Event sends ‘important signal’ to the world
China is sending a signal that it is committed to bringing in the best goods and services globally by holding an expo dedicated to imports, according to a senior executive with a multinational.
Rachel Duan, president and CEO of GE China, was speaking ahead of the China International Import Expo.
“CIIE is the first international expo dedicated to imports, in China and globally. As a country known previously for exports, it is sending an important signal to the world that China is also committed to bring the best goods and services from all over the world to benefit China and the Chinese people,” she said.
Duan, who is from Shanghai and took up her current position in 2014, presides over one of the largest multinationals operating in China, with annual revenue of $8 billion. It provides expertise in a number of sectors, including power generation, renewable energy and healthcare.
Duan believes the expo makes clear that China is committed to globalization, despite the backdrop of trade tensions.
“It also signals that China is committed to further opening up its market and supporting international trade and globalization.”
She said that although GE is headquartered in the-45 United States, its business operations depend on markets in the rest of the world, in particular China, its largest outside the US.
“As a global company with two-thirds of its revenue coming from outside the US, GE welcomes and supports the expo and what it represents.” she said.
Duan added that GE had shown its backing for the expo by being one of the first companies to sign up as an exhibitor.
In particular, it wants to showcase its advanced manufacturing technology, using big data and analytics, and has been working on the expo for several months.
“(We want to show how this) can meet China’s mega needs in aviation, power and healthcare while supporting
its industrial transformation,” she said.
Duan, who headed GE’s healthcare operation in China before taking up her present role, believes this is also a major opportunity for her company. GE Healthcare alone has 7,000 employees in China, including 1,000 engineers.
“The rise of the middle class, as well as an increasingly ageing population ... is one of the key drivers for China’s healthcare market demand. This group of people is seeking precision health and high-quality health solutions,” she said.
Duan believes China is right to hold an expo focusing on imports as the country marks 40 years of reform and opening-up.
“As China transforms its economy from investment and export-driven innovation to innovation and consumption driven, imports will be increasingly important to drive domestic consumption and, in turn, export growth for countries exporting to China,” she said.
Mats Harborn, president of the European Union Chamber of Commerce in China, said the country’s opening-up should not be seen in terms of holding just one expo.
“If it is to be symbolic, it needs to be the starting point of something different, signaling that China is serious about being further integrated with the rest of the world,” he said.