Xinhua News Agency Economic Essay: Looking at the vast and surging sea of China's economy from the 8th China International Import Expo

On the banks of the Huangpu River, the annual "Treaty of the East" has entered its eighth year.

At this moment, China's history has just opened a new chapter. More than half a month ago, the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was successfully held, marking the beginning of the development blueprint for the 15th Five Year Plan. In over a month, Hainan Free Trade Port is about to launch a full island lockdown, and China's high-level opening-up to the outside world will usher in a new wave.

The Chinese economy is a vast ocean, not a small pond. "In 2018, General Secretary Xi Jinping delivered a keynote speech at the opening ceremony of the first China International Import Expo, using the ocean as a metaphor to deeply explain the Chinese economy.

At the 8th grand event, the world witnessed the magnificent and surging waves of China's economy.

The first seven editions of the CIIE have attracted a total of 23000 overseas exhibitors, with an intended transaction volume exceeding 500 billion US dollars. At this year's CIIE, 4108 overseas companies participated, with an exhibition area exceeding 430000 square meters, all setting a new historical high.

Behind the data lies the continuous growth and upgrading of the Chinese market.

In 2024, the total retail sales of consumer goods in China will exceed 48 trillion yuan, and it is expected to exceed 50 trillion yuan this year. From 2021 to 2024, the average contribution rate of domestic demand to China's economic growth reached 86.8%, of which the average contribution rate of final consumption expenditure was 59.9%. In the next five years, the consumption rate of Chinese residents will significantly increase, and the role of domestic demand in driving economic growth will continue to strengthen.

The Chinese market is large and open enough, and it is a market that we are confident in deeply cultivating. From agriculture and animal husbandry to supply chain management and food processing technology, CP Group, headquartered in Thailand, has demonstrated its growth and innovation in the Chinese market.

In the lively live broadcast room, exhibitors from around the world have direct conversations with Chinese consumers, sparking sparks; At booths and forums, companies communicate and negotiate with government representatives, customers, and upstream and downstream industry chain partners to perceive market trends and test innovative achievements.

In the service trade exhibition area, Swire Group brings branded commercial real estate projects such as "Taikoo Li". In the first three quarters of this year, Swire's major property projects in mainland China achieved positive growth in retail sales. This is closely related to the prosperity of Chinese cultural tourism

In the exhibition area of agricultural and food products, the "the Belt and Road" co construction of fresh fruits with national characteristics brought by the overseas company of Xinrongmao Group made its debut in the world. Introduce high-quality fresh fruits from around the world into the Chinese market and continuously meet the increasingly diverse needs of Chinese consumers

At the 8th grand event, the world witnessed the surging momentum and abundant vitality of China's economy.

The important trends and major deployments in China's high-quality development process, such as new quality productivity, dual carbon targets, and future industries, have grown valuable market opportunities on the CIIE platform.

Our innovation is closely linked to the upgrading needs of Chinese industries. Ingersoll Rand Group, headquartered in the United States, is confident in the potential of the Chinese market. There are opportunities for green transformation, new quality of industrial upgrading, and synergy for Chinese enterprises to go global

AstraZeneca's first product launched at the 2018 CIIE has accumulated imports of over 100 million US dollars in the Chinese market. Last year, China showcased 7 innovative products for the first time, and this year one has already been approved in the field of rare disease treatment. In March of this year, AstraZeneca announced a $2.5 billion investment to establish its sixth global strategic research and development center in Beijing.

Fosun Pharma has launched multiple new products. The "Internet celebrity" exhibit Da Vinci surgical robot, which has participated in eight exhibitions, has been registered in more than 370 hospitals in mainland China, Hong Kong and Macao, serving over 810000 patients.

The rich application scenarios and scale advantages brought by the super large scale market attract global innovation forces to gather here. During the CIIE, China released the "Implementation Opinions on Accelerating Scene Cultivation and Opening up to Promote the Large scale Application of New Scenarios", which will accelerate the cultivation of 22 types of scenes in the field of artificial intelligence, unmanned systems in the entire space, and promote the opening up of scene resources.

Innovation and application, technology and industry, consumption and investment, supply and demand, are integrated and interacted on the platform of the CIIE, injecting a steady stream of power into the smooth domestic circulation and domestic international dual circulation.

At the 8th grand event, the world witnessed the openness, inclusiveness, and inclusiveness of China's economic sea, which embraces all rivers.

The development of human civilization is often engraved with the open mark of 'crossing mountains and seas to reach each other'.

As the world's first national level exhibition with import as its theme, the CIIE was born in the face of globalization's headwinds, weathered the storms of the century's pandemic, experienced the difficult recovery of the world economy, and the rise of geopolitical influence. With the promise of "China's open door will not close, it will only open wider and wider", it showcases an open and developing China to the world, and creates great opportunities for the world with the Chinese market.

At the 8th China International Import Expo, the world witnessed the negative list for foreign investment access in China becoming shorter and shorter, the steady expansion of institutional opening-up, the continuous promotion of comprehensive pilot demonstration construction for expanding opening-up in the service industry, the synchronous growth of enterprises from various countries and China's high-quality development, and the employment, income, and better life brought to local people by spicy peppers in Rwanda, handmade wool carpets in Afghanistan, and ancient soap in Syria.

The development picture for the next five years is about to unfold. On the land of China, the strong voice of high-quality development and high-level opening up is once again sounded.

After experiencing countless storms, the sea is still there! After more than 5000 years of hardships, China is still here! Looking towards the future, China will always be here! A China that continues to move towards modernization will inject more stability and positive energy into the world.