Beijing has mobilised 39 business delegations to ensure the purchase of goods and services at the China International Import Expo (CIIE) in Shanghai in November, in its latest effort to maintain strong economic ties with foreign businesses and head off any chance of a decoupling with the West.
The organisers of CIIE, the world’s largest import trade fair, said on Friday they would invite “more buyers that are welcomed by the exhibitors” to spur transactions during the six-day event, which will be held without China’s strict anti-coronavirus pandemic curbs for the first time since 2019.
China’s ministry of commerce has also asked 500 key companies to host business meetings with foreign exhibitors in the hope that huge purchase deals can be concluded at the expo, which runs from November 5 to 10 and will be held at the National Exhibition and Convention Centre.
“Government-led delegations will play a major role [in buying goods and services],” said Yang Bo, an official with the CIIE Bureau, which is part of the commerce ministry. “We will also partner with more companies in different industries to promote businesses.”
The expo, which was inaugurated in 2018 at the behest of Chinese President Xi Jinping, aims to spur purchases of imported goods and services by mainland Chinese companies as a way of showing Beijing’s willingness to further open up its markets.
The CIIE Bureau said 3,000 exhibitors will display their latest products and services at this year’s event, covering a total area of more than 360,000 square metres.
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The bureau, which started a 50-day countdown to this year’s event, however, did not reveal a target deal size for the expo. But officials with some of the exhibitors and corporate buyers said a big jump was expected in the number of participants and contract values in the absence of virus control measures.
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“Food products, medical devices and new-generation cars are set to draw attention and buyers” despite the slowdown in China’s economy, said Chen Xiao, CEO of Shanghai Yacheng Culture, a marketing and branding company. “The import fair will provide a vivid snapshot of the Chinese economy, where consumers are chasing good health and smart mobility after Beijing exited its zero-Covid strategy.”
Most of the contracts signed at CIIE are preliminary deals that might not get finalised.
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Beijing’s zero-Covid policy was a barrier to visits by foreign traders between 2020 and 2022, with deal values at CIIE declining for the first time in four years in 2021. Chinese companies bought US$70.7 billion worth of goods that year, down 2.6 per cent from 2020.
A total of 2,800 companies from 130 countries and regions, ranging from Tesla and Siemens to Nike and Johnson & Johnson, took part in the expo last year, covering an area of more than 300,000 square metres.
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Dozens of delegations from local governments were set up last year to boost contract signings and purchase goods and services, but anecdotal evidence suggested that only a limited number of visitors were allowed inside the venue.
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The news is published by EMEA Tribune & SCMP
