Joint efforts will promote opening-up
China’s second import fair ended on a high note on Sunday with a flurry of contract announcements achieved during the week-long expo.
The harvest of the nation’s openingup gives the bleak global economy a much-needed infusion of hope. It should persuade some of the obstinate proponents of conspiracy theories to stop harping on negative factors and instead devote themselves to an exploration of opportunities out there in the Chinese market.
While the official figures are yet to be announced for deals having been signed at the second China International Import Expo (CIIE), there’s every chance that the total would be bigger than in the first session. That would be quite an extraordinary feat, factoring in the bruising trade woes that have weighed on the global economy.
Take General Electric Co (GE), a second-timer at the fair. GE Aviation, a subsidiary of the US conglomerate, and its joint venture CFM International signed engine purchase and services deals worth over $1.86 billion with multiple Chinese airlines and aircraft manufacturers during the expo, industry news site caacnews.com.cn reported on Thursday.
Additionally, GE Renewable Energy, a Paris-based subsidiary of GE, announced on Wednesday it signed a deal at the expo – GE’s largest-ever wind order in Asia – to build a 715-megawatt wind farm in Central China’s Henan Province.
GE is merely a small part of the US business community, which showed strong interest in the world’s first national-level import fair.
This year, more US businesses attended the second expo and took up the largest exhibition area among all the participating countries and regions, according to the Xinhua News Agency.
Ironically, some observers who have become used to viewing China with a jaundiced eye, typically seen in an AFP article on Tuesday and another piece by CNBC on Thursday, still spared no effort to belittle the expo as a big show hyped by China.
The AFP report said the expo is of “little use,” citing survey results by the European Union Chamber of Commerce last Monday, which claimed members of the chamber were not impressed by their participation at the expo last year in terms of the resultant business agreements and the realization of the deals. The complaints appear to contradict Chinese official data.
The fact that an increasing number of businesses were drawn to the event actually speaks loudly to the benefits that the CIIE could generate in the real business world. With the likes of GE securing high-profile deals at the second expo, it is strong proof of how global interests can be served through the unique platform.
China could also do more to make sure the business agreements are put into practice. There may have been some buck-passing and delays when foreign investors are trying to implement the contracts. But China is making efforts to solve these problems. The country on Friday rolled out 20 opinions in expanding opening-up to provide a fair, transparent and predictable climate for foreign companies.
China values the opinion of foreign companies. The Chinese government is determined to clear the path to improve policy efficiency and make agreements better realized. Negativity is of little use. It’s time for chronic complainers and conspiracy theorists to change their thinking. Joint effort is needed for push through contract implementation and help opening-up go into practice.