More than 2,800 foreign companies confirm participation in CIEE
July 31, 2018 Category China News Round-up, Weekly
More than 2,800 overseas companies have confirmed they will attend the first China International Import Expo (CIIE) in November in Shanghai, a government official said at a 100-day countdown press conference for the Expo. Companies from over 130 countries and regions from five continents have confirmed participation in the upcoming Expo, Vice Minister of Commerce Wang Bingnan said. Wang also said more than 200 businesses attending the CIIE are on the Fortune Global 500 list of industrial leaders.
The first CIIE will consist of three sessions – the enterprise and business exhibition, which will display overseas products, the country pavilion for trade and investment, which will offer trade in goods and services, and the Hongqiao International Trade Forum.
Several overseas exhibitors revealed their plans for the CIIE at another press conference. Jaguar Land Rover will launch a luxury electric SUV, while Japan-based shopping mall Takashimaya is going to display some traditional Japanese fashions. Dong Dengxin, Director of the Finance and Securities Institute at Wuhan University of Science and Technology, told the Global Times that the CIIE shows a shift in China’s trade policy. According to Dong, China used to be overly reliant on exports, as previous trade expos in China mainly exhibited Chinese exports. “In the past, China emphasized exports in order to guarantee foreign currency reserves. But now that forex reserves are sufficient, the government is trying to embrace a trade structure that is more balanced, meaning that imports should also develop fast,” Dong said.
Registration will be completed by the end of August, and 150,000 purchasers are expected to come to the fair. Some heads of state and leaders of international organizations have also confirmed they will attend the Expo.
Customs data released on July 13 show that China’s exports surged 12.8% on a yearly basis to USD1.17 trillion while imports rose 19.9% year-on-year to USD1.03 trillion in the first six months of this year.
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