Preparations are nearly complete for the seventh China International Import Expo (CIIE), set for November 5-10 in Shanghai, the Ministry of Commerce said on Thursday.
Ministry spokesperson He Yadong said at a press conference that exhibits from over 2,700 participating companies have entered the exhibition halls, while those from more than 700 companies are still in transit and will arrive by Nov. 2.
To improve the experience for attendees, this year's CIIE has established 172 functional areas in 26 categories and added 1,523 temporary signs throughout the venue. The expo has also streamlined its registration and approval processes with a digital system.
"We are enhancing payment convenience by ensuring adequate small-denomination cash reserves, while expanding bank card transaction acceptance to include both domestic and international cards for the first time. Additionally, the expo will feature a 5,000-square-meter catering zone and offer food delivery services to all booths," said He.
The expo will also share comprehensive travel and service information via its official WeChat account, and upgrades have been made to the event's Hongqiao forum information system and the venue's navigation systems to enhance the attendee experience.
The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.
Since its first edition in 2018, the expo has become an important showcase, spotlighting China's new development paradigm, a platform for high-standard opening up, and an opportunity for the whole world.
Preparation work for CIIE nears completion: ministry
The Labour Party government unveiled its first budget on Wednesday, outlining plans to raise taxes by 40 billion pounds a year.
Chancellor of the Exchequer Rachel Reeves presented the budget in the House of Commons, marking Labour Party's first budget since returning to power in July after 14 years.
Despite previous assurances not to raise taxes on working people, the chancellor announced a rise in employers' National Insurance (NI) contributions from 13.8 percent to 15 percent, effective April 2025. Also, the threshold at which employers begin paying NI for employees will be reduced from 9,100 to 5,000 pounds annually.
Together, these changes are projected to generate 25 billion pounds per year for the government.
Capital gains tax will also see an increase, with the lower rate rising from 10 percent to 18 percent and the higher rate from 20 percent to 24 percent, Reeves said.
The national minimum wage for full-time workers aged 21 and over will rise by 6.7 percent to 12.21 pounds an hour, while that for 18 to 20-year-olds will rise from 8.6 to 10 pounds an hour.
Additional tax changes include higher taxes on smoking, the introduction of VAT on private school fees, and the abolition of the non-dom tax regime beginning in April 2025.
In her budget statement, Reeves stressed the importance of investment, saying that the government will deliver "a boost to public investment by over 100 billion pounds over the next five years across roads, rail, schools and hospitals whilst keeping debt on a downward path."
Analysts note that the high debt burden and global economic uncertainty would continue to pose significant challenges for UK fiscal policies.
There are also concerns among the public that the Labour Party's commitment to increasing spending on healthcare and other social services may be difficult to achieve fully amid current fiscal pressures.
UK unveils new budget with tax hikes of 40 bln pounds
