China's import expo opens, Xi urges building an open world economy

Chinese President Xi Jinping announced the opening of the world's first import-themed national-level expo in Shanghai on Monday, calling it a "trail-blazing" move in the history of international trade development.

Chinese President Xi Jinping delivers a keynote speech at the opening ceremony of the China International Import Expo in Shanghai on November 5, 2018. [Photo: Xinhua]

A total of 172 countries, regions and international organizations from five continents will showcase their development achievements and international image at the first China International Import Expo (CIIE).

More than 3,600 companies from different countries will hold discussions and seek common development with over 400,000 purchasers from China and overseas.

The CIIE is "a major policy for China to push for a new round of high-level opening-up and a major measure for China to take the initiative to open its market to the world," Xi said when delivering a keynote speech at the opening ceremony.

He underscored the role of economic globalization, saying that it is "an irreversible historical trend" and provides strong momentum for world economic development.

"All countries should be committed to opening up and oppose protectionism and unilateralism in a clear-cut stand," Xi said, calling for joint efforts to build an open world economy.

China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening up, and promote international cooperation at multilateral and bilateral levels, Xi said.

In addition, the Chinese president announced that China's imported goods and services were estimated to exceed 30 trillion U.S. dollars and 10 trillion U.S. dollars, respectively, in the next 15 years. 

Photo taken on November 4, 2018 shows the National Exhibition and Convention Center (Shanghai), the main venue to hold the upcoming first China International Import Expo (CIIE). [Photo: IC]

In a time when the waves of protectionism and unilateralism are threatening global growth, the expo is expected to muster support for free trade and inject certainty to the world economy.

The fair will be the epitome of the global economy, with various quality exhibits ranging from German machine tools, Japanese robots and U.S. medical equipment to Australian wine, Brazilian farm produce and South Sudanese handicrafts.