he sixth China International Import Expo (CIIE) held in Shanghai from November 5-10 ended with tentative deals inked to the tune of US$78.4 billion, 6.7 percent up on the previous edition in 2022.
According to CIIE deputy director Sun Chenghai, 3,486 enterprises from 128 countries took part, 289 of which are among the Fortune 500 or are industry leaders, the biggest number since the first CIIE.
The six exhibition zones focused on high-quality development and innovations, with most attention focused on high-tech. The CIIE exhibited 442 new products, technologies and services, and the innovation incubation zone saw more than 300 innovations on display, more than the total number at the previous two expos.
A total of 69 countries and three international organizations participated in the CIIE’s country show, 11 of which were first-time participants. Sixty-four countries lie along routes under the Belt and Road Initiative.
Many attending countries told media that the CIIE, which has been held annually since 2018, has greatly facilitated international trade. Sheng Wenhao, CEO of New Zealand milk supplier Theland told The Paper that customs clearances for their milk products is down from eight days to three. The company’s exports to China account for a third of New Zealand’s total milk exports to China.
It is notable that this year, the US sent the biggest delegation to the CIIE and for the first time, set up a state food and agriculture booth covering an area of 440 square meters. Analysts said it is another positive signal indicating the easing of tension between the US and China.
“China is the US’s biggest importer of agricultural products... and agriculture is a basis for the Sino-US relationship... so I think the American Food and Agriculture booth is of greater significance than any simple trade activity,” Zheng Yi, director of the American Chamber of Commerce in Shanghai, told the China Times.
According to Chinese media, more than 200 American enterprises exhibited products, covering agriculture, food, cosmetics, semiconductors, medical instruments, new energy and materials.
Senior US officials attended the event, including US Ambassador to China Nicholas Burns, who said at the expo on November 6 that the large American delegation shows the US’s “commitment to the overall relationship between the US and China” and that the US “does not seek to decouple the economic relationship” between the two countries.
Data from the US Department of Commerce shows that US exports to China directly provide 750,000 jobs for Americans, and more than 1,100 American companies are doing business in China. In 2022, bilateral trade between the two countries hit US$690 billion.
Craig Allen, director of the US-China Business Council, told China News Service during the expo that the US and China both care about the elasticity of supply chains and economic security, but protectionism or decoupling is not a solution to the problems and export restrictions are not wise.
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