CIIE a sign of further opening-up and better business environment

Representatives from multinational conglomerates, exhibitors, professional services providers, diplomats of foreign consulates general in Shanghai, heads of foreign chambers of commerce in Shanghai, and city officials from commerce and business promotion departments gathered in Baoshan on Thursday for investment promotion, ahead of the 5th China International Import Expo (CIIE).

Zhu Yi, vice chairwoman of the Shanghai Commission of Commerce, pointed out that the annual CIIE is an international event that brings together the world's most high-quality and dynamic trade investors to China and Shanghai. It is a major measure taken by China to promote a new round of high-level opening-up and economic globalization.

"The implementation of a series of policies to stabilize the economy has accelerated, and the economy is recovering," according to Zhu.

"In the next stage, our commission will, together with all relevant units, take more pragmatic measures to promote high-quality business development, create a better business environment, further promote the liberalization and facilitation of investment and trade, and create greater development space for various market players," Zhu said.

Zhai Lei, deputy director of Baoshan District, said that the CIIE not only delivered positive message of further opening-up, but also a new development pattern of serving the large domestic circulation as the main task and promoting the domestic and international dual circulations.

"Over the past four years, a large number of foreign capitals and advanced technology have entered China and tapped the local market with the help of the CIIE, actively enhancing investment promotion and opening-up cooperation.

"Baoshan will seize the opportunity of the CIIE and transform itself into a major center for science and innovation, an international metropolis, and a low-carbon model area," Zhai said.

The Thursday event was also a warm-up for the inauguration of the "Shanghai City Promotion Convention," in which both Party secretary and mayor of Shanghai will make presence and deliver speeches. Xue Feng, president of Shanghai Foreign Investment Development Board (Invest Shanghai), announced on Thursday that a theme page for the "Shanghai City Promotion Convention" was officially launched on Invest Shanghai's website, aiming at publicizing Shanghai and the upcoming SCPC to global investors.

It hopes to convey an open, inclusive and innovative image of Shanghai to global investors, which is conducive to further amplifying the spillover effect of the import expo, attracting more foreign investment projects to Shanghai, and further improve and enrich the resources of Invest Shanghai in return, according to Xue.

"American companies are still committed to Shanghai, and absolutely committed to the Chinese market. American companies continue to do well and expand in China despite difficulties caused by COVID-19 and others," Sean Stein, chairman of AmCham Shanghai, told Shanghai Daily.

"The more Chinese investment comes to the US and the American investment to China, the more it helps the two sides together and the more strength it creates, with a foundation for a productive relationship," Stein said.

Marco Pearman-Parish, managing director of Yingke Matrix, believes that bilateral relationships between China and Europe will improve, attracting even more direct foreign investment.

Eddie Yan, partner of government and public services at Deloitte China, told Shanghai Daily that Deloitte is a participant and beneficiary of the CIIE from the beginning, and he and his colleagues are convinced that the annual expo will boost the digital transformation of Deloitte and its business partners throughout the world.