Second CIIE concludes with USD71 billion worth of deals
November 12, 2019 Category Foreign trade, Weekly
The second China International Import Expo (CIIE) concluded with a total of USD71.13 billion in intended deals signed, up 23% from the first expo last year. The Expo attracted more than 3,800 enterprises from almost every country in the world and over 500,000 buyers, including 7,000 foreign buyers. Over 900,000 people visited the expo over six days. As many as 400 new products, technologies or services made their debuts at the expo. At supply-demand matchmaking fairs, 1,400 exhibitors and 3,300 buyers met for one-on-one talks and reached agreements on 2,200 transactions, figures all higher than last year’s. The expo was warmly received by the international community with 126 foreign government delegations attending. the Shanghai Daily reports.
At the opening ceremony, Chinese President Xi Jinping said: “We must all put the common good of humanity first rather than place one’s own interest above the common interest of all. We need to join hands with each other instead of letting go of each others hands. We need to tear down walls, not to erect walls. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimize global value and supply chains, and jointly foster market demand”. President Xi called for joint efforts to uphold the core values and basic principles of the multilateral trading system, and promote trade and investment liberalization. A total of 155 countries and regions as well as 26 international organizations attended the Expo under the theme of “New Era, Shared Future.” The total exhibition area increased to 360,000 square meters from 300,000 sq m last year.
New products, technologies and services from 53 renowned foreign brands made their debuts at the CIIE. Samsung took to the stage to present Galaxy Fold, the first foldable smartphone by the South Korean company, which marks the product’s debut in the Chinese market. Feng En, Chief Marketing Officer of Samsung Electronics China, announced that the product will be available in stores in China at a price of CNY15,999. Genavant, a London-based luxury fashion brand, put on a fashion show “Step to the Mirage, Step to Elegance” on the stage and announced it will open its first store on the Bund in Shanghai next month. Its new luxury high-heels design “Step on the Snow” draws inspiration from shoes worn by imperial concubines in the Qing Dynasty (1644-1911). Besides Samsung and Genavant, companies including Lego, Exxon Mobil and Decathlon, also launched new products.
French President Emmanuel Macron was one of the foreign leaders attending the opening ceremony, and France is one of the guest countries of honor. China and France signed contracts totaling USD15 billion in the fields of aeronautics, energy and agriculture, including approval for 20 French companies to export poultry, beef and pork to China. They also agreed to expand a protocol for poultry exports reached this year to include duck and geese as well as foie gras, and to work on a protocol allowing France to export pig semen to China. Among other deals, France’s Total will set up a joint venture with China’s Shenergy Group to distribute LNG by truck in the Yangtze River Delta. The two countries also plan to reach an agreement by the end of January on the cost and location of a nuclear fuel reprocessing facility to be built by Orano, formerly known as Areva. Bilateral trade reached USD62.9 billion in 2018, up 15.5% year-on-year, the Ministry of Commerce (MOFCOM) said. By the end of last year, France’s investment in China was over USD17.5 billion in more than 5,600 projects.
Companies from the United States are showing greater enthusiasm for the CIIE this year, with the number of participants surging by 18% from the first expo in 2018. Despite the China-U.S. trade dispute, 192 U.S. companies, including Qualcomm, Boeing and General Motors, have 47,500 square meters in exhibition space at the second CIIE, according to MOFCOM. During the first CIIE, deals worth USD57.83 billion for one-year purchases of goods and services were reached, and more than 90% of the contracts were completed in the past year.
Next year, the exhibition will be divided into four major sections: technology and equipment; consumer goods and smart life; food and agricultural products; and services and health care. Trade in services, automobiles, consumer goods, technical equipment, medical equipment and products will each have their own exhibition areas. More than 230 enterprises have already signed up for the third edition of the expo, with their combined exhibition area exceeding 84,000 square meters.
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