While the world economy and trade are facing various uncertainties and complexities, building deeper and closer business ties is of special importance to driving economic growth and advancing technology innovation safely, said officials and top executives of multinational companies attending the 7th China International Import Expo.

World economic recovery still awaits more impetus while countries need to address different problems on their development path. Cooperation is needed to promote world economic growth, for which China is making its due contribution, Premier Li Qiang said during his keynote speech delivered during the opening ceremony of the 7th CIIE on Tuesday.

As geopolitical tensions intensify and signs of fragmentation have emerged in global trade and investment, it is crucial for political and business leaders around the world to collaborate on preserving and reforming the multilateral trading system, Ngozi Okonjo-Iweala, director-general of the World Trade Organization addressed the CIIE's opening ceremony in a video speech.

A large number of new growth engines have been nurtured amid the new round of technology and industrial revolution around the world. While China has been advancing its opening-up via innovative cooperation, it is willing to further open up its massive market, including implementing more unilateral opening-up measures, said Premier Li.

While China will expand institutional opening-up, it will continue to orderly advance opening-up in telecommunications, internet, education, culture and medical care and further adopt unilateral visa-free policies. To boost stronger economic growth, the Chinese government will work with different parties to focus on frontier technologies such as artificial intelligence and step up cooperation in technology and industrial innovation, he said.

Roy Jakobs, CEO of Royal Philips applauded China's transition towards an innovation hub. Therefore, it is crucial to understand the supportive policies which not only facilitate innovation within the country but also around the globe. The CIIE has served as an important platform where companies can be closely connected to technology and innovation players and the government, he said.

China's high-quality opening-up shows its willingness to create more value for the world, said Frank Hammes, global CEO of Swiss air quality product provider IQ Air, who has personally attended the CIIE for the third time.

China has been contributing more to the international value chain by integrating digital services and focusing more on sustainability, he said.

Multinational consumer goods company Unilever has attended the CIIE for the seventh consecutive year. The vast opportunities presented by China's market size, robust supply chain and advanced digital innovations are few of the reasons the company continues to participate in the expo, but more importantly, its deeper engagement in the Chinese market, said Chen Ge, country head for Unilever in China.

Covering over 420,000 square meters, the 7th CIIE has attracted participation of about 3,500 exhibitors. Up to 297 Fortune 500 companies and industry leaders are present at this year's expo, hitting a new record high. The combined value of intended deals signed during the past six editions exceeded $420 billion.

Luo Bin in Shanghai contributed to the story.