CIIE displays innovation, global confidence in China

The China International Import Expo has become a must-go event for multinational companies willing to better tap into the rapidly evolving Chinese market, said officials and company executives.

Wu Zhengping, deputy head of the CIIE Bureau, said that 461 technologies, products and service items, a new high, debuted at the six-day eighth edition of the CIIE, which concluded on Monday in Shanghai. The value of intended deals reached at this year's CIIE rose 4.4 percent year-on-year to reach a record high of about $83.5 billion, said Wu.

Companies attending the CIIE understand that China is not only a massive consumer market, but also a partner willing to cooperate and create mutual benefits via independent innovation, he added.

Zhu Min, deputy secretary-general of the Shanghai municipal government, said the CIIE represents the in-depth practice of China's ongoing opening-up, which benefits various parties via closer ties.

Jorg Buchheim, chairman of the management board of German auto parts supplier Webasto Group, said that exchanging ideas and getting feedback via the CIIE can help the company see "what can be innovated next" and what the company can do even better for the "cars of tomorrow".

While the Chinese market is quite competitive, multinational precision technologies company Hexagon AB is still drawn to it, thanks to the market's openness to new technologies, according to Andreas Renulf, president of the company's manufacturing intelligence division.

"What makes China a little bit unique is the speed. A lot of the technological development is happening here and we use that for the rest of the world," he said.

Describing China as a "fast-paced market", Astrid Norgaard Friis, group vice-president of Grundfos, a Danish manufacturing company, said that a company needs to be "super agile and innovative" in the Chinese market. The CIIE allows multinational companies to pick up on the trends in China.

While the Chinese market is very promising, any foreign company aiming to enter it "has to be local", she added.

Escipion J. Oliveira-Gomez, director of the division of country programs at the International Trade Centre in Switzerland, said that foreign companies should pay special attention to the needs of China, which is a very demanding market "that is growing day by day".

About 4,108 overseas companies were present at this year's CIIE, with their combined exhibition area reaching a record of over 367,000 square meters. A total of 180 multinational companies have attended all eight editions of the expo.

Companies have already signed up for over 80,000 square meters of exhibition area for the ninth CIIE, which will be held in November next year, according to Wu of the CIIE Bureau.

Jacky Zou, chairman of professional services provider KPMG in China, said that steady advancement of institutional opening-up and better alignment with high-standard international economic and trade rules have been underlined in the recently unveiled recommendations for formulating China's 15th Five-Year Plan (2026-30).

These will lead to more mechanisms by which the world can better enjoy the new opportunities arising in the Chinese market, he said.

Bill Winters, group chief executive of multinational bank Standard Chartered, said that China's continued opening-up and steady economic growth have brought confidence to international investment and cooperation.