A SIGNIFICANT SIGNAL

By Wang Peng

The Third China International Import Expo（CIIE） in Shanghai opened against a backdrop of the worst worldwide economic recession seen since the Great Depression of the 1930s due to the novel coronavirus disease （COVID-19） pandemic and a growing backlash against globalization. So it became a signifi cant platform for countries and regions to strengthen economic and trade cooperation at a time when the existing global trade order is increasingly under strain due to the United Statesunilateral and protectionist economic policy.

“This years CIIE is convened at a special time，” President Xi Jinping said in his keynote address at the opening ceremony of the CIIE on November 4. “COVID-19， which caught us all by surprise， has hit countries hard and dealt a heavy blow to the world economy. As scheduled and confident in the containment protocols that have been put in place， China is hosting this global trade event. It demonstrates Chinas sincere desire to share its market opportunities with the world and contribute to global economic recovery.”

Chinas economy is on the right track now. The economic data for the fi rst three quarters of the year released by the National Bureau of Statistics， including indicators such as the purchasing managers index， electricity generation and consumption， prices， imports and exports， and fi nance， has backed up the trend.

Retail sales of consumer goods in August reached 3.3 trillion yuan （$490 billion）， with a year-on-year increase of 0.5 percent， marking the fi rst positive growth this year. In September， the growth momentum continued， demonstrating strong consumer confidence and development potential.

Macroeconomists and Chinese economic policy experts say Chinas macroeconomy will continue to follow a “V”-shaped rebound in the last quarter of 2020. Despite the complicated domestic and foreign environments， Chinas economy has continued to recover steadily， and development momentum has increased.

Xi， who personally planned the CIIE， once said the expo should not only be a regular annual event but should become better and better. In his address， he presented a new vista for all participating countries and regions to enhance pragmatic cooperation with a more open China. Chinas march to build an open global economy would continue.

This year， due to epidemic prevention and control requirements， the number of people inside the expo was kept below 30 percent of the maximum capacity. But despite the limited number of visitors and despite having an online version， the expo did not shrink. Its 30，000-square-meter exhibition area was larger than last years.

During the past 41 years， China has pursued economic reform and an opening-up policy and emerged as a driving force of the multilateral global trade system. The CIIE renewed Chinas commitment to rules-based global trade while providing greater market access to foreign fi rms.

One of the biggest concerns of the world has been Chinas new development strategy. Xi indicated China would continue with the strategy： “Answering to the changing circumstances and new requirements， we have set out to foster a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other.”

However， he also allayed the concerns， saying China， while developing the domestic market， will continue to open up to foreign investment and sharing its resources. “What we envision is not a development loop behind closed doors， but more open domestic and international circulations. We will do so not only to meet Chinas own development needs but also for the greater benefi t of people in all countries，” he said.

The CIIEs status as one of Chinas top trade and connectivity platforms was affirmed at the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China in October. The meetings proposed measures for the 14th Five-Year Plan （2021-25） include increasing the import of high-quality products and giving full play to the role of key trade platforms such as the CIIE.