CIIE brings new opportunities to the world

Over the past 40 years of reform and opening-up, China has adhered to the basic national policy of opening-up, and started a great journey of common development with the world.

Now, to further open the Chinese market and expand imports, China is holding the China International Import Expo (CIIE), the world’s first import-themed national-level exhibition. The Expo is conducive to achieving better development, promoting economic globalization, liberalizing trade, and creating a “beautiful opportunity” for global development.

Here are the facts:

Fact 1: More than 3,600 companies are participating in the Expo, including more than 200 of the world’s top 500 companies and other leading enterprises. More than 100 new products and technologies will be unveiled at the Expo.

Fact 2: China has long been committed to expanding imports and has achieved remarkable results. In terms of trade in goods, the total amount of imports increased from 18.7 billion yuan to 12.5 trillion yuan from 1978 to 2017, with an average annual growth rate of 18.1%. In addition, China’s service trade imports increased by 230 times, with an average annual growth rate of 16.8%.

Fact 3: China’s imports of goods reached $184.1 billion in 2017, 6.2 times that of 2002 – the year after joining the WTO. In 2002, service imports reached $467.6 billion and the deficit reached $239.5 billion, which were 10.1 and 798.3 times, respectively, in 2002. China has become the world’s second-largest importer of goods and the second-largest importer of services, with annual import value of goods and services accounting for about 1/10 of the world total.

Fact 4: China’s import growth rate is 5.3% higher than the global average, providing a broad market and invaluable cooperation opportunities for enterprises from all over the world.

Fact 5: On Nov. 1, China took the initiative to expand imports by further reducing the most-favored-nation tariff rate on 1,585 tax items such as stone and electromechanical equipment. After further adjustments, the total tariff level has dropped to 7.5%.

Over the past 40 years since opening-up, China has fully demonstrated its firm confidence in actively expanding imports through a series of measures. CIIE is a major measure for China to firmly support trade liberalization and open its market to the world. It will serve as a new platform for all parties to enter the Chinese market.

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