Day: November 3, 2022

Over 280 of the world’s top 500 enterprises and industry giants will participate in the event, among which nearly 90 percent are returning participants from last year, according to the CIIE Bureau and General Administration of Customs.

Since 2018, the annual fair has served as an open channel for international investment and procurement, part of China’s drive to open its market to the world.

“Promoting high-standard opening up” is stressed in a report to the 20th National Congress of the CPC, which said China should “steadily expand institutional opening up with regard to rules, regulations, management, and standards.”

Exhibitors at the four previous events launched more than 1,500 new products, technologies, service items and clinched tentative deals worth more than $270 billion, according to the Ministry of Commerce.

Many high-tech products will make a debut, including Tesla’s humanoid robot Optimus which applies powerful computer vision technology consistent with cars, as well as photosensitive resin 3D printers by Evonik Industries AG, which are suitable for making tough and impact-resistant materials.

A booming consumer market

CIIE opens up opportunities for companies around the globe to tap into the Chinese market, which is growing rapidly as a result of rising incomes and greater purchasing power of Chinese consumers.

In 2021, China’s per capita GDP increased to about 81,000 yuan ($11,203) and the per capita disposable income has more than doubled from 2012, official data shows.

Meanwhile, more people are moving into the middle-income class, with over 400 million middle-income earners in 2022 compared with 100 million a decade ago.

The growing purchasing power indicates the potential of the Chinese market, which companies, whether big-name multinationals or small start-ups, can access.

China’s trade in goods and services expanded from $4.4 trillion in 2012 to $6.9 trillion in 2021, ranking first in the world.

Over the same period, China’s actual use of foreign investment increased by nearly 63 percent. More than 47,000 enterprises had been established with foreign direct investment (excluding banking, securities and insurance), up by 23.5 percent on the previous year, official data shows.

Optimization of business environment

Over the past few years, China has witnessed an improvement in its business environment by improving market regulation services. In a World Bank report in 2020 on the ease of doing business, China ranked 31 out of 190 countries and regions, up from 78th in 2018.

In 2019, China issued the Regulation on Optimizing Business Environment, the first official document that clarified the correlation between the protection of intellectual property rights and the business environment.

Within the regulation, domestic investors and market entities are protected and foreign individuals and corporations can also get a valid patent or a trademark from the China IP administrative offices if they meet the statutory rules in intellectual property law.

In 2021, six economically developed cities were selected to take the lead in developing an international consumption center. The government also released a new guideline in 2022 to ease strains on small businesses and protect the legitimate rights of market entities.

High standard opening-up

Since the Foreign Investment Law was implemented in 2020, China has taken measures to encourage foreign investment and promote opening-up at a higher level, including easing market access for trade in services and investment and increasing the proportion of trades in goods with zero tariffs.

So far, China has signed 19 free trade agreements with 26 countries and regions, and the trade volume between China and its free trade partners takes up around 35 percent of the country’s total foreign trade, official data shows.

China introduced its first negative list for foreign investment, which refers to a document that delineates industries that are prohibited or restricted to private investment by companies, back in 2017.

The latest version of the negative list, released in 2021, reduced the number of restrictive measures from 33 to 31 and for the free trade zones from 30 to 27. The shortened list is part of China’s efforts to facilitate a higher degree of opening up to attract foreign investment.

“Over the past decade, China has made full use of the domestic and overseas markets and resources therein to expand its foreign trade and economic cooperation … and create a new paradigm of opening-up to the outside world,” said Chen Jian’an, vice chairman of the China Council for the Promotion of International Trade to CGTN.

The hosting of major exhibitions like CIIE demonstrates China’s initiative to open its market to the world, he added.

https://news.cgtn.com/news/2022-11-03/CGTN-China-embraces-better-business-environment-with-higher-standard-opening-up-1eEWZKjTi7e/index.html

Photo – https://mma.prnewswire.com/media/1937526/image_5009787_51154162.jpg

China is ready to work with Pakistan to elevate the level of all-round strategic cooperation, speed up efforts to build a closer China-Pakistan community with a shared future in the new era, and inject new impetus into their all-weather strategic cooperative partnership, Xi said.

After presenting the key outcomes of the 20th CPC National Congress, President Xi underscored that China will continue its fundamental policy of opening-up and provide new opportunities to Pakistan and the rest of the world through continuous development. China will further deepen synergy between its development strategies and those of Pakistan.

Xi pointed out that facing a highly uncertain world, both sides should stand on the right side of history, keep up their strong cooperation in multilateral mechanisms, and work closely on major international and regional issues so as to uphold true multilateralism, international fairness and justice and the shared interests of developing countries, and inject certainty and positivity into the world.

According to a joint statement issued after the bilateral meeting, the two sides held in-depth exchange of views on the bilateral relations as well as regional situation and international political landscape. The two sides agreed on the importance of China-Pakistan All-weather Strategic Cooperative Partnership amid the emerging global challenges. The meetings were marked by traditional warmth, mutual strategic trust and commonality of views.

In the meeting, Sharif noted that it is a great honor for him to be among the first foreign leaders to visit China after the successful 20th CPC National Congress, which marked a new milestone. The visit is a testament to the profound, ironclad friendship between Pakistan and China.

Sharif said that over the past decade, under the leadership of President Xi, China has created a miracle of great development achievements. China has upheld multilateralism, promoted global solidarity and cooperation, and made important contributions to safeguarding world peace and development. In doing so, China has lived up to its responsibility as a major country.

Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, told the Global Times “Having invited Sharif as one of the first foreign leaders to visit China after the conclusion of the 20th CPC National Congress, not only demonstrates the ever close relationship between the two sides but once again proves that the international community is optimistic about China’s development in the future, and is willing to strengthen ties with China.”

Pakistan fully supports the Global Development Initiative and the Global Security Initiative put forth by President Xi, said Sharif. It will strengthen communication and collaboration with China in international and regional affairs to make a positive contribution to world peace and development. “The Pakistan-China friendship is unbreakable. Pakistan will always stand firmly with China,” said the Pakistani prime minister.

Through the Belt and Road Initiative, China has helped Pakistan in solving two bottleneck problems plaguing Pakistan’s economic development – infrastructure and energy supply shortage, Qian said. Through the first phase of China-Pakistan Economic Corridor (CPEC) cooperation, it has laid a solid foundation and built a platform for Pakistan’s economic development in the next step, he noted.

“The close and effective strategic coordination between China and Pakistan has set an example of international cooperation and has delivered a clear message to the world, that countries with different social systems, nationalities, civilizations and stages of development can still achieve win-win cooperation,” Qian said.

The two sides will fully utilize the Joint Cooperation Committee of the China-Pakistan Economic Corridor, advance CPEC with greater efficiency, and make it an exemplar of high-quality Belt and Road cooperation, Xi said at the meeting.

China will work with Pakistan to expand cooperation in the digital economy, e-commerce, photovoltaic and other new-energy technologies, and take solid steps to advance cooperation concerning agriculture, science, technology and people’s livelihoods, the Chinese president said.

China will continue to do its best to support Pakistan in stabilizing its financial situation. China supports its provinces with a strong industry in pairing up with Pakistani partners to advance industrial cooperation, and hopes the Pakistani side will provide a sound business environment, Xi noted.

Noting completion of a decade of CPEC’s remarkable achievements in 2023, the two sides expressed satisfaction at CPEC’s contribution to socio-economic development of the two countries, according to the joint statement.

The two sides also noted that the recent meeting of CPEC Joint Working Group on International Cooperation and Coordination (ICC) had highlighted that CPEC was an open and inclusive platform. Both sides welcomed interested third parties to benefit from investment opportunities in the priority areas of CPEC cooperation such as industry, agriculture, IT, science and technology, and oil and gas.

Lin Minwang, a professor at the Institute of International Studies of Fudan University, told the Global Times that due to the fact that there is a clear advantage for the development of the CPEC – the high-level mutual trust between China and Pakistan, and such kind of trust toward China from Pakistan is a solid consensus shared by all major political parties and forces.

“With Sharif coming to power earlier this year, the China-Pakistan cooperation on the CPEC has focused more on the massive infrastructure projects, and to improve the livelihoods for the locals with more progress on infrastructure construction,” Lin said.

Sharif said Pakistan is ready to work with China to continue promoting high-quality Belt and Road cooperation, and hopes to have China’s strong support in the upgradation of ML-1, the Karachi Circular Railway and other important infrastructure projects. Pakistan will further step up security measures and do all it can to protect the safety of Chinese institutions and personnel.