Global openness has been on the decline and has seen a significant drop since 2008 while China has gained remarkable achievements in its expansion of opening up, according to the World Openness Report 2024 on Tuesday.
The report was released at the 7th Hongqiao International Economic forum in Shanghai, which surveyed 129 economies.
In 2023, the World Openness Index was around 0.75, around 5.4 percent lower compared with 2008. The report found that China has achieved "remarkable results" in its expansion of opening-up. Between 2008 and 2023, its openness index rose by 11.9 percent, which was among the biggest advancements globally.
"Since 2012, China has continued to reform its economy. It has further reformed foreign-related economic management systems, improved the market economy system, and optimized government management efficiency. The country has also advanced the modernization of the national governance system. All with the aim to better serve high-quality economic development," said Qu Weixi, director of Research Center for Hongqiao International Economic Forum.
The 7th China International Import Expo (CIIE) and the Hongqiao International Economic Forum opened on Tuesday and will last till Nov 10.
This year's 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.
Global openness declined in 2023, while China advanced opening-up: report
Many international business leaders participating in the 7th China International Import Expo (CIIE) have expressed confidence in the Chinese market, stating their eagerness to seize opportunities presented by China's opening-up.
Platforms like the CIIE are important for international companies to build connections and promote their products in the rapidly evolving Chinese market, they said.
Running from November 5 to 10 under the theme of "New Era, Shared Future," the 7th CIIE has attracted participants from 152 countries, regions, and international organizations to participate in its country exhibition and business exhibition.
Among them, nearly 3,500 exhibitors from 129 countries and regions are taking part in the business exhibition, while a record number of 297 Fortune Global 500 companies and industry leaders are attending the event.
"So, we've been to CIIE many times over the years. This is obviously the seventh meeting. We are very positive on the Chinese economy and outlook, especially for health care, and what we've seen with the policies from the government, we believe now is the time to invest," said Chris Toth, executive vice president and group president of Kidney Care.
Anu Rathninde, president of Johnson Controls for the Asia Pacific region, emphasized the unique value of the expo as a platform for global businesses to access the Chinese market and showcase their products.
"I think our commitment to China remains unchanged. I think there isn't something like CIIE in the world, in my experience, that really creates an opportunity for full international companies to come in - those who are not even operating in China - to come in and promote their products to sell in China; not just buy from China, but to sell in China as well. So, I think that's what (makes) this platform very unique," said Rathninde.
"I think it's just growing, becoming bigger and bigger every time that we have been here, and I really look forward to showcase our latest technology that we've developed both in China, but also in other places of the world, for the Chinese market. So really looking forward to it," said Gustaf Salford, president and CEO of Elekta AB.
A total of 77 countries and international organizations are participating in the country exhibition, which serves as an important platform for showcasing the diverse images of various countries and opportunities in trade and investment.
More than 400 new products, technologies, and services are set to be unveiled during the six-day expo, which experts say indicates foreign companies' confidence in the Chinese market amid a sluggish global economic recovery.
Int'l business leaders highlight confidence in Chinese market at CIIE
