中文
By Huang Yongfu
The eighth China International Import Expo (CIIE), taking place in Shanghai from November 5 to 10, is accommodating more than 4000 overseas exhibitors, including top global companies, to showcase their cutting-edge technologies, develop a cross-sector ecosystem, strengthen global supply chains and further tap into the vast consumer market in China.
A platform highlighting a close link between Chinese and global economies
The eighth CIIE provides an incredible platform to overseas exhibitors from 155 countries, including 123 Belt and Road partner countries, to expand their cross-sector ecosystem, especially in new energy, advanced equipment, biopharma and new technologies.
Dedicated areas have been set up for the least developed countries (LDCs) that have established diplomatic relations with China including 53 African countries to further tap into the "zero tariff" benefits and the vast consumer market in China. China has unilaterally opened up to the LDCs, not demanding reciprocal openings.
There is no doubt that China has greatly benefited from globalization and joining the World Trade Organization in 2001. With its growing economic strength, technological innovation and effective governance model, China is no longer just a follower of international rules, but joining the ranks of rule-makers in world politics, economics and technology.
In the area of tackling climate change, China has emerged as a global leading green technological powerhouse, dominating the production and innovation of solar panels, wind turbines and electric vehicles. China's exemplary contribution has substantially helped cut the costs of green solutions, making the global green transition a viable option.
China's opening door to the global community not only works for its own economic and political interests but also serves the interests of the international community. China's staying engaged with the world, especially keeping good relationships with the Global South, are crucial to China's global diplomacy and its long-term competition with the U.S.
In a global landscape marked by technological revolutions and geopolitical shifts, strengthening economic relations and strategic cooperation with China, via initiatives such as the Global Development Initiative and the Belt and Road Initiative, offer the Global South a valuable opportunity to overcome the low-growth trap, tackle long-standing economic challenges and move toward more productive and more inclusive growth.
A platform representing China's high-level opening-up
To boost the consumption of goods and services and foster new forms of consumption, the CIIE is for the first time creating special activities for e-commerce platforms and new retail channel operators and introducing new themes such as silver economy, ice and snow economy, sports economy and automotive tourism, alongside new platforms for digital and health consumption. This demonstrates China's high-level institutional opening-up.
Since the 1970s, opening up has been China's basic national policy and now a distinctive feature of Chinese modernization. One of the fundamentally important parts of China's modern success story can be attributed to its strong commitment to further opening to the outside world and promoting reform through opening up.
Over the past few years, China has aligned its opening-up framework with international high-standard economic and trade rules with considerable achievements. China will stay committed to steadily expanding high-level institutional opening up in the years to come.
The first is to deepen reforms in pilot free trade zones (FTZs). Since September 2013, more than 20 FTZs have been established with over 3,400 pilot reforms, more than 1,700 institutional innovations and 278 innovations nationwide carried out.
The second is to improve the business environment toward being more market-oriented, law-based and aligned with international rules. Efforts will be made to enhance a regulatory and market system to reduce institutional transaction costs, when starting a business, registering property and obtaining credit. Trading across borders will be facilitated by further cutting the cost and time to import and export. Bank loans and credit will be less difficult to get for enterprises, especially private and foreign-funded ones.
The third is to reduce restrictions on foreign direct investment. The latest edition of China's negative list for foreign investment access includes 29 items, which is expected to be further shortened. Actions will be taken to ensure foreign enterprises receive national treatment in areas such as qualification licensing and bidding.
The fourth is to further open up the services sector. The negative list for the cross-border service trade will be fully implemented to orderly expand the opening up of the finance, telecommunications, internet, education, culture and healthcare sectors.
A platform contributing to a resilient global supply chain
The eighth CIIE offers participating firms a vital platform to break out of their narrow circles, expand influence within their specific areas, broaden their cross-sector ecosystem and strengthen their position in the global supply chain.
Since the 1980s, the global industrial and supply chains have become pivotal mechanisms for international economic collaboration. These chains enable developing countries to engage in specific segments of the global production system, and get access to international markets including capital, technology, talent and cost-effective intermediate products, thereby facilitating their industrialization.
However, the global industrial and supply chains have been undergoing significant transformations and multiple disruptions in recent years.
At a time when a pressing economic recovery underscores the crucial need for international cooperation, major wealthy nations replaced their commitment to economic globalization with groundless protectionism and strategic rivalry.
The grounds for high tariffs on imports of Chinese goods and export bans on the advanced chips and other critical technologies to China by the United States and the European Union of being "fair" competition or "overcapacity" are not justifiable (to stifle China's technological advancement). Their rhetoric and actions, such as "decoupling" and "de-risking" have entrenched trade barriers and led to the fragmentation of global supply chains and the global economy.
These changes present challenges to global prosperity and shared development. There is an imperative to enhance international cooperation in rebuilding open, inclusive and stable global industrial and supply chains. The CIIE could be a crucial step toward constructing a global network of high-standard free trade zones and a resilient global supply chain.
Huang Yongfu is a special commentator on economic affairs for CGTN. After earning a PhD in economics, he started his career at the University of Cambridge and then moved on to the United Nations. His current interests lie in Sino-U.S. links and global development.
