Forum to connect business leaders

Global accounting and consulting firm Deloitte also plans to double its exhibition space to showcase more of its advanced technologies and services in intelligent city, intelligent medical care and intelligent finance this year, as the company sealed over 10 deals during the first CIIE in 2018, mainly on digital transformation and globalization with its Chinese partners.

The CIIE gives exhibitors from around the world a chance to show their advantages and explore opportunities for cooperation, said Liu Minghua, innovation partner of Deloitte China, adding that it also showcases Shanghai's ability to attract quality foreign investment, its sound infrastructure, vast talent pool and strong government support for high-tech industries and various innovative activities.

In October 2018, the World Bank released the Doing Business 2019 report, which measures regulations that enhance business activity and those that constrain it. China ranked 46th among the 190 surveyed economies, significantly up from 78th a year earlier. Shanghai's contribution was weighed at 55 percent while the rest came from Beijing.

Wang Bingnan, vice-minister of commerce, said the purpose of holding the CIIE is not simply to increase imports, but also to focus more on optimizing the import structure and providing companies access to more advanced technologies and ideas, while maintaining stable growth in exports.

"Through the CIIE platform, we aim to build an international platform for new technologies and ideas, support high-quality consumption, expand imports of high-quality products and services, and offer more choices for Chinese consumers," Wang said.

According to the CIIE Bureau, the organizer also welcomes more private and small-and medium-sized enterprises to take part. It will set up news conference areas for companies to release their latest products, technologies and services.

In addition to showing the healthy changes in China's business environment to global companies, Wang said the expo will help provide more channels for domestic companies to adopt advanced technologies, equipment and services and promote their development and industrial upgrading, while boosting high-quality development of China's economy.

On a larger scale than the inaugural event last year, the second CIIE will inject new vitality and create impetus to China's new round of reform and opening-up, said Qu Weixi, vice-president of Beijing-based Chinese Academy of International Trade and Economic Cooperation.

A moderate increase in imports will enable China to better integrate itself into the world production system and labor division, give full play to its comparative advantages and gain more benefits in trade, he said.

A new high-end consumer goods exhibition area will be set up, conforming to the wave of consumption upgrading. Augmented reality, virtual reality, pension services, outdoor cooking equipment and automated driving are some of the innovations and service solutions that will be on display at this year's event, according to the organizer.

The CIIE will also hold an exhibition for different countries and regions who want to display their development achievements and industries this year. It aims to improve the influence of countries and enhance international economic cooperation. The event will show the principle of achieving shared growth through discussion and collaboration.

He Wei contributed to the story.