China is a ‘poster child’ for trade-led development which has helped lift hundreds of millions of people out of poverty, World Trade Organization (WTO) chief economist Ralph Ossa said at the ongoing seventh China International Import Expo (CIIE) in Shanghai.
This year marks the 30th anniversary of the signing of the Marrakesh Agreement, which established the WTO.
China's economic success demonstrates how embracing international trade can transform economies and reduce poverty, Ossa said, noting that the country has greatly benefited from economic globalization and the multilateral trading system.
"China has really been a poster child of trade-led development, showcased how an approach of embracing international markets can help lift hundreds of millions of people out of poverty. But the good thing about international trade is that it's not a zero-sum game, it's a win-win proposition, so other countries have benefited from China's integration into the global trading system, too. And I think at first, the benefit was more making existing goods at more affordable prices. But now over time the more advanced China becomes, it's also really pushing the technological frontier,” Ossa said.
The WTO recently released its Annual Report for 2024, which focuses on the need to make globalization more inclusive.
The report reveals a significant milestone, Ossa said, as for the first time since the Industrial Revolution, the economic gap between developing and developed nations is narrowing.
"So the first thing we document in this world trade report, and it's not gonna be news to people in China, is that trade has been a powerful driver of inclusiveness since the foundation of the WTO 30 years ago. For the first time since the industrial revolution, low and middle income economies on the one hand, and high income economies on the other hand, actually converged in terms of per capita GDP. We estimate that trade cost reductions account for up to one-third of this convergence. The bad news is that there's too many countries left behind, too many economies that haven't benefited from international trade so the report also looks at what can be done there and the punchline is, well you need open trade, but you need open trade combined with the support of domestic policies, for example, to have the right infrastructure in place,” he said.
The WTO has participated in the CIIE for seven consecutive years, reinforcing its support for the event. Ossa praised the expo’s focus on imports, pointing out that the the ultimate goal of trade is to enhance consumer access to goods.
"For me, it's always fascinating to come to countries like China, where you really see the transformative power of international trade in action. I mean the one thing that really struck me as exciting is that this is an expo that’s specifically focused on imports. And I think that's often forgotten that the real reason why we benefit from international trade is because we can import stuff. I mean, exports if you think about the macro economy, are just a means to an end. And the end is simple. It’s a little bit like you yourself, yes, you go to work and yes, you need to make money but at the end of the day, you want to buy something with that money. So that's where the gains in trade come from. So I kind of appreciate it that the theme is on importing,” Ossa said.
Running from Nov 5 to 10 under the theme of "New Era, Shared Future," the 7th CIIE has attracted participants from 152 countries, regions and international organizations including a record high 297 representatives from Fortune Global 500 companies.
China's trade success is model for developing nations: WTO chief economist
The president and CEO of ZEISS Greater China, Maximilian Foerst, has hailed the China International Import Expo (CIIE) as a vital platform for the German technology company to showcase its latest products and innovations, while deepening innovation-driven cooperation with local partners.
At the ongoing 7th CIIE in Shanghai, the German tech giant is unveiling nearly 70 innovative solutions spanning medical technology, optical consumer goods, industrial quality and research, and semiconductor manufacturing technology.
This year marks the seventh consecutive year that ZEISS has participated in the CIIE. Foerst said the decision to continue joining the expo was an easy one due to the significant benefits it brings.
"This is actually the seventh time ZEISS is joining the CIIE and the decision to keep on joining the CIIE is very simple. It's really good for our business. As a matter of fact, if I look back seven years, the booth was half the size of what it is today. So the CIIE offers us a platform where we can show all our activities in one trade show. Really fantastic!" said Foerst.
Foerst noted that ZEISS is debuting three new products at the current CIIE, emphasizing the expo as the prime stage to launch cutting-edge achievements globally.
He highlighted a significant shift this year, with many showcased products being designed and manufactured in collaboration with Chinese partners, underscoring the evolving and deepening cooperation between ZEISS and China.
"I think at the start we were showing a lot of import products, products we were importing and selling to the market. As things have developed we have upgraded a lot. We started showcasing a lot of topics where we were doing cooperations with Chinese companies. And now we are very much actually focusing on innovation, and innovation which will help go into basically new [quality] productive forces. One is a cooperation we have done with Wenzhou University, this is a myocchial lens for young kids and teenagers. This was launched actually at last year's CIIE. Since then, more than three million of these lenses have been sold globally. So this means you, you've been helping millions of kids globally for myopia, so this is a fantastic result. So if you look at this year's CIIE actually, practically 50 percent of products we are showing come out of innovation in China, either our own innovation with our R and D centers and or with local partners. What I am really looking forward to is really being able to create new contacts for deeper cooperation in many different areas, and I think this is where the CIIE offers a fantastic platform," said Foerst.
Reflecting on ZEISS' 67-year history in China and his 16-year residency there, Foerst radiated confidence in the future potential of the Chinese market, citing its undeniable allure and promising growth prospects.
"I'm very confident. Clearly, if you look in the next 10 to 20 years, the role of China is going to grow and the market in China is extremely attractive. This is why as Zeiss we are investing a lot of resources today, but also tomorrow into the Chinese market because we see in many areas big potential for growth. One of the biggest areas we see potentially is actually in innovation, which is why we are looking of doing a lot of research and development here in China, so we actually have a lot of investment in high technology which is still driving our company and our business. So it's actually still quite a positive environment for us," he said.
The CIIE is the world's first national-level exposition dedicated to imports. 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.
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.
CCIE offers 'fantastic' platform for innovation, market exploration: ZEISS CEO
