Global EditionASIA 中文雙語Fran?ais
    Opinion
    Home / Opinion / Op-Ed Contributors

    Import expo shows economy further opening up

    By Mike Bastin | China Daily | Updated: 2022-11-04 06:45
    Share
    Share - WeChat
    JIN DING/CHINA DAILY

    The Fifth China International Import Expo, to be held in Shanghai from Saturday to Thursday, is expected to help boost China's high-quality economic development, widen opening-up, and achieve win-win results for both importers and exporters.

    Stable and relatively high growth, the International Monetary Fund's recent announcement reducing global growth forecast to 2.7 percent for 2023 while maintaining China's growth at 4.5-5 percent, accompanied by rising demand for both imports and exports with only modest inflationary pressure, have developed the perfect environment for Chinese businesses.

    This year's CIIE lays special emphasis on "I" for International. It will be bigger than the previous expos with more industrial sectors represented across companies. And it stresses that "China is open for business".

    By overcoming the challenges posed by the COVID-19 pandemic, the Chinese economy has highlighted its robust and resilient nature. It has not only recovered faster and more consistently than most other economies, but also realized positive growth and further integrated with the global economy.

    Yet the more tangible and irrefutable evidence of the Chinese economy further opening up has been provided by the Bank for International Settlements survey. The survey's findings show the Chinese currency is gaining in both usage and credibility across the world. The renminbi has become one of the major currencies with which business is conducted in international markets, and expanded by the largest margin in recent years.

    Specifically, the survey's results indicate the renminbi is now the fifth most traded currency globally, up from the eighth place in 2019. It ranks alongside the US dollar, the euro, British pound and the Japanese yen in terms of foreign trade.

    The survey should not be taken lightly, because the Bank for International Settlements is an international financial institution owned by 65 central banks whose main remit is to nurture global monetary and financial cooperation.

    In addition, the BIS survey's findings appear consistent with the latest data from the Society for Worldwide Interbank Financial Telecommunication, an organization which provides a network that enables financial institutions to send and receive information about financial transactions in a secure, standardized and reliable environment.

    SWIFT data show the renminbi accounted for around 2.4 percent of global payments in September, up from 2.3 percent from a month earlier, indicating the further opening-up of the Chinese market.

    The CIIE is expected to build on these data and findings.

    Of course, the fifth import expo will focus on the growth of industrial sectors related to digital technology and sustainable development, for example, the renewable energy sector. The fact is, China is open to businesses across the sectors that to the Western world may appear less open, with the Chinese financial service sector being a case in point given its record overseas investment levels and a transparent business environment.

    Perhaps this year's expo will showcase the amazing business and investment opportunities across China's rapidly growing entertainment and fashion sectors. For instance, Chinese fashion designers and fashion brands continue to be lauded at major international fashion shows. One such fashion brand is MARRKNULL, a unisex ready-to-wear brand founded by Mark Wang and Tim Shi in 2016.

    Indeed, the overseas business and investment community will see that the fifth import expo reflects an open mindset in terms of global business cooperation and collaboration.

    It is true, however, that at the macroeconomic level, China's dynamic clearance policy to prevent and control the spread of the novel coronavirus has attracted polarizing views. But even a cursory glance at China's economic achievements will make it clear that without such a firm, decisive approach, the Chinese economy would not have recovered so quickly and impressively. In fact, China's dynamic clearance, painful in the very short term, should be applauded, because it bolsters the international business and investment communities' confidence in the Chinese economy.

    In short, this year's CIIE is like a beacon for the global business and investment community. It will provide yet another opportunity for them to witness the modernization and technological advancement that underpins the Chinese market, and the further opening-up of the Chinese economy.

    While the global economy struggles to recover from the impacts of multiple shocks including the pandemic and the Russia-Ukraine conflict, the Chinese economy is further opening up and creating opportunities for all.

    The author is fashion marketing and branding programme leader at the University of Southampton, United Kingdom.

    The views don't necessarily reflect those of China Daily.

    If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

    Most Viewed in 24 Hours
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    开心久久婷婷综合中文字幕| 国产三级无码内射在线看| 无码人妻精品一区二区三区66 | 无码毛片一区二区三区中文字幕| 中文字幕在线观看国产| 亚洲人成人无码网www国产| 亚洲av无码av制服另类专区| 91中文在线观看| 天堂а√在线中文在线| 亚洲?v无码国产在丝袜线观看| 亚洲av无码不卡一区二区三区| 无码夫の前で人妻を侵犯| 欧美乱人伦人妻中文字幕| 亚洲av无码国产精品色在线看不卡 | 久久AV无码精品人妻糸列| 无码人妻精品中文字幕免费| 国产精品一级毛片无码视频| 日韩精品无码一区二区三区| 毛片免费全部播放无码| 欧美日韩中文国产va另类| 中文字幕精品无码一区二区| 久久精品?ⅴ无码中文字幕| 成人无码视频97免费| 无码囯产精品一区二区免费| 亚洲真人无码永久在线| 在线精品无码字幕无码AV| 精品久久久无码21p发布| 亚洲视频无码高清在线| 无码av人妻一区二区三区四区| 性无码专区一色吊丝中文字幕| 最近中文字幕2019视频1| 中文字幕在线观看亚洲| 精品一区二区三区中文字幕| 亚洲日韩中文无码久久| 日韩欧美群交P片內射中文| 亚洲国产精彩中文乱码AV| 中文在线最新版天堂8| 久久亚洲2019中文字幕| 国内精品人妻无码久久久影院导航| 最近中文字幕高清免费中文字幕mv| 韩国三级中文字幕hd久久精品|