Import expo helps China in economic governance

By Ling Shengli Source:Global Times Published: 2019/11/7 19:53:40

Photo: IC

By hosting the second China International Import Expo (CIIE), the country is sending positive signals amid a slew of international problems - resistance to globalization, rising protectionism, machinations by major powers - confounding attempts at better economic governance. The jamboree of over 3,000 companies from more than 150 countries in China's financial capital Shanghai that will end on November 10 has received widespread attention as the second largest economy seeks to open its arms wider to the world.

Holding the CIIE showcases China's leap forward in economic governance. The expo is a global platform for other countries to demonstrate and introduce their own products, as well as a place to discuss major issues including foreign trade, world economy and global economic governance. Hosting the event underscores China's market advantage, its open mind, as well as its determination to support trade liberalization and globalization.

China is now the world's largest trader in goods and a major trading partner of over 120 countries and regions across the world. It is providing world citizens with attractive products at reasonable prices. The country's growth has contributed about 30 percent annually on average to world economic growth since 2002. A crucial engine of world economic recovery and growth, China has become the backbone of the global trading community as well as a main force promoting trade liberalization. 

But China's economy is not entirely dependent on exports, the country is proactively expanding imports. Through ways like holding the CIIE, China is importing more products, which is in stark contrast to the high tariff wall built by some countries. It reflects China's attitude toward trade liberalization. 

The CIIE also brought to the fore China's attitude to opening-up, which in the future remains a condition for the country's quality development. Therefore, China will adopt measures including broadening market access, creating a more attractive investment environment and expanding imports. The CIIE is not just an exhibition, but an event to show China's resolve and moves to open up its market. It is the second time China is holding the CIIE and could institutionalize it in the future. This mirrors China's confidence in opening up to the world in the long term. 

Protectionism has torn the world apart. China categorically rejects protectionism and unilateralism. Meanwhile, it is promoting reforms in global economic governance. 

At the World Economic Forum, the BRICS and APEC summits, China has reiterated its willingness to promote global economic governance. It has proposed gradual reform and sought respect for institutions such as the WTO. Compared with a series of US rollbacks from international organizations and agreements, China believes the multilateral trading system is the cornerstone of international trade and the pillar for the healthy development of global trade. 

What China is doing now shows its value as a proactive participant, firm defender and important contributor to the multilateral trading system. By hosting the CIIE, it is establishing a new global cooperative platform to provide more opportunities to countries to communicate and to boost their consensus on reforming global economic governance.

The ongoing CIIE is China's response to protectionism and unilateralism. It shows the country's attitude toward free trade, opening-up and cooperation. As long as more countries share the same values with China, such an event will herald optimism for the advent of an open world economy. 

The author is director of the International Security Study Center at China Foreign Affairs University.

Posted in: VIEWPOINT

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