The value of deals at the China International Import Expo (CIIE) hit an all-time high, buoyed by increased appetite for foreign goods and services, particularly US farm products, paving the way for Beijing to improve ties with its major trading partners.
Deals worth US$78.4 billion were signed at the world’s largest import trade fair that ended on Friday, an increase of 6.7 per cent year on year, according to the organiser CIIE Bureau, a unit of the Ministry of Commerce.
The record figures since the trade show began in 2018 reflect Chinese buyers’ keen interest in imported goods, services and technology, as the mainland’s robust consumer market plays an important role in propelling the stalling global economy, the CIIE Bureau said. The expo would become even better next year, further displaying Beijing’s resolve to open up the vast market, it added.
“The foot traffic and buying interest seen at the trade show was unprecedented,” said Chen Xiao, CEO of Shanghai Yacheng Culture, a marketing and branding company serving a number of international consumer products firms. “China’s reopening [after the Covid-19 pandemic] released much pent-up demand for foreign goods from manufacturing businesses and individual consumers.”
The Hainan Free Trade Port booth at the 6th China International Import Expo in Shanghai. Photo: AFP
The six-day event attracted 3,400 exhibitors – including Tesla and Siemens – and nearly 400,000 accredited visitors. The number of participants and exhibition area of 367,000 square metres both hit an all-time high.
Many contracts were pre-signed before the expo opened on November 5. It is, however, possible some of the preliminary deals might not get finalised.
Hong Kong leader John Lee pursues stronger economic ties with Shanghai at CIIE 2023
Hong Kong leader John Lee pursues stronger economic ties with Shanghai at CIIE 2023
At the American Food and Agriculture Pavilion, which was popular with visitors, exhibitors signed US$505 million worth of deals, according to the American Chamber of Commerce in Shanghai, which co-hosted the delegation with the US Department of Agriculture. It was the first time the US government took part in the CIIE.
“The results of the American Food and Agriculture Pavilion exceeded our expectations,” said chamber president Eric Zheng. “The CIIE has proved to be an important platform to showcase American products and services. AmCham Shanghai will continue to support American companies in growing their business in China by leveraging this unrivalled import expo.”
Beijing mobilised dozens of business delegations to ensure active purchase of goods and services at the trade show this year, as part of its efforts to head off a potential decoupling with the West.
The Ministry of Commerce also asked 500 key companies to host business meetings with foreign exhibitors in the hope of concluding huge purchase agreements at the expo.
CIIE 2023: Muji, Canada Goose, L’Oreal bet on Chinese consumer spending
CIIE 2023: Muji, Canada Goose, L’Oreal bet on Chinese consumer spending
Premier Li Qiang said at the CIIE’s opening ceremony that consumer vigour and further opening up in China could give a much-needed boost to the stalling global economy.
Zhang Xiaodi, a researcher with the Shanghai Academy of Social Sciences, said trade deals were only a small part of the event, which had become a platform to promote the attractiveness of the Chinese market as the country deepened economic reforms.
She said in a research note last Saturday that relevant arrangements to attract foreign capital on the CIIE platform will pay off in the near future.
“It is not only people coming to collect brochures and presents,” said Theo Ndabambi, CEO of Super Grid Manufacturing, a South African exhibitor. “We have not obtained purchase orders yet, but it is a good start [to be here].”
