Import expo shows economy further opening up

The fifth China International Import Expo, which will be held in Shanghai from Saturday to Thursday, is expected to promote China’s high-quality economic development, expand opening up and achieve win-win results for importers and exporters.

Stable and relatively high growth, the latest announcement by the International Monetary Fund, which reduces the global growth forecast to 2.7 percent for 2023, and keeps China’s growth at 4.5-5 percent, as demand for imports and exports increases with inflationary pressure. it’s just a little. environment for Chinese business.

This year’s CIIE focuses on the “I” for International. It will be larger than previous exhibitions with more industry sectors represented among the companies. And emphasizes that “China is open for business”.

By overcoming the challenges caused by the COVID-19 pandemic, China’s economy has highlighted its stable and resilient nature. It not only recovered faster and more consistently than most other economies, but also achieved positive growth and further integration with the global economy.

However, a more compelling and indisputable proof of China’s economic reopening is provided by a study by the Bank for International Settlements. The results of the survey show that China’s currency is increasing in both use and prestige around the world. The renminbi has become one of the main currencies used to trade in international markets and has expanded by the largest margin in recent years.

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Specifically, the survey results show that the renminbi is now the fifth most traded currency in the world, up from eighth place in 2019. Along with the US dollar, the euro, the British pound and the Japanese yen are ranked in terms of foreign trade.

This survey should not be taken lightly, as the Bank for International Settlements is an international financial institution belonging to 65 central banks whose main mandate is the development of global monetary and financial cooperation.

In addition, the BIS survey findings are consistent with the latest data from the World Interbank Telecommunication Society, an organization that provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standardized and reliable environment.

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SWIFT data showed the yuan accounted for about 2.4 percent of global payments in September, up from 2.3 percent a month earlier, reflecting the recovery of China’s market.

CIIE is expected to rely on these data and findings.

Of course, the fifth import exhibition will focus on the growth of industrial sectors related to digital technologies and sustainable development, for example, the renewable energy sector. The truth is that China is open to business in sectors that seem less open to the Western world, with its record levels of overseas investment and transparent business environment exemplified by China’s financial services sector.

This year’s expo is likely to showcase the incredible business and investment opportunities in China’s fast-growing entertainment and fashion sectors. For example, Chinese fashion designers and fashion brands are honored at major international fashion shows. One such fashion brand is MARRKNULL, a universal ready-to-wear brand founded by Mark Wang and Tim Shi in 2016.

In fact, the business community and foreign investment will see that the fifth import exhibition reflects an open mind in terms of cooperation and global trade cooperation.

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However, it is true that at the macroeconomic level, China’s dynamic cleaning policy to prevent and control the spread of the new coronavirus has attracted polarizing views. But even a cursory glance at China’s economic achievements will make it clear that without such a firm and decisive approach, China’s economy would not have recovered so quickly and so effectively. Indeed, China’s dynamic clean-up, painful in the short term, should be welcomed as it strengthens the confidence of the international business community and investment in the Chinese economy.

In short, this year’s CIIE stands as a beacon for the global business and investment community. It will give them another opportunity to witness the modernization and technological progress that will shape the Chinese market and the further restructuring of the Chinese economy.

As the global economy struggles to recover from multiple shocks, including the pandemic and the Russia-Ukraine conflict, China’s economy continues to open up and provide opportunities for all.
Source: China Daily


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