Import expo to help spur global trade

[wisepowder]

Import expo to help spur global trade

Officials, experts, business chambers and corporate leaders from around the world have expressed their confidence in China's role in helping to offset global economic downward pressure as the country demonstrates its clear commitment to opening-up with its hosting of a series of landmark trade events.To get more news about China International Import Expo 2020, you can visit shine news official website.

The highlight of this recent activity is the third China International Import Expo, at which President Xi Jinping will deliver the keynote speech via video at its opening on Wednesday.

Analysts anticipated that the president, in his speech, is likely to send more signals about China's future dedication to opening-up and promoting global trade.

First held in 2018, the expo has seen its organizer and exhibitors overcome a number of challenges this year, especially those due to the ongoing COVID-19 pandemic and strong economic headwinds.

The International Monetary Fund, in a report published last month, projected a global contraction of 4.4 percent and a return to growth of 5.2 percent in 2021.

The exhibition area of this year's expo has increased by nearly 30,000 square meters to 360,000 sq m, and the number of clients so far has surpassed that in previous years, according the expo's organizer.

The expo demonstrates China's firm commitment to actively opening its market to the world, and it "proves that China is always committed to promoting international trade and multilateralism despite the COVID-19 pandemic", said Seang Thay, a spokesman for the Cambodian Ministry of Commerce.

The event is being held just a few days after policymakers unveiled a fresh vision for China's future growth, economic buildup and opening-up for the upcoming five and 15-year periods.

China will take new steps in reform and opening-up in the next five years and complete in general the building of a high-standard market system, said a communique released on Thursday after the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China.

Media and analysts pointed out that the communique mentioned the phrase "opening-up" 11 times.

The new institutions of an open economy at a higher level will take shape, the country's opening-up will advance in greater scope, range and depth, and it will leverage the advantages of its huge market to promote international cooperation and achieve win-win results, the communique said.

Also, China will further push for liberalizing and facilitating trade and investment, advance the innovative development of trade, seek quality growth in joint building of the Belt and Road and take part in reforming global economic governance, the communique added.

Xu Xiujun, a leading researcher at the Chinese Academy of Social Sciences' Institute of World Economics and Politics, said "seeking quality opening-up and breaking new ground for win-win collaboration are indispensable" as China works to shape a new development pattern during the 14th Five-Year Plan (2021-25).