CIIE symbolizes high-standard opening-up and shows world's confidence in Chinese economy: China Daily editorial

The popularity of the China International Import Expo, evident at the opening of its sixth edition in Shanghai on Sunday, in more ways than one attests to China's resolve to further open up its economy to the outside world and the global business community's confidence in the Chinese economy.

The expo, which will continue till Friday, has attracted guests from 154 countries, regions and international organizations, more than 3,400 exhibitors and 394,000 professional visitors. Notably, about 200 companies have taken part in all the six CIIEs despite the COVID-19 pandemic, which raged on for almost three years.

Among the 69 countries taking part in the "Country Exhibition" section of the expo, 16 are least-developed countries, demonstrating that the CIIE treats all countries as equals and promotes the common development of the Global South. In fact, the CIIE has come to symbolize China's high-standard opening-up, rebutting claims that China has slammed its door shut on the outside world.

The annual expo has leveraged the strengths of China's huge market to procure goods and services from other economies, promote investment and people-to-people exchanges, and help create a new global development pattern. The event plays a special role in boosting economic globalization, and stabilizing the global industry and supply chains at a time when some developed countries are doing the opposite.

With China's GDP growing by 5.2 percent in the first three quarters of this year — 4.4 percentage points of it being driven by consumption — the Chinese market will remain a magnet for multinational corporations. Those spreading China's "economic collapse" rumors must realize one basic fact: an economy with a middle-income group of 400 million people cannot go bust just because some in the West wish it to.

According to a report released recently by the China Council for the Promotion of International Trade, more than 80 percent of the foreign enterprises it surveyed are satisfied with China's business environment, and the Chinese market remains attractive to foreign enterprises.

However, with the global economic recovery foundering, the world requires the solidarity and cooperation of all countries to promote common development, as President Xi Jinping said in a letter to the expo on Sunday. In the letter, Xi emphasized that China will advance high-standard opening-up and continue to make globalization more inclusive, balanced and beneficial to all.

In this regard, the CIIE can help foster a new development pattern, create new opportunities for the world based on China's sustainable growth and high-quality development, and make it easier for other economies to share the dividends of China's vast market. It can also play a bigger role in providing public goods and services, creating a platform for countries to pool their efforts to foster an open world economy and ensure every one benefits from win-win cooperation.