSBC Group also sees the CIIE as an important event for promoting international trade and investment cooperation. The group's CEO, Piyush Gupta, highlighted the benefits of showcasing their capabilities in China and supporting Singapore's China connectivity. The CIIE aims to connect businesses from around the world with the massive Chinese consumer market and facilitate trade and investment across regions [9627a790].
The China International Import Expo (CIIE) has played a role in advocating for open markets and promoting international trade. By focusing on imports as well as exports, it has also emphasized the importance of balanced trade relationships, which is extremely important to many nations around the world, said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD). The CIIE has proven itself as a significant platform for foreign companies from many different countries, including small and medium-sized enterprises (SMEs), to access and benefit from China's vast market. SMEs account for 90 percent of business worldwide, 60 to 70 percent of employment, and 50 percent of all gross domestic product (GDP). UNCTAD estimates that global GDP growth will be around 2.4 percent this year, with global trade growth being significantly lower than that, at around 1 percent. China, traditionally an important exporter of goods, is now in the midst of transitioning to a more demand-driven, services-led, digital-powered economy. A recovery is underway after the COVID-19 pandemic, although growth is still slower than before the shock. The Belt and Road Initiative (BRI) has played an undeniable role in transforming the infrastructure crisis into an infrastructure opportunity. UNCTAD is working closely with China and BRI partner countries to identify policy experiences in areas such as trade, the digital economy, and mobilizing finance which were critical components of China's development success along with infrastructure investment. [165e3b55]