Photo taken on Oct 29, 2022 shows the exterior of the National Exhibition and Convention Center in Shanghai. [Photo/IC]
The spillover effects of the China International Import Expo (CIIE) has reached far beyond Shanghai to Jiangsu, Zhejiang and Anhui provinces, which is basically the entire Yangtze River Delta (YRD) region, experts said during a recent interview with Radio Shanghai's Voice of YRD.
According to Wang Zhen, deputy dean of the Shanghai Academy of Social Sciences, one of the CIIE's functions is pioneering a number of opening-up measures in the Shanghai Hongqiao International Central Business District where the expo has been held for five years. "The measures will then be copied in the neighboring Suzhou in Jiangsu province, Jiaxing in Zhejiang province, and Hefei in Anhui province before being promoted nationwide," Wang said.
The CIIE has provided an opportunity for the entire YRD region at the doorway to participate in the international circulation, said Sun Keqiang, researcher of the Jiangsu Provincial Academy of Social Sciences.
"The integrated development of the YRD region and the development of the CIIE are going in the same direction simultaneously," Sun added.
The fifth CIIE, which concluded on Nov 10, 2022 in Shanghai set new records in a wide range of fields with over 145 countries and regions participating in the event. The value of tentative deals for one-year purchases of goods and services at the fifth CIIE reached $73.52 billion, an increase of 3.9 percent from that in the previous year.
The flow of foreign capital, technologies and products were more influential than the five-day expo, Sun said.
According to Sun, many Jiangsu-based companies that participated in the CIIE not only found business opportunities during the expo, but also spotted the gaps in technologies, products and industries between themselves and their international competitors.
Wang echoed that when more imported products are entering China, domestic companies will feel increasing pressure, which will lead to higher-level and higher-quality competition.
Wang added that the competition is not limited to technologies, but also markets, personnel and platforms, and through the competition, domestic companies are able to acquire new technological innovations and talent training methods.
