Foreign companies pin high hope on China's first import expo

The Shanghai's National Exhibition and Convention Center. [Photo: Xinhua]

Foreign companies are said to be pinning high hopes on the forthcoming China International Import Expo (CIIE) in Shanghai.

Serafino Bartolozzi, vice chair of the EU Chamber of Commerce in China, suggests the Import Expo will be an opportunity for foreign companies to gain greater access to the Chinese market.

"China Import Expo in November is going to be a very good opportunity to showcase the opening up of the Chinese economy. It is also a very strong response to the trade frictions that we see happening in the world today," says Bartolozzi.

Ken Jarrett, chair of the American Chamber of Commerce in China, says U.S. companies are also expressing strong interest attending the event in November.

"Over the course of the week when the exposition takes place, probably every governor and party secretary and the heads of all of the major cities in China will come to the exposition and that at the close will be the announcement that over the period of the exposition, China signs deals equal to X-amount," says Jarrett.

Over 2800 companies from more than 130 countries and regions have already signed up to take part in the expo, and they are due to showcase hundreds of new products, technology and premium goods from their countries.

Among the first overseas companies to sign contracts to take part in the event is US giant General Electric.

Duan Xiaoying, CEO of General Electric China, says they expect to display products from GE's various divisions.

"The digital pavilion will exhibit digital power and wind plants, as well as an asset cloud manager in the medical sector. It will also show off artificial intelligence applications which can be used in the video sector. All of these will be exhibited in China for the first time," says Duan.

Meantime, officials from the Association of German Chambers of Commerce and Industry are suggesting the Import Expo's significance will not be limited to the exchange of goods.

The association's foreign trade chief, Volker Treier, says the expo should help develop the multilateral trading system.

"We have some doubts whether we will have open markets like we had in the last, let's say 20 years. Maybe and hopefully this could be another topic beside the business prospective in Shanghai that we can discuss how we can develop a better multilateral system of world trade," says Treier.

The China International Import Expo will have three sections, including a country pavilion for trade and investment, an enterprise and business exhibition, as well as the Hongqiao International Trade Forum.

The event will cover nine exhibition halls at the Shanghai's National Exhibition and Convention Center from November 5th to 10th.