Upcoming CIIE to further fuel global trade

With the annual China International Import Expo becoming an advanced platform for the country to enrich its industrial and supply chains, it is time for the organizers to expand the role of trade in technologies to further fuel the growth of the nation's dual-circulation development paradigm, said government officials and economists on Thursday.

The theme of "dual circulation" is a reference to China's new development pattern, in which the domestic market is the mainstay and the domestic and overseas markets reinforce each other.

In addition to creating a huge platform for multinational companies and improving services for foreign trade, CIIE has effectively promoted an upgrade of the nation's consumption and industries, said Sheng Qiuping, vice-minister of commerce.

More than 1,500 new products, technologies and services were featured during the past four CIIEs, while the value of the intended deals reached during these events totaled $270 billion, the Ministry of Commerce said.

"China's market, which boasts huge potential, resilience and vitality, provides ample space for all businesses to thrive," Sheng said. He characterized the country's dual-circulation pattern as facilitating the world to capitalize on China's vast market opportunities while allowing China to contribute its original innovations to benefit global consumers.

With a number of companies attending the CIIE for the first time this year, including global metals and mining giant Rio Tinto Group, and Japanese multinational semiconductor company Renesas Electronics Corp, the fifth edition of the CIIE will be held in Shanghai in early November.

It can help China save more natural resources such as farmland and water, and assist manufacturers, in particular in automobile, pharmaceutical and telecommunication equipment sectors, to accelerate their innovation pace to seize more market shares across the world, as well as push manufacturers in many sectors to shift their export products from labor-intensive goods to high-end items, Jiang said.