Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
China promises to open up further in the face of protectionist trends

China promises to open up further in the face of protectionist trends

ChinaBy Biswajit Choudhury,

Shanghai : The first China International Import Expo (CIIE) that concluded here on Saturday can be called a success if only for its signal to the world that the second-largest economy will open up further in the face of protectionist, anti-globalising trends ruling in the developed world.

The material indicators of CIIE’s success also abounded, where over 400,000 local buyers had the opportunity to interact with more than 3,500 businesses from 172 countries. The gigantic exhibition complex was a beehive of activity with businesses signing thousands of deals and purchase agreements.

At the same time, the declaration of China’s further opening, on the 40th anniversary of its Deng Xiaoping-led 1978 liberalisation, appeared to find an echo in the results of the Congressional elections in the US, which has launched a trade war on the Asian nation by imposing tariffs on around half the Chinese imports into America. President Donald Trump has threatened to deepen the conflict and target all imports from China.

In his opening address at the Shanghai trade expo — whether under American pressure or otherwise — Chinese President Xi Jinping promised to lower import tariffs and make it easier for foreign companies to access China’s market. This holds promise for trading partners like India and the US which have massive trade deficits with China.

Declaring that “openness had become a trademark of China”, Xi said that his country “would continue to broaden market access”.

In an indirect reference to US protectionism, he said: “In a world of deepening economic globalisation, practices of the law of the jungle and winner takes all only represent a dead end. An inclusive growth for all is surely the right way forward.”

Xi also said that China would hasten negotiation process for both a China-European Union investment agreement and a regional China-Japan-South Korea free trade deal.

He announced that China’s import of goods and services were estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

The showcasing of the Chinese market through an expo organised around the theme “New Era, Shared Future”, comes at a time when the country is striving to boost consumption in an attempt to transit away from years of manufacturing-led growth.

According to an official statement, companies that signed deals at the CIIE include multinationals like Volkswagen, Westinghouse Electric, ABB, Carnival, Rolls-Royce and Standard Chartered. American majors like General Motors and Google took part in the expo.

At the expo, Chinese e-commerce giants Alibaba and JD.com announced plans to import $200 billion and $14.4 billion of merchandise, respectively.

Beyond the billions of dollars of purchase agreements signed at the week-long CIIE, foreign businesses and observers spoke of the need for clarity on concrete steps that would facilitate longer-term market access in China.

Professor at Jawaharlal Nehru University’s Centre for East Asian Studies, Srikanth Kondapalli, an invitee to the CIIE Media and Think Tank Forum, told IANS here that countries which took part in the Shanghai expo now await the concretising of promises made to open up the economy.

“The world is now looking to see how the policy measures articulated by President Xi will be implemented in the near future,” he said.

Indian companies participated in the CIIE with the country pavilion focusing on key sectors such as food, agro products, pharmaceuticals, IT and ITES, tourism and services.

China is India’s largest trading partner and bilateral trade last year touched nearly $90 billion, while the trade deficit stood at over $63 billion.

India reiterated its concerns at the CIIE over the increasing trade deficit with China and asked Beijing to give Indian products more access to the Chinese market in the areas of pharmacy, agriculture and information technology.

An Indian embassy statement said that Commerce Secretary Anup Wadhawan, who attended the CIIIE and met here with China’s Vice Commerce Minister Wang Shouwen, told the Chinese minister that “areas such as agriculture products, pharmaceuticals, information technology services and tourism, in which India has proven strengths and significant global presence but a minuscule presence in China, need to be encouraged in bilateral trade.”

The statement also said that Wadhawan acknowledged the Chinese government’s efforts in clearing some of the market access issues for products such as rice and rapeseed meal, and expressed satisfaction over progress on soybean meal and pomegranate, among other commodities.

Foreign speakers at the media and think tank forum lauded China’s initiative on opening up and globalisation at a time when the revival in world economic growth is still at its beginnings.

“The spirit of cooperation has been put at risk by a vicious cycle of protectionism and economic setbacks. Global imbalances are challenging stability and economic growth,” former French Prime Minister Dominique Villepin said in his address.

Noting that the economic momentum had shifted away from the Western economies towards more “multi-polar growth”, Villepin called for urgent reform of multilateral institutions like the IMF and the WTO by granting more voting rights to countries like India and Russia.

Poland’s former Finance Minister Grzegorz Kolodko said the world is now witnessing the “crisis of neo-liberal capitalism…a crisis of the system, of views and policies. The contribution to new thinking is now coming from countries like China and others,” he said.

“Globalisation has not been inclusive in recent times but has been going towards neo-liberalsm, enriching the few, including the middle class. So what has emerged, in reaction, is neo-nationalism,” he added.

With the success of the first edition of CIIE, China is already planning a second edtion of the Shanghai expo to be held next year.

(Biswajit Choudhury visited the CIIE at the invitation of China’s State Council Information Office. He can be reached at biswajit.c@ians.in )

—IANS

China’s import expo opens, Xi urges building open world economy

China’s import expo opens, Xi urges building open world economy

China International Import Expo (CIIE)Beijing : Chinese President Xi Jinping announced the opening of the world’s first import-themed national-level expo here on Monday, calling it a “trail-blazing” move in the history of international trade development.

A total of 172 countries, regions and international organisations from five continents will showcase their development achievements and international image at the first China International Import Expo (CIIE), reports Xinhua news agency.

More than 3,600 companies from different countries will hold discussions and seek common development with over 400,000 purchasers from China and overseas.

The CIIE is “a major policy for China to push for a new round of high-level opening-up and a major measure for China to take the initiative to open its market to the world”, Xi said when delivering a keynote speech at the opening ceremony.

He underscored the role of economic globalization, saying that it is “an irreversible historical trend” and provides strong momentum for world economic development.

“All countries should be committed to opening up and oppose protectionism and unilateralism in a clear-cut stand,” Xi said, calling for joint efforts to build an open world economy.

The fair will feature various quality exhibits ranging from German machine tools, Japanese robots and US medical equipment to Australian wine, Brazilian farm produce and South Sudanese handicrafts.

With the slogan “New Era, Shared Future”, the expo is the brainchild of Xi and is set to become a platform for win-win economic cooperation and a landmark project in the country’s higher-level opening up.

China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening up, and promote international cooperation at multilateral and bilateral levels, Xi said.

The expo comes at an inflection point as China transitions to high-quality development and shifts from the world’s workshop to the world’s market, with the world’s biggest middle-income population demanding higher-quality consumer products.

Xi announced that China’s imported goods and services were estimated to exceed $30 trillion and $10 trillion, respectively, in the next 15 years.

China has been the world’s second largest merchandise importer for nine consecutive years.

This year marks the 40th anniversary of China’s reform and opening up, and has seen a flurry of concrete measures taken by the country to open its doors wider.

“China will not close its door to the world and will only become more and more open,” Xi added.

—IANS

Pakistan has great potential in upcoming CIIE in Shanghai: Official

Pakistan has great potential in upcoming CIIE in Shanghai: Official

Abdul Razak Dawood

Abdul Razak Dawood

Islamabad : Abdul Razak Dawood, advisor to Pakistani Prime Minister on commerce, textile, industry and production, and investment, has said that Pakistan has great potential in the China International Import Expo (CIIE) in Shanghai from November 5-10.

Pakistan wants to bring forward industrial cooperation with China, Dawood said while speaking to Xinhua news agency.

“Development of Gwadar and development of industrial cooperation are the two main things we want (from China), apart from having a market access to China.”

He added that Pakistan wants to take its textiles, leather, sugar, rice and other agricultural products to Chinese business markets in the initial stage, but later it will do business in light engineering.

Dawood, who attended an event organised for promoting friendly cooperation between Pakistani and Chinese businessmen, said while addressing the session that the Pakistani government wants to make CIIE participation fruitful, as it will give a chance to bring business people of the two countries closer.

He added that Pakistani Prime Minister Imran Khan and businessmen are going to Beijing to expand the role of the China-Pakistan Economic Corridor (CPEC) as the Chinese government has opened its gates for them, and now its Pakistan’s turn to use this opportunity to develop the country.

He said that the Pakistani government wants industrialisation to develop more and CPEC is one of the important vehicles Pakistan can use to achieve that goal.

Dawood said that the main priority of the current Pakistani government is to enhance its exports, adding that when exports increased it will lead to job creation to millions of people who are unemployed.

—IANS