The fourth China International Import Expo (CIIE) has demonstrated a more substantial spillover effect of the expo.
With a population of over 1.4 billion and more than 400 million middle-income earners, China imports goods and services worth about $2.5 trillion annually.
Through the platform of the CIIE, more and more high-quality overseas products have been introduced into the vast market, which is filled with business opportunities.
At a special zone for new product launch during the 4th CIIE this year, over 60 exhibitors debuted more than 100 new products, cutting-edge technologies, and innovative services, ranging from Belgian red conference pear and healthy cooking oil to heavy truck and energy-saving hydraulic power station.
More than half of these new products, technologies, and services were unveiled to the public for the first time, with many of them tailored to the Chinese market.
Nearly 3,000 companies from 127 countries and regions participated in the 4th CIIE’s business exhibition, among which 90 exhibitors from 33 least developed countries brought their characteristic products, including cotton and coffee, hoping to break into the global market via the platform of the CIIE.
The CIIE has built a bridge to connect exhibitors and buyers accurately, yielding rich fruits in promoting cooperation and transaction. The 4th CIIE has witnessed the signing of numerous big deals, following tentative deals worth $57.83 billion reached at the first CIIE, $71.13 billion at the second CIIE, and $72.62 billion at the third CIIE last year despite the COVID-19 pandemic.
“Our company added 100 million yuan ($15.65 million) for enhancing localization of our business in China at the beginning of this year,” said Tang Xiaodong, an executive at Karcher, a German cleaning technology company which has participated in the CIIE for four consecutive years.
Last year, a robot vacuum cleaner of Karcher made its global debut at the 3rd CIIE, and two months later, it was accessible in the Chinese market. During this year’s CIIE, the company launched its third-generation robot vacuum cleaner jointly developed by the company and a Chinese visual navigation system team.
“We have every confidence in the prospects of the Chinese market,” Tang said, who noted that the company’s business revenue from the Chinese market has quadrupled since the first CIIE.
Thanks to the CIIE, an increasing number of cutting-edge technologies and high-end equipment have flocked to the Chinese market, stimulating the country’s innovation potential and promoting its industrial transformation and upgrading as well as high-quality development.
The Intelligent Industry and Information Technology exhibition area of the 4th CIIE has gathered a large group of advanced products from the world’s sci-tech giants, including autonomous wheel loader and degradable and rechargeable solid-state battery.
Many exhibitors launched their new products, among which nine made their world debut, and 28 made their China debut.
China doesn’t simply mean a market to Honeywell, but an investment destination where the company can benefit from a complete industrial chain covering designing, R&D, production, and logistics, said Shane Tedjarati, president of Global High Growth Regions (HGR) of American multinational conglomerate Honeywell, adding that most of the company’s orders from China are developed and produced in the country.
With the help of China’s policies to facilitate trade, New Zealand dairy brand Theland has shortened the time it takes to bring fresh milk from pastures onto Chinese people’s dining tables from 7 days to merely 72 hours.
“Chinese consumers have shown a growing demand for higher-quality dairy products. Only by providing high-quality products can we gain a foothold in the Chinese market,” said Sheng Wenhao, an executive at Theland.
At the exhibition booth of Faurecia, a French automotive supplier, a new-type hydrogen storage tank and an advanced fuel cell stack technology caught visitors’ eyes.
As China announced its goals of peaking carbon dioxide emissions before 2030 and achieving carbon neutrality before 2060, the company plans to further cooperate with partners through the platform of the CIIE to develop more recyclable new materials and help more Chinese consumers achieve green travel, pointed out Tang Defu, an executive of Faurecia.
Seventeen country pavilions recently opened to visitors at the Greenland Global Commodity Trading Hub, a permanent trading platform of the CIIE, bringing the total number of country pavilions at the hub to 63.
The trading hub provides Chinese consumers with easier access to high-quality goods from across the world, including wooden storage boxes from the Democratic Republic of the Congo, hand-woven bags from Nepal, and alpaca scarves from Peru.
It enables exhibits from the six-day long CIIE to be displayed all year round, further expanding the spillover effect of the event.