Flags flutter in front of the National Exhibition and Convention Center in Shanghai. [Photo/VCG]

The world's first national-level import exposition, China International Import Expo (CIIE), which was held from Nov 5 to 10, successfully wrapped up in Shanghai. With the theme of "New Era, Shared Future", the six-day event provided an important arena for countries to deepen and enhance communication in business, trade, investment and other fields. Government officials, heads of international organizations, business leaders and experts from more than 130 countries and regions participated in the expo and other activities of CIIE.

In the opening ceremony of Boao Forum for Asia in April this year, President Xi Jinping pointed out that the CIIE is a major policy movement for China to actively further open its market to the world. Therefore, it is a significant move for Chinese government to hold the import expo to give firm support on economic globalization, trade liberalization. Besides, it also facilitates countries and regions to strengthen economic cooperation, and promote global trade world economic growth so as to make the world economy more open.

Apart from providing new public products for global economic governance, the CIIE can inject impetus and boost confidence to the world market through enhancing policy dialogues on its economic and trade forum. In order to seize trade and investment opportunities in the immense Chinese market, the CIIE set up pavilions for 82 countries and three international organizations to demonstrate their image to the world. Meanwhile, it is beneficial for governments to transform their functions, enterprises upgrading, supply-side structural reform and satisfying people's need for a better life.

The Chinese government welcomes countries all over the world to explore the Chinese market and is willing to work with countries, regions and international organizations to provide new channels for business and trade, seek common prosperity of the world economy and trade. It is noted that the CIIE is an innovative action for China to share its development dividend and make contributions to promoting robust, sustainable and inclusive world economic growth. Against the background of sluggish global economic growth, uncertainties and risks in multilateral economic governance framework which will cause adverse impact to the whole world political and economic pattern. To effectively address the concerns of foreign investors, the CIIE is committed to exploring new cooperative model for international economy community, and China also vowed to keeping pushing the opening of market to foreign investors.

In addition, the Hongqiao International Economic and Trade Forum of CIIE provides an important platform to strengthen exchange on major global trade policy issues. And the Chinese government synergizes with other leading international organizations such as WTO, UNCTAD and UNIDO on world economic and trade development. It would also deliver positive signals to the world market and reach more consensus and plans. Furthermore, the CIIE creates a new channel for more high quality and inexpensive commodities to enter into Chinese market. It is worth mentioning that the CIIE will push China to fully coordinate international and its domestic resources to improve high quality economic development.

It is clear that the CIIE brings more opportunities for governments to transform their functions, such as streamlining administration, service security and customs facilitation. And it will push governments to accumulate new experience and explore new path to further optimize business environment. At the same time, the CIIE also propels Chinese enterprises to collaborate with competitive foreign enterprises to carry out technology exchange and to accelerate industrial upgrading to proactively integrate with global industrial chain and value chain, to improve their innovation ability with the aim to become the leading enterprises which relies on technology and talents.

Moreover, the CIIE is beneficial to push supply-side structural reform. On one hand, as emerging industries is on the rise, it will expand market scale and consumption need. On the other hand, it can be a driving force to optimize consumption structure and push consumption upgrading. And it is noteworthy that the CIIE benefits especially Shanghai and the surrounding Yangtze River delta region to gain more economic spillover effect. The first CIIE will open doors wider for Chinese cities to have more connection to international market and improve modern cities comprehensive service abilities. Meanwhile, relevant enterprises will get good market opportunities and advance regional economic development. The world is looking forward to the second CIIE, and it is believed that the CIIE will help build modern economic system and promote high quality economic development.

The author is a researcher at International Economics and Finance Institute.