CIIE: A Global Economic Stimulator
Editor's Note: The author is Dr. Mehmood Ul Hassan Khan, Executive Director of the Center for South Asia & International Studies (CSAIS), Islamabad, and Regional Expert on China, CPEC & BRI. This article only reflects the opinion of the author, not necessarily of Gwadar Pro.
The China International Import Expo (CIIE) commenced from November 5, 2022 in Shanghai. It has multiple socio-economic effects in terms of promoting international procurement, attracting inflows of foreign direct investments, free exchanges of befitting commercial ideas, and people-to-people exchanges and supporting China's wider opening-up to the international goods.
The world economy is now passing through a recessionary period with widespread protectionism, frequent imposition of sanctions, irrational increase of the US FED rates, and geopolitical misadventures. The successful holding of the 5th CIIE is a good omen for the region as well as the global economic system by stimulating business and investment confidence among the international community and promoting the global economic recovery.
Analysis reveals that business activities in terms of expos, exhibitions and fairs have been contributing substantially to trade, investment and personnel exchange. The 5th CIIE is another value addition to fostering business and economic productivity among multinational companies.
In this regard, according to the Chinese official figures, the previous four expos of CIIE, more than 1,500 new products, technologies and services, with a cumulative estimated turnover of more than $270 billion have been exhibited, engaging more than 145 countries around the world.
Countries under the Regional Comprehensive Economic Partnership (RCEP) have sent their private companies to CIIE. BRI member countries and Shanghai Cooperation Organization (SCO) countries have also increased their representation, showing great confidence in the Chinese market and reflecting China’s official policy of opening-up.
Moreover, more than 280 enterprises from Fortune 500 companies have joined, nearly 90 percent being repeated participants.
It is also a window of opportunity for the least developed countries because all facilities and booths are being offered free of cost. Afghanistan staged a special booth and its food and agricultural products such as dried apricot, saffron crocus, pine nut, etc. have attracted wide attention.
Pakistani companies are showcasing jewelry, salt lamps, blankets, gemstone and marble, which have won many hearts and customers.
CIIE stands for free trade and ideas. It stands for promotion of economy and modernization which will be further strengthened through shared prosperity. It will convey to the world that the misleading Western narrative about the Chinese economy false, fake and fictional. China's door will not be closed, but instead will open wider because it is the hub of connectivity and creativity.
