As the countdown begins for the 7th China International Import Expo (CIIE) in Shanghai, organizers are implementing extensive preparations to ensure the event promotes innovation and offers sufficient support to developing countries.
The State Council Information Office has shared details at a press conference about the busy preparations underway to create a successful platform for international trade and cooperation.
According to the Ministry of Commerce, this year's expo will come up with measures to boost development of new quality productive forces.
"The expo has established a dedicated area for new materials for the first time, upgraded the innovation incubation zone, and hosted sub-forums related to the launch economy and consumption promotion. These efforts aim to facilitate industrial upgrading, enrich domestic supply, and support high-quality development and a high-quality lifestyle," said Tang Wenhong, assistant minister of commerce.
Logistics and event services are being prioritized to ensure a seamless experience for all participants.
"The Shanghai Municipal Party Committee and Government will successfully host the China International Import Expo (CIIE) as a concrete action to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China," emphasized Hua Yuan, vice mayor of Shanghai.
A key aspect of this year's expo is its focus on supporting developing countries, particularly those in Africa. Organizers have announced plans to assist 37 least developed countries by creating a specialized product area that will help them explore opportunities in the Chinese market.
In addition to the main event, a series of forums and sub-forums will be held to encourage consumer spending and drive industrial upgrades, providing a platform for collaboration and innovation among attendees.
As the event opening date draws closer, anticipation builds up around its potential to foster economic growth and international partnerships.
7th CIIE to focus on innovation, global support
China's development strategy reflects the importance of improving livelihoods through innovation and productivity rather than targeting raw economic growth, said James Alistair Fok, chief commercial officer at the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU).
Fok shared insights on China's economic future on the sidelines of the ongoing Swift International Banker's Operation Seminar 2024 (Sibos 2024) in Beijing.
"Frankly, I'm not that focused on the difference in not 0.2 or not 0.3 percent and GDP growth over the next quarter or next year. There's a lot of arguments out there saying that GDP is not that great a measure in any case. What we need to be focusing on is how we are improving the general level of prosperity and people's livelihoods. And in order to do that, we need to be constantly investing in research and development and innovation. Here, what we're doing is effectively trying to provide the infrastructure to connect the capital with the best opportunities and ideas to help grow productivity and improve people's lives over the long term," said Fok.
"China has done an incredible match to raise its productivity, just look around, look at the infrastructure. Walking around the streets in Beijing, you don't have the road pollution, the shift in EV in the powertrain, in cars to EVs means that you don't have the roadside pollution, you don't have the noise pollution, another thing of associated with a lot of vehicle traffic. That in itself created just a huge amount of improvement to people's general livelihoods. I think China has been very, very successful in this," the monetary official said.
On Hong Kong's investments in the Chinese mainland, Fok highlighted exciting new opportunities including offshore traded renminbi (CNH) bonds.
"Hong Kong over the last 30 years, has done incredibly well transforming into an international financial center, but it's been very narrowly based on the China equities IPO (initial public offering) business, effectively front office capital raising in international markets to invest in China. It now has the opportunity to diversify massively. The diversification is not only in terms of asset class where we're seeing actually a lot of international issuers wanting to raise money through issuing CNH bonds now, that business has been growing massively over the last couple of years because of relatively low renminbi interest rates," he said
"We're talking to Chinese custodian banks. We're listening to their business plans. We understand the demand to internationalize their networks to meet the international diversification demands for Chinese institutional savings. And that is a huge opportunity, not just for Chinese savers in the Chinese financial institutions, but also for international corporates and issues who want to tap into that pool of capital for investment," said Fok.
With the theme "Connecting the future of finance", the four-day Sibos 2024 kicked off Monday and has attracted over nearly 10,000 participants from over 150 countries and regions. The event's main exhibition has attracted 133 financial institutions and third parties, with 114 being from overseas.
HK Monetary Authority officer stresses innovation, long-term prosperity in China's economic development
