Deals at 3rd CIIE sign of strong global confidence

Despite the uncertain global economic situation caused by the COVID-19 pandemic, this year's China International Import Expo was a big success in terms of deals reached at the event and the level of participation, said organizers.

So far, $72.62 billion of intended deals have been made at the third CIIE, an increase of 2.1 percent year-on-year, demonstrating foreign companies' continued confidence and interest in the Chinese market.

In his keynote speech delivered at the opening ceremony of the third CIIE, President Xi Jinping said that, in the three years since its inception, the event has enabled exhibits to become traded goods and exhibitors to spot more investment opportunities.

The six-day CIIE, which ended on Tuesday, has also grown into an important platform for industry leaders to make product debuts, according to Sun Chenghai, deputy director of the CIIE Bureau.

A total of 411 new products, technologies or service items that were debuted on the Chinese mainland or globally were featured at this year's CIIE.

The medical equipment and healthcare products exhibition area accounted for 120 technology and product debuts, said Sun.

Minneapolis-headquartered medical device company Medtronic Inc demonstrated more than 70 technologies at this year's CIIE, among which nearly one-third were displayed in China for the first time.

According to Yu Jing, vice-president of Medtronic Restorative Therapy Group's China business, the company will not only speed up the introduction of more innovative products on the Chinese market but also provide localized products and solutions. As a result, Medtronic will be able to upgrade its overall industrial chain in China, including research and development, production and services, she said.

Consumer goods covered the largest exhibition area this year, at 90,000 square meters. The food and agricultural products exhibition area accommodated the most exhibitors, attracting 1,264 companies from 93 countries.

In addition, the world's top seven carmakers all attended the show, and up to 80 percent of Fortune Global 500 companies and industry leaders that participated in previous expos returned to Shanghai this year.

French cosmetics giant L'Oreal Group has participated in all three editions of the CIIE. Fabrice Megarbane, president and CEO of L'Oreal China, said the holding of this year's CIIE was unaffected by the pandemic, and it received an unprecedented positive response from consumers, which proved that the pandemic cannot stop people's pursuit of a better quality of life.

"We have confirmed our attendance at the CIIE next year, in the hope of reaching more consumers and seeking more collaboration via the exhibition," he said.

Nearly 400,000 professional visitors had signed up for this year's show, and its total exhibition area was almost 360,000 sq m, an increase of 30,000 sq m from a year earlier.

Sun pointed out that the third CIIE was the largest exhibition attracting participants from the biggest number of countries that China has held since the epidemic control and prevention situation was normalized.

"The CIIE is delivering on China's commitment to further open up so that countries all over the world can benefit from the nation's huge market. It has also helped to expand domestic consumption and support the country's dual circulation strategy," said Sun.