The 7th CIIE Photo: VCG

The 7th China International Import Expo (CIIE) in Shanghai from Tuesday to Sunday is not only a continuation of the previous six expos, but also signifies a new height of China's firm opening-up to the world, after the third plenary session of the 20th Central Committee of the Communist Party of China (CPC).

This year's CIIE is attended by 152 countries, regions and international organizations, covering all five continents, with both developed and developing countries, a symbol of world gathering and a marketplace for global suppliers. The exhibition for enterprises at the CIIE maintains a scale of more than 360,000 square meters, with 3,496 exhibitors from 129 countries and regions participating. A record high of 297 Fortune Global 500 and industrial leaders are present. 

The 7th CIIE is a convincing platform for Global South cooperation. China offers 120 free stands for 37 least developed countries (LDCs). Native products, ranging from honey from Zambia, coffee from Ethiopia and cashew nuts from Tanzania and so on, provide the vast China market for their products and generate more jobs in their home countries. It is also a practical step in implementing the Summit of the Forum on China-Africa Cooperation, and the UN 2030 Sustainable Development Goals.

CIIE is also a major platform for cooperation with Global North, or the developed countries. The American business pavilion is again the largest among all countries, as for the past six expos. Leading American multinationals continue to show great interest in seeking trade and investment opportunities, despite the lingering tensions between the two countries. 

CIIE is the leading international platform for high-tech import and investment, which is of key importance to China's modernization, and for suppliers all over the world. There are over 400 latest new products, new technologies, and new services on show at the 7th CIIE. Many of them are making their debut to the world. 

Japanese electronics company Toshiba displayed a new battery of lithium titanate as cathode, improving significantly the efficiency of electric vehicles. Honeywell, the US industrial giant, displays various technologies and solutions on industrial automation, aerospace and new energy. The 7th CIIE has added a new area - a hall of new materials. With a floor space of 8,000 square meters, it covers electronic, metal, ceramic and special materials which serve as the key base of chips, semiconductors, AI, quantum information, high-end industrial equipment, pharmaceutical industry and new energy. 

The past 6 CIIEs have displayed over 2,500 latest products and technologies from various parts of the world. The accumulative import and investment agreements of letters of intent volume hit $420 billion, a great contribution to China's new quality development, with great market potential for the world. 

China needs CIIE to change its import structure toward high technology. A substantial lift of high-tech products' share in total imports is undoubtedly of strategic importance for China's modernization, and CIIE, as has shown over the past six years, will undoubtedly serve as a major engine and marketplace toward this goal.

The third plenary session of the 20th CPC Central Committee laid out the fundamental policy orientation and blueprint for the overall deepening reforms and opening-up. The 7th CIIE is the largest showcase of China's opening-up after the historical third plenary session. There are no longer foreign investment restrictions on the manufacturing sector. The financial sector opening-up is also accelerating, with 100 percent foreign-owned banks, insurance companies and institutional investors eligible for operation in China. Hospitals and other medical services are also open to foreign ownership. It can be expected that the 7th CIIE will see a new wave of foreign investment in China and a new rise in China's high-tech product imports.

CIIE is a world-leading platform for world business and investors as well. Zeiss, the world leader in optical products and solutions, has participated in CIIE every year. Maximilian Foerst, president and CEO of ZEISS China, said, "We truly believe if you want to be a global leader, you need to be in China." Milind Pant, CEO of Amway Corp., said China has been the company's largest, fastest growing and most important strategic market for over 20 years, adding that Amway will continue to invest in China.

CIIE is not a solo for China, but a chorus for the whole world. As a leading marketplace and a showcase of China's opening-up, CIIE serves as a convincing public good of China and of the world.

The author is a senior fellow at the Center for China and Globalization (CCG). opinion@globaltimes.com.cn