China International Import Expo 2018: Did it Live Up to the Hype?

Posted by freemexy on May 21st, 2019

On November 10, 2018, the first ever China International Import Expo (CIIE) concluded in Shanghai. The expo brought together thousands of Chinese buyers with foreign companies and government representatives looking to export to the country.To get more import expo, you can visit shine news official website.

First announced by Chinese President Xi Jinping in May 2017, the expo marked the latest of a series of efforts to reverse global sentiments on China’s trade practices and to promote China as an open and free market.

With over a year of preparation, and consistently hailed by domestic media as China’s ‘first and largest import expo’, the CIIE received no shortage of attention.

Now, with the expo finally wrapped up, many are wondering whether it lived up to the hype, and if it will have any long-term effects on China’s global image and international trade partnerships.According to the CIIE Bureau, which organized the event, the expo had over one million attendees hailing from 172 countries, regions, and international organizations, and more than 3,600 enterprises.

Riccardo Benussi, Deputy Regional Manager at Dezan Shira and Associates’ Shanghai office, said that “as China is continually criticized for its trade and economic practices worldwide, the expo was a chance for China to show the outside world that there is a market for overseas products within the country.”Many high-profile leaders and top officials from across the world joined the event (the US being a notable exception), including some of the world’s most successful entrepreneurs, such as Alibaba’s Jack Ma, Microsoft’s Bill Gates, and Xiaomi’s Lei Jun.

However, the top executives of several multinational companies eschewed the event. For example, Starbucks CEO Kevin Johnson opted not to attend the CIIE even though he was in Shanghai at the time.

Nevertheless, many countries and foreign companies sent sizeable delegations to explore new business opportunities in China. Benussi greeted one such CIIE delegation, delivering a presentation to a group of representatives from over 50 Brazilian companies.

Benussi commented, “the expo was a significant opportunity for each representative country to showcase their unique and innovative products, whether it be the development of smart vehicles for medical purposes, heavy machinery from South Korea and Germany, or lightweight helicopters from Italy.”Of these deals, three industries stood out from the rest: the smart manufacturing industry (which represented almost a third of all deals at US.5 billion), followed by food and agriculture (US.7 billion), and the automotive industry (US billion).

Other notable sectors included consumer electronics products and home appliances (US.3 billion), consumer goods (US.4 billion), and trade services (US.2 billion).

Interestingly, the collective US.8 billion worth of deals, while an impressive sum, is equal only to one-third of China’s imports in October and is less than the US.9 billion of deals made at this year’s Canton Fair, which has traditionally been China’s most recognizable trade fair, dating back to as early as 1957.

Additionally, many observers are skeptical of the impressive figures that Chinese government officials tend to promote after such events. Often these agreements are pre-planned far in advance and announced at the conclusion of an event for positive optics. Further, many of the deals tend to be non-binding, meaning that they may not be carried out when all is said and done.