BEIJING, Nov. 7, 2022 /PRNewswire/ — As the first major international exhibition after the 20th Chinese Communist Party (CPC) National Congress, the 5th China International Import Expo (CIIE) will once again help the world better understand China’s high-level openings – and win-win approach.
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consequences
Chinese President Xi Jinping, echoing his report to the 20th CPC National Congress, on Friday reiterated China’s commitment to promoting high-level opening-up.
“Opening-up is an important driver for the advancement of human civilizations and an essential path to global prosperity and development,” Xi said while addressing the opening ceremony of the 5th CIIE via video.
This year’s expo will be held from November 5th to 10th in China’s economic center Shanghai and expects participants from 145 countries, regions and international organizations.
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Institutional opening
In his speech, Xi said China will work with all countries and all parties to share opportunities for its institutional opening-up. The importance of expanding institutional opening-up is also highlighted in the report to the 20th CPC National Congress to promote China’s high-level opening-up.
As the Chinese President promised on Friday, China will continuously expand institutional openness in terms of rules, regulations, management and standards.
He also noted that China will implement the strategy of modernizing pilot free trade zones, accelerate the development of Hainan Free Trade Port, and use its role as pilot platforms for comprehensive reform and opening-up.
China’s pilot free trade zones (FTZs) enjoy greater autonomy to facilitate the country’s institutional innovation, all of which apply the foreign investment law to improve the foreign investment promotion system, the foreign investment information system, and the ongoing and subsequent regulatory system enhance and protect legitimate rights and interests of foreign investors.
For example, the Shanghai Pilot Free Zone has taken the lead in introducing a series of financial innovation measures under institutional reform, including expanding cross-border use of RMB and establishing a system of free trade accounts. The system has been rolled out in pilot free trade zones in Tianjin Municipality, Guangdong Province and other regions in China.
In less than 10 years after China opened its first pilot free zone in Shanghai in 2013, the number of such zones has grown to 21, with a total of 278 institutional innovations formulated and replicated across the country, showing China’s strong determination to open more.
opportunities for everyone
According to the trade fair organizer, companies from all member states of the Regional Comprehensive Economic Association (RCEP), the largest free trade agreement in the world to date, are taking part in the economic fair.
Nicaragua, Djibouti, Mauritania, the Comoros, Mozambique, the Democratic Republic of the Congo, Iraq and Iceland will be represented for the first time in the country exhibition of the six-day fair.
As a result, a total of 284 Fortune 500 companies are participating in the business show, and nearly nine out of ten are repeat exhibitors.
In the previous four editions of the CIIE, more than 1,500 new products, technologies and services were presented, with expected total sales of more than $270,000 million.
The development of the CIIE over the past five years has clearly shown that “the CIIE has become a showcase for China’s new development paradigm, a platform for high-level opening-up, and a public good for the whole world,” Xi said in his speech.
He also stressed that China will work with all countries and all parties to share the opportunities of its vast market as well as opportunities for further international cooperation.
The Belt and Road Initiative (BRI) is a bright spot that shows how China’s opening-up efforts are sharing China’s development opportunities for all.
So far, China has signed more than 200 cooperation documents with 149 countries and 32 international organizations under the BRI, and the cumulative trade in goods between China and the Belt and Road countries is about $12 billion (until June 2022).
Concluding his speech, Xi said that “China stands ready to work with all countries to practice genuine multilateralism, build more consensus on opening-up, overcome difficulties and challenges to global economic growth together, and ensure that our commitment to opening-up.” will bring broad prospects for global development.”
https://news.cgtn.com/news/2022-11-04/5th-CIIE-China-s-door-will-further-open-after-20th-Party-congress-1eGZgs8Gkes/index.html
Video – https://www.youtube.com/watch?v=mQeW53rb1vk
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