The seventh annual China International Import Expo (CIIE), held from November 5 to 10 in Shanghai, has once again gathered industry leaders, innovators, and economic influencers from across the globe. With a record-breaking exhibition space of over 420,000 square meters, CIIE 2024 promises to offer unparalleled opportunities for international enterprises, small and large, to showcase innovations, forge strategic partnerships, and penetrate the vast Chinese market.

A Global Platform for Mutual Growth and Opportunity

The seventh edition of CIIE, hailed as a global meeting ground for collaborative growth, has attracted participants from 152 countries, regions, and international organizations. An impressive 3,496 companies from 129 countries are represented in the enterprise exhibition, setting new records with 297 participants from the Fortune 500 and industry-leading firms.

Longstanding participants like Shiseido and Zeiss illustrate the event's impact. Shiseido’s Chairman and CEO Masahiko Uotani underscored that the expo has served as a dynamic platform for product debuts and cutting-edge innovation. "Each year at CIIE, our understanding of ‘innovation’ deepens, as we unveil new products and form collaborative partnerships,” Uotani remarked, praising China's commitment to shared innovation opportunities. Similarly, Zeiss CEO Max Foster commented that CIIE has been instrumental in Zeiss's growth in China, a market it has cultivated since opening its first Chinese factory in 1998, and which now boasts nearly 7,000 employees.

Unveiling Future Technologies and Services

Over the past six years, CIIE has facilitated the introduction of nearly 2,500 breakthrough products, technologies, and services. In a significant economic footprint, these efforts have generated over $420 billion in intended transactions. This year’s expo continues this trajectory, serving as a premier global debut venue for more than 400 products, services, and technologies. CIIE’s drive for constant reinvention has galvanized global companies to reveal cutting-edge developments, from advanced manufacturing equipment to pioneering AI solutions.

Amorepacific China President Park Tae-ho described the expo as an ideal stage for new product launches and technological demonstrations. Amorepacific, renowned for its skincare brands, is using CIIE as a launching pad for over 20 new products. Meanwhile, Beiersdorf Group’s Managing Director for Northeast Asia, Xia Wei, highlighted their debut of several advanced digital solutions, including Stability Automation Robot (StAR), a world-first in formulation stability testing, alongside advanced AI-powered wrinkle detection technology.

Financial Innovation at the Forefront: Bank of China’s Role in Facilitating Global Transactions

Bank of China (BOC), a strategic partner of CIIE since its inception, has continued to elevate its support for global exhibitors by offering financial expertise and cross-border solutions. This year, BOC has emphasized digital RMB payment applications and fintech-powered cross-border transactions. These services enable smoother business operations for international companies participating in CIIE and reinforce the internationalization of the renminbi (RMB).

In addition to onsite services, BOC launched a green finance campaign aimed at promoting low-carbon practices. Visitors can partake in a VR-enabled cycling program promoting eco-friendly lifestyles. Online, the bank has collaborated with public transportation providers, bike-sharing companies, and EV charging platforms to support Shanghai’s green transformation.

BOC has also expanded its mobile banking platform with a dedicated CIIE section, providing a one-stop shop for foreign exhibitors and visitors. For instance, foreign visitors can now pay registration fees using international credit cards and utilize digital RMB or WeChat Pay. With a goal to deploy over 10,000 payment terminals across Shanghai, BOC aims to streamline transactions for foreign attendees throughout the event and beyond.

Boosting Least Developed Countries' Access to the Chinese Market

This year's CIIE also provides valuable access to China's expansive market for least developed countries (LDCs), particularly in Africa. The African Product Zone showcases specialty products from the continent, including shea butter, coffee, and sesame, underscoring China’s commitment to inclusive economic globalization. According to UN data, 45 nations are currently categorized as LDCs, with 33 of them located in Africa. In alignment with China's commitment to supporting African exports, China has pledged duty-free access to all products originating from these 33 countries.

One notable success story is Zambia's Mpundu Wild Honey Ltd., which first entered CIIE in 2018 with less than a ton of exports. By leveraging the expo's platform, Mpundu has steadily expanded its honey exports to nearly 20 tons annually. Company CEO Zhang Tongyang emphasized the importance of supporting small African businesses at CIIE, allowing them to showcase products such as rooibos tea, Ghanaian black soap, and aloe vera gels from the Cape of Good Hope.

This support, coupled with China's duty-free access for LDCs, is expected to catalyze further integration of African businesses into the global economy. “The combination of CIIE and duty-free access policies can empower African countries to enhance their global supply chain participation, driving sustainable economic growth,” said Wang Zhimin, a researcher at the Academy of China Open Economy Studies.

A Confluence of Technological and Environmental Innovation

CIIE's commitment to promoting cutting-edge innovation is evident in its technology and equipment section, featuring products across high-tech fields such as new materials, advanced agricultural technology, and biotechnology. This year's expo also includes expanded spaces dedicated to artificial intelligence, industrial automation, and environmental sustainability. For example, Honeywell has set a new record with over 100 exhibits in areas ranging from industrial solutions to eco-friendly technologies.

The environmental focus extends to the expo's newly enhanced zones, with thematic areas covering green energy, water treatment, and environmental technology. Global leaders in water treatment have convened to exchange expertise and showcase solutions that could shape a more sustainable future.

CIIE's Impact on Regional Economic Cooperation and Development

The CIIE Trade and Investment Matchmaking Conference, organized by BOC, remains a pivotal element of the expo. Since its launch, the conference has facilitated over 10,000 matchmaking rounds, fostering more than 5,000 collaboration agreements between domestic enterprises and overseas exhibitors. The combined transaction amount from these agreements has exceeded $40 billion.

Furthermore, BOC's Shanghai branch has organized roadshows in 13 cities, showcasing CIIE's impact on local and regional economies. With nearly 120 promotional events in 80 countries, BOC's dedication has played a significant role in increasing CIIE's international profile.

Looking Ahead: CIIE as a Catalyst for Global Economic Synergies

CIIE continues to symbolize China's commitment to a mutually beneficial open economy, offering a fertile ground for both major corporations and emerging economies to grow. From digital finance and environmental sustainability to cross-border partnerships, CIIE 2024 exemplifies how a truly globalized event can foster not only economic integration but also shared progress.

As China further integrates LDCs and champions sustainable practices, the expo is poised to play an even more transformative role in the global economic landscape. Through CIIE, China has established a platform where companies, regardless of size or origin, can access the world’s second-largest economy and contribute to a globally inclusive growth model.