CIIE: China's contribution to world economic development

The China International Import Expo (CIIE) has emerged as a groundbreaking platform in the realm of international trade. Launched in 2018, the CIIE stands as the world's first national-level import-focused exhibition, dedicated to fostering global market access, promoting economic cooperation and enhancing China's openness to international trade. Through its rapid growth and resilience in the face of global challenges, the expo has proven to be a powerful catalyst for international trade and economic globalization, positioning China at the forefront of trade innovation and integration.

The initial success of the CIIE set a strong foundation for what would become a globally influential event. The first expo drew participation from 172 countries and regions and featured over 3,600 exhibitors showcasing their products to Chinese buyers and businesses. The inaugural event exceeded expectations, generating $57.83 billion in intended transactions and introducing approximately 5,000 new products to the Chinese market. The success of the first CIIE signaled the beginning of a new era in China's trade strategy, reinforcing the country's commitment to import expansion and market liberalization as integral components of its economic policy.

Subsequent editions of the CIIE continued to build on this initial momentum, with each year bringing higher levels of participation and economic engagement. By 2019, the expo had grown to feature exhibitors from 181 countries, and transaction values surged to $71.13 billion. The steady increase in attendance and transaction volume showcased the growing global interest in entering or expanding within the Chinese market. For many international businesses, the CIIE became the ideal platform for tapping into China's vast consumer base, a key driver behind China's position as the world's largest consumer market.

When the COVID-19 pandemic struck in early 2020, large-scale international events' future was cast into uncertainty. However, the CIIE demonstrated remarkable resilience and adaptability, maintaining its momentum despite the global disruptions. The 2020 expo continued with a hybrid format to ensure the safety of participants, achieving $72.62 billion in intended transactions and retaining 80 percent of its Fortune 500 participants. This continuity underscored the commitment of multinational companies to maintaining their presence at the CIIE, even in challenging times. The 2021 edition made a significant digital pivot, which included a robust online platform that garnered 58 million virtual visits. This shift not only helped mitigate the impact of the pandemic but also established a new model for future trade exhibitions, blending physical and digital experiences to reach a global audience.

One of the defining characteristics of the CIIE has been its commitment to innovation, both in terms of the products on display and the platform itself. The 2022 edition featured 284 Fortune 500 companies, with an impressive retention rate nearing 90%. This retention rate reflects the expo's perceived value by industry leaders, as they continue to view it as a crucial gateway to the Chinese market. Each year, the CIIE incorporates new technologies and themes, making it a showcase not just for products but also for ideas and innovation. For example, the 2023 edition marked several important milestones, including operating entirely on green energy across its 367,000 square meters of exhibition space. This transition to renewable power made it the first fully green-powered expo of its kind, setting a standard for sustainability in large-scale international events.

In addition to its environmental initiatives, the CIIE has become a key platform for technological exchange and cross-industry innovation. Sectors such as healthcare, biotechnology and medical equipment have leveraged the expo to unveil groundbreaking products, from state-of-the-art imaging devices to advanced pharmaceuticals. By fostering this cross-pollination of ideas, the CIIE has strengthened global supply chains and promoted industrial development across a range of fields. The expo's emphasis on facilitating new partnerships and collaborations helps position it as an arena where companies can explore new opportunities and expand their global networks.

The commitment to environmental responsibility at the CIIE aligns with broader global sustainability goals and reflects China's vision of an "ecological civilization." By transitioning to green power and spotlighting sustainable technologies, the CIIE sends a clear message about the importance of ecological consciousness in economic growth. This eco-friendly approach has attracted like-minded companies that prioritize responsible business practices, adding another layer of value to the expo beyond mere commercial transactions. The integration of sustainability not only enhances the expo's appeal to forward-thinking companies but also aligns it with the evolving values of international trade and corporate responsibility.

One of the core strengths of the CIIE is its ability to attract and retain participation from Fortune 500 companies and industry leaders year after year. The high retention rate among these companies underscores the expo's importance as a strategic platform for accessing the Chinese market and building long-term business relationships. This sustained interest reflects the effectiveness of the CIIE in helping businesses expand their footprint in China, which boasts one of the world's fastest-growing consumer bases. Additionally, the hybrid format, blending physical presence with digital engagement, enables a wider array of participants to attend, further amplifying the expo's reach and impact.

The evolution of the CIIE mirrors China's growing role in global trade and underscores its commitment to economic openness and international cooperation. Beyond merely facilitating imports, the expo serves as a platform for cross-cultural exchange and understanding, helping to bridge gaps between countries and foster mutual trust. As the world becomes more interconnected, the CIIE has become an important instrument for promoting economic globalization, encouraging collaboration, and advancing China's integration into the global economy.

Looking forward, the CIIE's trajectory suggests continued growth and innovation. Its blend of physical and digital platforms, combined with a strong commitment to sustainability and a focus on cutting-edge technologies, positions it as a crucial driver of future international trade. As the CIIE continues to grow, it serves as an example of how targeted trade initiatives can catalyze broader economic cooperation and development. With each passing year, the expo demonstrates how a sustained commitment to openness, innovation, and sustainability can create a lasting impact on global trade dynamics.

The journey of the CIIE from an experimental trade exhibition to a globally significant event illustrates the power of commitment to international engagement. As a model for future trade exhibitions, the CIIE shows how such events can transcend transactional exchanges to promote sustainable development, technological progress and cross-border collaboration. The expo's ongoing success highlights the growing importance of China's role in shaping the future of international trade and economic cooperation.

The author is a Beijing-based commentator. The views don't necessarily reflect those of China Daily.

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