Import expo to boost openness, market access

The 7th China International Import Expo, which is scheduled to be held in Shanghai from Nov 5 to 10, is a significant effort by the world's second-largest economy to enhance its high-level openness and provide the world with access to its super-sized market, officials and experts said.

The upcoming expo and similar trade exhibitions are poised to serve as crucial gateways for products from the least developed nations to access the vast consumer base in China and beyond, thereby driving inclusive and shared development, they added.

With an exhibition area of more than 360,000 square meters, the expo is set to welcome a total of 3,496 exhibitors from 129 countries and regions, surpassing previous records in both the number of participating countries and businesses, said Tang Wenhong, assistant minister of commerce on Wednesday.

As a platform dedicated to unveiling the latest in innovation, the expo will showcase over 400 groundbreaking new products this year, which will help drive industry upgrades and enrich domestic supply chains, Tang said during a news conference.

These premier products encompass a wide range of technological frontiers such as high-end equipment, new materials, marine engineering equipment, biotechnology, and advanced agricultural technologies, said Wu Zhengping, deputy director-general of the China International Import Expo Bureau.

As a participant in seven consecutive editions of the expo, medical technology company Medtronic will unveil nearly a hundred innovative products and technologies during the expo in the fields of cardiology, vascular health, surgical medicine, neuroscience, and diabetes care.

With China's vast population base, increasing healthcare needs and the government's steadfast commitment to public health, the Chinese market presents immense potential for companies like Medtronic to expand their presence, said Gu Yushao, senior vice-president of Medtronic.

Recognizing the opportunities that abound in China, Medtronic remains bullish on the market's prospects and is keen on deepening its local value chain, Gu added.

In a move to fortify the expo as an international public good, China has announced plans to enhance its support for 37 of the world's least developed countries by facilitating their participation at the trade event.

The expo will play a better role in bridging gaps and facilitating opportunities for enterprises from the least developed countries to access the vast Chinese market and participate more actively in the global economic landscape, Tang said.

This year's expo will showcase a significant expansion of the African products zone. With a focus on highlighting African specialty agricultural products such as shea butter, coffee, sesame, peanuts and soybeans, the zone aims to promote increased procurement agreements and the establishment of long-term cooperative relationships, Tang said.

China will grant duty-free access to 100 percent of products originating from 33 African countries, the country said during the Summit of the Forum on China-Africa Cooperation in Beijing in September.