MKS sports 2024 as the event concludes. Photo: cnsphoto " src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-11-10/be32a3a4-8345-4d12-bced-6de5c137a989.jpeg" />

Staff members and volunteers for the 7th China International Import Expo pose for a group photo on November 10, 2024 as the event concludes. Photo: cnsphoto

The China International Import Expo (CIIE), the world's first national-level exposition dedicated to imports, concluded its 7th edition on Sunday, drawing worldwide attention, and with this year's cumulative intended transaction value reaching $80.01 billion, a new record has been set since its launch in 2018. 

The event, which Chinese President Xi Jinping personally planned, proposed, deployed and promoted, has become a platform to showcase China's new development paradigm since its debut in 2018, the Xinhua News Agency reported. In addition, it serves as a platform for high-standard opening-up, and a public good for the whole world, the report said.

The intended transaction value at the expo also shows steady growth. As of this year, the cumulative intended transaction value for the CIIE reached $80.01 billion on an annual basis, a two-percent increase year-on-year, Xinhua reported. This figure also marks a new record high since the launch of the expo in 2018.

Moreover, the "shopping carts" of participating companies at the CIIE continued expanding and upgrading. Nearly 100 Chinese state-owned enterprises sent around 20,000 participants for procurement during the expo, according to state broadcaster China Central Television (CCTV).

Speaking at the press briefing held on Sunday for the closing of the 7th CIIE, Wu Zhengping, deputy director general of the CIIE Bureau, said this year multinational participating companies introduced 450 new products, new technologies, and new services at the expo, including over 100 global debuts. These efforts have stimulated new consumer momentum, Wu noted.

The CIIE has also been a big assembly for foreign businesses, with a total of 3,496 exhibitors from 129 countries and regions participating this year, Xinhua reported, indicating another highlight of China's opening-up.

The CIIE is an important platform for foreign businesses to understand China and explore opportunities for participation in its high-quality development, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

The Chinese expert said the success of this year's CIIE once again underscores the growing attractiveness of the Chinese market to the outside world, with the platform continuing to play a crucial role as a bridge in global economic development and cooperation.

Shared opportunities  

As the world's leading import expo, the CIIE has become a hotspot for global presentations, offering a platform from leading brands to small and medium-sized businesses, and providing countries from major economies to the least developed nations with an equal and shared opportunity to showcase themselves and explore the potentials of the world's second-largest economy, the Global Times reporters learned from several government and business representatives at the expo.

This year marks the fifth time that LVMH, the world's leading luxury goods group, has participated in the CIIE, showcasing products from its 14 brands. Over the past 40 years, thanks to China's reform and opening-up, LVMH has grown alongside the Chinese market, Andrew Wu, president of LVMH Greater China, told the Global Times at the expo. 

Swedish home furnishing giant IKEA told the Global Times that "In recent years, we have witnessed that China has further shifted to the new stage of high-quality development ... We are delighted to see China roll out a series of well-targeted policy measures aimed at expanding high-quality consumption, boosting consumer confidence, and driving long-term economic growth." 

IKEA piloted buyback & resell service in 8 markets in fiscal year 2024 and debut in the 7th CIIE. Through this service, consumers can sell their second-hand IKEA products which meet the criteria back to IKEA in exchange for a refund card of equivalent value, the company said.

During the expo, Ford China has managed to leverage this platform to "resonate with Chinese consumers, strengthen cooperation with partners and local governments to explore new opportunities and jointly promote business development," the US company told the Global Times.

At this year's expo, Toyota unveiled a 49-ton hydrogen fuel heavy-duty truck, developed with Sinotruk, marking its global debut. A representative of Toyota Motor (China) Investment Co told the Global Times that the Chinese market, a leader in electrification and smart technology, is shaping the industry's future. "Companies must establish a strong presence here and collaborate with local partners to meet Chinese consumers' needs," he said.

Attending the CIIE is not only an experience for large enterprises from major economies, but also for small businesses from developing nations, said Fononga Veikoso, trade information officer of Ministry of Trade and Economic Development Tonga.

Veikoso said the import expo gives Tonga the opportunity to showcase its products, services, and handicrafts, including jewelry and wood carvings. "The Chinese market is very important to us, and as the world is developing in line with global trade trends, we hope to seize this growing opportunity," Veikoso said.

During this year's CIIE, China provided support for 37 least developed countries to participate in the event, providing more than 120 free booths to enterprises from the corresponding countries, according to the official website of the CIIE.

This year marks Madagascar's first participation at the CIIE. It is one of the countries given a free exhibition booth. Rodrigue Brechard, a representative of the Economic Expansion Department of Madagascar's Ministry of Foreign Affairs at the CIIE, told the Global Times that "This is a great opportunity for us to promote our products and showcase the image of our country."

 "We hope to return next year with a larger and more expansive presentation," Brechard said.

The conclusion of the 7th CIIE comes against the backdrop of the complexity of global trade, marked by rising protectionism from certain Western countries, exemplified by the decision to impose additional tariffs on China-made electric vehicles by the EU.

Regardless of the growing complexity in the global landscape, China's CIIE once again demonstrates China's unwavering determination and confidence in its commitment to further opening-up as well as its remaining dedication to sharing the dividends of its high-quality development with the world, Zhou said.

The Chinese expert noted that the future of global development will not be a zero-sum game but one of shared growth.

"There is a need for all parties to seek complementary partnerships ... This win-win, sustainable development model aligns with global trends, as the world market is pursuing sustainable and mutually beneficial outcomes," Zhou said.