CIFTIS venue Photo: Li Hao/GT

 

A number of exhibitions and trade shows to be held in the second half of this year are expected to inject confidence and stability into the Chinese market, analysts said on Tuesday.

Their comments came as the Ministry of Commerce (MOFCOM) announced that about 1,000 business groups from nearly 100 countries and regions are expected to attend the 23rd China International Fair for Investment and Trade in Xiamen, East China's Fujian Province from September 8 to 11.

More such large-scale trade events are expected to last well into the end of the year.

A day earlier, the MOFCOM said that more than 2,200 enterprises had confirmed on-site attendance at the 2023 China International Fair for Trade in Services, which will run from September 2 to 6 in Beijing, as the country tries to tap the vast potential of trade in services.

On Sunday, the China Council for the Promotion of International Trade said that more than 300 well-known Chinese and foreign enterprises from 50 countries and regions had confirmed their participation in the first China International Supply Chain Expo, also to be held in Beijing, from November 28 to December 2.

On Monday, during his meeting with a US business delegation, Chinese Premier Li Qiang said China will open its doors even wider to the outside world. As the country is making headway in high-quality development and Chinese modernization, its massive market is blessed with huge potential and opportunities for growth, the premier said.

The string of exhibitions has underscored China's determination to further open its market for foreign businesses, and these events are expected to inject fresh confidence into the Chinese market with enhanced exchanges.

Analysts said that while one exhibition can only have a limited effect in boosting real economic growth, from the volume of contracts signed, the event provides a platform for international exchanges and demonstrates China's potential to the outside world.

"A string of such events will effectively promote multilateral exchanges, foster the positive image of China as a reliable trade and investment partner, and let more people feel in person China's business environment," Huo Jianguo, a vice chairman of the China Society for World Trade Organization Studies in Beijing, told the Global Times on Tuesday.

Huo noted that swifter implementation is needed for a set of newly introduced policies to stabilize foreign investment. "Market confidence will be boosted once people see policies are firmly landed on the ground," Huo said.

In the first seven months, foreign direct investment inflows in actual use totaled 766.71 billion yuan ($105.11 billion), down 4 percent year-on-year, data from the MOFCOM showed on August 18.

Amid shrinking global demand and decisions by some foreign companies to reallocate their resources, China has attached greater importance to attracting foreign investment.

On August 13, China's State Council, the cabinet, issued a 24-point guideline covering six areas, including improving the quality of utilizing foreign investment and ensuring national treatment for foreign-backed enterprises, to improve the climate for foreign investment and attract more funds, in a move to stabilize second-half economic growth.

Chinese officials, both at the central and local levels, have announced measures to stabilize foreign investment and have been actively meeting representatives from foreign businesses.

After a suspension of three years, organizers of the 6th China International Import Expo, the world's largest import trade fair to be held in November, restarted promotion tours recently in a number of countries in Europe and Africa in person, according to the expo's official WeChat account.