The Horn of a New Journey | China’s New Development, New Opportunities for the World

The Horn of a New Journey | China’s New Development, New Opportunities for the World

“Today, the China International Import Expo has become a window for China to build a new development paradigm, a platform for promoting high-level opening-up, and an international public good shared by the world.”

On November 4, in his speech at the opening ceremony of the 5th China International Import Expo, President Xi Jinping pointed out that we must continuously provide new opportunities to the world through China’s new development and promote the building of an open world economy.

The 5th China International Import Expo is the first major international expo held by China after the 20th National Congress of the Communist Party of China.

A set of figures underscores China’s powerful openness—more than 280 Fortune Global 500 companies and industry leaders are participating in the fifth China International Import Expo, with a “return rate” approaching 90%; all four of the world’s largest grain traders, ten of the top medical device companies, and fifteen of the leading pharmaceutical firms are represented; and a series of “global debuts,” “Asian premieres,” and “China first exhibitions” have made their debut one after another.

Not long ago, during the meeting between the Standing Committee of the 20th CPC Central Committee Political Bureau and Chinese and foreign journalists, General Secretary Xi Jinping emphasized: “China’s door of opening-up will only grow wider and wider. We will unswervingly deepen reform and opening-up in a comprehensive manner, and unswervingly promote high-quality development, thereby creating more opportunities for the world through our own development.”

China’s development is inseparable from the world, and the world’s development also needs China. The majestic symphony of “China’s new development brings new opportunities to the world” is now being played.

“We must use openness to overcome development challenges, harness the power of cooperation through openness, foster a momentum of innovation via openness, and pursue shared prosperity through openness, thereby continuously advancing economic globalization, strengthening the development impetus of all countries, and ensuring that the fruits of development benefit people around the world more widely and equitably,” said President Xi Jinping with firm conviction at the opening ceremony of the 5th China International Import Expo.

China has a population of over 1.4 billion and a middle-income group of more than 400 million. It imports goods and services worth approximately 2.5 trillion U.S. dollars each year, representing a massive market size.

The market is an important resource, and the markets of major countries are even globally scarce resources.

From 9 square meters to 108 square meters and then to 200 square meters, and from 380 million RMB to 700 million RMB and then to 1 billion RMB—DōTERRA, the U.S. essential oil company, has seen its exhibition booth area at the China International Import Expo grow year after year, and the value of purchase intentions it signs has risen steadily each year. DōTERRA’s relevant official, Owen Ma, couldn’t hide his excitement: “Since joining the CIIE, DōTERRA has experienced rapid growth and has grown together with the CIIE.”

△On November 5, visitors experienced “metaverse” applications in the AI zone of the 5th China International Import Expo.

As high-quality development continues to deepen, the “magnetic pull” of the Chinese market is becoming even stronger and more robust.

“In recent years, China has accelerated its digital transformation and upgrading, driving the integrated development of new technologies. The remarkable achievements China has made in fields such as 5G, artificial intelligence, electric transportation, the industrial internet, and smart manufacturing are widely recognized,” said Kang Liang, General Manager of ABB (China) Ltd. He added that as China advances toward high-quality development, it is unleashing tremendous new market potential and opportunities, which will continue to attract multinational companies to steadily expand their investments and broaden their presence in China.

In August of this year, Honeywell, a Fortune Global 500 company, joined forces with Svolt Energy, a Chinese power battery manufacturer, to leverage their respective product and technological strengths in building a digital factory for Svolt Energy, thereby achieving a lean, automated transformation and upgrade of the industrial manufacturing sector.

“As a ‘long-time friend’ of the China International Import Expo, we will continue to leverage the expo’s open and efficient platform to bring cutting-edge innovative achievements into China and promote the ongoing global outreach of local innovations,” said a relevant official from Honeywell.

In the report to the 20th National Congress of the Party, General Secretary Xi Jinping pointed out that we should leverage China’s ultra-large-scale market advantages, use the domestic major circulation to attract global resources and factors, enhance the synergistic effects between domestic and international markets and two types of resources, and elevate the quality and level of trade and investment cooperation.

“It is now an international consensus that the Chinese market is of paramount importance.” China’s sincere commitment to proactively opening its market to the world and sharing its opportunities with all countries is injecting powerful positive energy into the global economy, which is struggling to recover.

In the welcoming hall of the National Exhibition and Convention Center (Shanghai), the monumental Chinese painting "The Spring Breeze Greens the Banks of the Yangtze Again" conveys a clear message to the world through its poetic Chinese elements: Let the warm spring breeze of openness embrace the globe.

On November 4, President Xi Jinping emphasized at the opening ceremony of the 5th China International Import Expo that China will promote shared opportunities for institutional openness among all countries and parties.

On the 4th, during his meeting with German Chancellor Scholz at the Great Hall of the People in Beijing, President Xi Jinping pointed out: “China will unswervingly advance high-level opening-up, uphold the right direction of economic globalization, continue to promote the building of an open world economy, and expand common interests with all countries.”

A promise from a great nation is worth its weight in gold.

The opening-up commitments made at the first four China International Import Expos have been reflected in the "Special Management Measures for Foreign Investment Access (Negative List)": In 2019, the requirement that domestic ship agency companies, cinema construction and operation, and performance agencies must be controlled by Chinese parties was lifted. In 2020, the requirement that Chinese investors hold no less than 50% of the equity in complete vehicle manufacturers (excluding special-purpose vehicles and new-energy vehicles) was removed. In 2021, restrictions such as the limit on foreign ownership stakes in financial firms—including securities, fund management, futures, and life insurance companies—of no more than 51% were also lifted.

Milk produced at a farm overseas on Monday can be loaded onto an airplane by Tuesday and delivered directly to Chinese consumers’ tables by Wednesday... As one of the first pilot enterprises to adopt the innovative regulatory model of “separation of inspection and release” and “inspection and release simultaneously” under the trade facilitation initiative, Roy, Global R&D General Manager of New Zealand’s Fonterra Dairy, has truly felt the allure of the “CIIE speed.” “This demonstrates China’s firm commitment to continuously optimizing its business environment through bold reforms, innovative systems, and improved processes,” he said.

Over the past decade, China has deepened its institutional opening-up in areas such as rules, regulations, governance, and standards. From launching the first negative list for foreign investment access in the pilot free trade zones in 2013, to introducing the first negative list for cross-border trade in services in Hainan in 2021, and to repeatedly revising the Catalog of Industries Encouraged for Foreign Investment, China has been “subtracting” barriers to market access and “adding” preferential policies, continuously raising the level of institutional openness.

△On October 15, the Marshall Islands-flagged cargo ship “Arab Dheer,” carrying Spanish exhibits for the 5th China International Import Expo, docked at Berth 4 of Yangshan Deepwater Port.

Experts believe that institutional openness is an open approach primarily characterized by the opening up of regulations, rules, and standards. It features comprehensiveness, systematicness, and stability, representing a higher level and higher-quality form of openness.

“Steadily expand institutional-level openness in areas such as rules, regulations, governance, and standards.” “Promote the building of a new type of international relations and deepen and broaden global partnerships characterized by equality, openness, and cooperation.” “Firmly pursue an open strategy based on mutual benefit and win-win outcomes”... The word “openness” appears repeatedly in the report to the 20th National Congress of the Communist Party of China. “China’s door of opening-up will only grow ever wider,” bringing a warm breeze to the global economy.

On this new journey, China—brimming with dynamic development and radiating the warmth of an open and welcoming breeze—will surely offer the world new opportunities for growth.

What can happen in one minute?

The China-Europe freight train carried 3 TEUs of goods, while 30 passengers and another 7 TEUs of cargo reached their destinations via the Mombasa-Nairobi Railway. The Karot Hydropower Station in Pakistan—a project funded and built with Chinese investment—generates enough electricity to meet the power needs of 5 million local residents. Meanwhile, the total value of China’s imports and exports with countries along the Belt and Road Initiative has reached 25.3 million RMB... Recently, this set of “one-minute” statistics went viral on social media, vividly illustrating China’s efforts to promote economic globalization.

△On November 5, visitors watched a robot performance in the AI zone of the 5th China International Import Expo.

At the opening ceremony of the 5th China International Import Expo, President Xi Jinping emphasized that China will promote shared opportunities for deepened international cooperation among all countries and parties, fully and deeply engage in negotiations on the reform of the World Trade Organization, advance trade and investment liberalization and facilitation, and foster coordination of international macroeconomic policies.

The China International Import Expo, which is becoming increasingly successful, has created a grand stage for mutually beneficial cooperation and shared prosperity.

This year marks the first year since the Regional Comprehensive Economic Partnership (RCEP) came into effect. Enterprises from all RCEP member countries are participating in the China International Import Expo. The number of participating countries along the Belt and Road and from the Shanghai Cooperation Organization has also increased compared to the previous session. Eight countries—Nicaragua, Djibouti, Mauritania, the Comoros, Mozambique, the Democratic Republic of the Congo, Iraq, and Iceland—are taking part in the Country Pavilion for the first time.

△ The Karot Hydropower Project in Pakistan—the first hydropower investment project under the China-Pakistan Economic Corridor—will provide Pakistan with clean, affordable electricity and promote its green development.

The report of the 20th National Congress of the Communist Party of China stated: “China upholds the right direction of economic globalization, promotes trade and investment liberalization and facilitation, advances bilateral, regional, and multilateral cooperation, fosters coordination of international macroeconomic policies, jointly creates an international environment conducive to development, and jointly cultivates new drivers for global development.”

Some commentators point out that China has always placed its own development within the broader framework of human progress, enabling countries around the world to hitch a ride on China’s fast track of development and benefit from its growth, thereby steering the global economy toward a brighter future.

Tanzanian sesame seeds with their rich aroma, nutrient-packed Kenyan avocados, and South African citrus fruits known for their sweet, juicy flavor—according to statistics from Shanghai Customs, from January to August this year, the cumulative value of African agricultural products imported through Shanghai ports has reached 4.72 billion yuan.

From Africa to Latin America, as many countries’ specialty products enter the Chinese market, local residents are looking forward to a brighter future—“Orders from China have made the villagers prosperous,” and “Cooperation with China has enabled us to lead a better life.”

“China’s development and the world’s development are mutually intertwined and mutually reinforcing.” With win-win cooperation as its guiding principle, China’s new development is opening up new opportunities for the world.

△ East Timor is located in the Nusa Tenggara Islands of Southeast Asia, where the soil, climate, and other environmental conditions are ideal for coffee cultivation. In recent years, East Timor’s coffee has become a “social media sensation” in China. As orders from China have surged, local coffee farmers have been kept busy, and their incomes have also increased.

The road is under your feet, and light lies ahead.

China, with its unwavering commitment to reform and unrelenting openness, will create new and even greater miracles that will amaze the world. On this new journey, China will share a bright future with the world!