CIIE: A Global Bea­con of Open­ing Up

The CIIE has calmed nerves around the world amid wide­spread trade tur­bu­lence.

China Pictorial (English) - - Contents - Text by Jia Jin­jing and Guan Zhaoyu Au­thor Jia Jin­jing serves as as­sis­tant dean of the Chongyang In­sti­tute for Fi­nan­cial Stud­ies at Ren­min Univer­sity of China. Au­thor Guan Zhaoyu serves as an as­so­ciate re­search fel­low at the Chongyang In­sti­tute for Fi­nan

The first China In­ter­na­tional Im­port Expo (CIIE) kicked off on Novem­ber 5 in Shang­hai with a key­note speech from Chi­nese Pres­i­dent Xi Jin­ping at the open­ing cer­e­mony. Xi’s speech con­veyed an im­por­tant and in­spir­ing mes­sage to the world: China re­mains stead­fastly com­mit­ted to ex­pand­ing its open­ing up. Five Ma­jor Mea­sures to Ease Global Pres­sure

Trade pro­tec­tion­ism has been on the rise around much of the world, leav­ing mul­ti­lat­eral trade rules un­der threat. Un­cer­tainty and in­sta­bil­ity still abound, which cre­ates risks and chal­lenges for global eco­nomic de­vel­op­ment. Against this back­drop, China or­ga­nized the CIIE at just the right time. As Pres­i­dent Xi pointed out in his speech, the CIIE is the world’s first im­port expo at the na­tional level, mark­ing an in­no­va­tion in the his­tory of global trade. It is an im­por­tant move by China to pur­sue a new round of high-level open­ing up, and rep­re­sents a ma­jor Chi­nese ini­tia­tive to con­tinue widen­ing its do­mes­tic mar­ket for the rest of the world. It tes­ti­fies to China’s con­sis­tent po­si­tion sup­port­ing the mul­ti­lat­eral trad­ing sys­tem and pro­mot­ing free trade. It is con­crete ac­tion by China to ad­vance an open world econ­omy and sup­port eco­nomic glob­al­iza­tion.

In 2018 alone, China re­duced tar­iffs sev­eral times. The coun­try ac­cel­er­ated the re­form of cus­toms clear­ance fa­cil­i­ta­tion and pro­mul­gated a num­ber of poli­cies to ex­pand open­ing up. By the end of Jan­uary 2018, China had al­ready of­fered tar­iff ex­emp­tions to more than 8,000 kinds of im­ported goods. Cross-bor­der e- com­merce has fur­ther de­vel­oped, and the ac­count set­tle­ment pro­ce­dure has been sim­pli­fied. Fur­ther­more, thanks to de­vel­op­ment and in­no­va­tion in tech­nol­ogy and dig­i­ti­za­tion, global trade pat­terns are ex­pected to evolve in a way that makes ser­vices even more trade­able.

As Xi men­tioned in his speech at the CIIE, China will step up ef­forts in sev­eral ways to broaden its open­ing up. First, China will stim­u­late po­ten­tial for in­creased im­ports. Sec­ond, China will con­tinue to broaden mar­ket ac­cess. ess. Third, China will fos­ter a world­d­class busi­ness en­vi­ron­ment. Fourth, urth, China will ex­plore new hori­zons s for open­ing up. Fifth, China will ll pro­mote in­ter­na­tional co­op­er­a­tion ion at mul­ti­lat­eral and bi­lat­eral lev­els. ls. Th­ese mea­sures have helped calm lm nerves as global trade un­der­goes s se­vere tur­bu­lence.

New Era for China’s Im­ports rts

When its re­form and open­ing g up be­gan in 1978, China was a mod­est dest im­porter and a fresh­man stu­dent nt in the world trad­ing sys­tem. Af­ter ter

40 years of de­vel­op­ment, China has be­come the world’s sec­ond-largest im­porter and de­vel­oped into a key con­trib­u­tor to the global trade net­work from a mere par­tic­i­pant.

In re­cent years, China’s per capita dis­pos­able in­come has in­creased steadily and the pur­chas­ing power of Chi­nese peo­ple has wit­nessed re­mark­able im­prove­ment. Per capita GDP of Chi­nese main­land res­i­dents av­er­aged only 385 yuan ( US$55) in 1978, and the fig­ure soared to 59,660 yuan ( US$8,583) in 2017. And now the coun­try is un­der­go­ing a na­tion­wide con­sump­tion up­grade. Ex­pen­di­tures re­lated to liveli­hood have grown slowly while spend­ing on de­vel­op­ment and leisure has made a big jump. Clearly, the Chi­nese mar­ket has a huge po­ten­tial for im­ported con­sumer goods.

Since it pro­posed the Belt and Road Ini­tia­tive in 2013, China has been ex­pand­ing its cir­cle of friends in trade. By the end of March 2018, China had signed a to­tal of 16 free trade agree­ments with 24 coun­tries and re­gions. The coun­try is be­com­ing an im­por­tant trad­ing part­ner for an in­creas­ing num­ber of coun­tries along the Belt and Road. In the fu­ture, China will con­tinue to ad­vance the Belt and Road Ini­tia­tive through in­ter­na­tional co­op­er­a­tion in the spirit of ex­ten­sive con­sul­ta­tion, joint con­tri­bu­tion and shared ben­e­fits. China will work with other par­tic­i­pat­ing coun­tries on ma­jor projects, set up more trade pro­mo­tion plat­forms and en­cour­age more well- es­tab­lished and ca­pa­ble Chi­nese com­pa­nies to in­vest in coun­tries along the routes to en­hance co­op­er­a­tion in var­i­ous ar­eas. By so do­ing, China hopes to set up a plat­form for open co­op­er­a­tion world­wide.

The first CIIE, an im­por­tant and pi­o­neer­ing move made by China to ex­pand open­ing up and strengthen eco­nomic and trade co­op­er­a­tion with other coun­tries, has cre­ated a new open­ing-up model for var­i­ous coun­tries and pro­moted healthy eco­nomic de­vel­op­ment for China and the world alike.

Spec­ta­tors at Ger­many's Coun­try Pavil­ion at the first CIIE in Shang­hai. The expo has be­come a plat­form for ex­hi­bi­tion and sales of global prod­ucts, at­tract­ing deal­ers from all over the world. by Chen Jian

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.