CIIE: Innovation in International Trade

CIIE Innovation in International Trade China is taking concrete action to promote economic globalization and trade liberalization.

As the economic globalization process undergoes profound changes and the global economic governance system undertakes significant transformations, supply of international public goods is lagging far behind demand. As a responsible major country, China has presented the Belt and Road Initiative to the international community and taken concrete action to put it into practice. The country is about to host the first China International Import Expo (CIIE), testifying to the Chinese conceptual and practical innovation in the supply of international public goods.

Innovation in Supply of International Public Goods From the perspective of conceptual innovation in the supply of international public goods, hosting the CIIE demonstrates China’s new ideas on cooperation, opening up and development, as well as its sincere willingness to open up the domestic market, which represents concrete action in support of economic globalization and trade liberalization.

Firstly, the CIIE echoes the cooperative principle of the Belt and Road Initiative, namely, “extensive consultation, joint contribution and shared benefits.” As the first import-themed international expo in the world, the inception of the CIIE marks an innovation milestone in the history of international trade. During the event, participants will exchange views on investment and trade cooperation, carry out project alignment and share the fruits of cooperation. The Chinese government has vowed to import commodities worth US$8 trillion over the next five years. As the host of the CIIE, China will provide two free standard exhibition booths for each participating underdeveloped country in which they can display quality indigenous specialty products such as clothes, consumer goods, food, agricultural products, and health products as well as tourism resources and highlights of their respective cultures.

Secondly, the CIIE showcases China’s upgraded concept of all-round opening up. This year marks the 40th anniversary of the he country’s reform and opening up, p, as well as the fifth anniversary of f the introduction of its Belt and Road Initiative. In this context, hosting the CIIE represents a major ajor step in China’s upgraded idea of all-round opening up. The Belt and Road Initiative is open to all coununtries along the routes as well as other economies rather than stayying an “exclusive club.” Promoting ng all-round opening up means China na seeks opening up both at home and abroad, continues opening its ts door to both developed and develeloping countries and places equal l emphasis on “bringing in” and “going global” to break new ground und in opening China further through gh links both eastward and westward, rd,