Xinhua Commentary: Confidence in China's opening up on clear display at CIIE

A visitor takes photos of a replica of Volant VE25 vertical take-off and landing aircraft cabin at the Automobile Exhibition Area during the seventh China International Import Expo (CIIE) in east China's Shanghai, Nov. 7, 2024. (Xinhua/Xin Yuewei)

SHANGHAI, Nov. 7 (Xinhua) -- The ongoing 7th China International Import Expo (CIIE) has attracted a record number of Fortune Global 500 companies and industry leaders. This shows their strong confidence in the Chinese market despite attempts of certain countries to "decouple" from China.

Since it was launched in 2018 as the world's first national-level import expo, the CIIE has been a symbol of China's commitment to opening up and has grown into a huge magnet for businesses from across the world. A total of 3,496 exhibitors are participating this year, exceeding the number from the previous session.

Against the backdrop of the EV trade frictions initiated by Europe against China, almost all global automakers showcase their latest innovative and environmentally friendly products at the CIIE, pinning their hopes on the world's largest auto market.

Meanwhile, building on the success of last year, AmCham Shanghai and the United States Department of Agriculture partnered again to launch the American Food & Agriculture Pavilion, promoting U.S. food and agricultural products at the venue.

For these participants, especially major global companies whose significant presence in China is imperative, the country is an indispensable destination for trade and investment. The reason is clear: As the world's second-largest economy, China is still growing at a fairly rapid pace and boasts a vast market with a population of over 1.4 billion. The income level of Chinese consumers is increasing. China's level of openness is constantly rising, and its new reforms have brought enormous opportunities for cooperation.

Over the past decade, more comprehensive policies have been adopted, including easing the restrictions for foreign investors in sectors such as telecommunications, the internet, education, and medical services. In October, the Chinese government launched a pilot program to expand openness in value-added telecom services in Beijing, Shanghai, Hainan and Shenzhen.

China's determination to improve the business environment is firm and anyone without bias can see the actions taken. Currently, China's level of openness is already high. Tariffs and non-tariff barriers are significantly lower than those in other developing countries, restrictions on foreign investment in the manufacturing sector have been completely lifted, and the scope of the service sector opening to foreign investment continues to expand. Initiatives such as implementing the Foreign Investment Law have encouraged international businesses to engage with the huge market.

CIIE itself was designed as a platform to advance the country's high-level opening up, where participants directly learn about and experience tangible actions of opening up. It also serves as a bridge connecting international companies and their advanced technologies and products with local partners, enabling them to explore potential opportunities for cooperation driven by China's industrial innovation and economic transformation.

This year, "new quality productive forces" has become a buzzword at the CIIE. Global brands such as BMW, Bayer AG, GE and Honeywell are debuting innovative products and technologies. Participants are finding immense opportunities for win-win cooperation in artificial intelligence, low-altitude aviation, clean energy, bio-pharmaceuticals, robot manufacturing and space exploration.

An executive of Ebara, a Japanese company that established its Chinese headquarters last year to promote hydrogen energy, said that China is becoming increasingly important to them.

A billboard of an international enterprise at the expo reads: "Investing in China is investing in the future." This rings true as China continues to play a pivotal role in the world's efforts to achieve economic recovery.

In the long run, foreign companies will be in a better position if they compete and cooperate with Chinese companies, rather than being locked in a "protective shield" of tariffs and other politically motivated barriers.