China’s import expo offers opportunities for common development

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Observer Report

Beijing

The opening ceremony of the 3rd China International Import Expo (CIIE) and the Hongqiao International Economic and Trade Forum will kick off on Nov 4 (tomorrow) in Shanghai and President Xi Jinping will deliver a keynote speech via video link on this occasion.
It is going to be the third time that the Chinese President delivers a keynote speech on this major occasion of international opening-up and cooperation. As Covid-19 pandemic has plunged the global economy into a depression, Xi’s speech is very much anticipated by the world.
The international community believes that China’s initiative and actions to firmly expand opening-up, support multilateral trade and contribute to win-win cooperation are positive energy needed by global economic recovery.
The spreading pandemic, rising unilateralism and protectionism, and the headwinds against economic globalization are all testing the resilience of the world economy. Global growth is projected at minus 4.4 percent by International Monetary Fund (IMF), and the latest report by the United Nations Conference on Trade and Development said global foreign direct investment fell by 49 percent in the first half of this year. The World Trade Organization (WTO) also predicted that global trade might shrink 13 percent to 32 percent in 2020.
Facing these challenges, only firm determination can lead to a way out. Countries must do everything to contain the Covid-19 pandemic, steadfastly enhance opening-up and cooperation, and build an open world economy to turn the crisis into opportunities. As a grand global trade fair, the 3rd CIIE carries a mission to stabilize global industrial and supply chains and assist world economic recovery. It is in line with the common interests of the world.
The 3rd CIIE is the world’s first import-themed exhibition at national level. It has gradually cultivated a virtuous ecology where exhibits are commodities; exhibitors are investors; and purchasers are traders. With larger exhibition areas, optimized layouts, and higher-quality exhibits, the 3rd CIIE will surpass its predecessors.
During the 13th Five-Year Plan period (2016-2020), the Chinese market kept expanding. Last year, the total retail sales of consumer goods in China reached 41.2 trillion yuan ($6.14 trillion), making the country the largest market in the world.

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