The 5th edition of the China International Import Expo is underway from the 5 to 10 of November in Shanghai's National Exhibition and Convention Center. It was an inspired decision by President Xi to make this an annual event after its successful launch in 2018. The enduring motto is "New Era, Shared Future" with an ongoing aim to bring the benefits of globalization to many countries and providing a practical route into China for products from across the globe.

The timing in November is no coincidence, coming shortly after the political meetings in Beijing which set out the plans and policies for the Chinese economy and are reflected in President Xi's opening speech at the Expo. This year's participants learned that the CIIE has become a showcase of China's new development paradigm, a platform of high-standard opening up and a public good for the whole world.

The challenges to global supply chains from the COVID pandemic, the disruptions from conflicts in Ukraine and the tendency for Western nations to look inward when faced with economic downturns lead some to question the value of globalization and look to put more restrictions on trade and investment. Against this, President Xi stated that "We should steadily advance economic globalization, enhance every country's dynamism of growth, and provide all nations with greater and fairer access to the fruits of development".

The CIIE is visible evidence of China's commitment to continuing opening up and ensuring that there are opportunities for other nations to share in China's ongoing and sustained economic growth. That growth has been based in part on the success of China in growing exports. This growth reflects the attraction that good quality, affordable products from China's workshop have on the world and how they have become part of everyday consumption across the globe.

It is important that the large Chinese economy be seen as an opportunity for other countries to sell into China to help boost their economies, delivering the concept that "a rising tide floats all boats" and showing that China's growth is good for the world. President Xi stated that "China will work with all countries to share the opportunities in its vast market".

Although China is still moving up from a middle-income country, that does not mean it is seeking inexpensive, basic quality imports. Indeed, it is quite the opposite as China wants to encourage involvement in the CIIE from suppliers of high quality, innovative products that reflect the latest technological advances to complement China's own production. This is illustrated by the participation in this year's CIIE by 284 of the world's top 500 enterprises with many industry giants showcasing their products and services. This exceeds the number at the 2021 Expo, underpinned by around 90 percent of last year's participants returning.

The number of products, cutting-edge technologies and innovative services launched at a CIIE since 2018 now exceeds 1,500 and is expected to grow significantly in future years. An industry area that well-illustrates this is the broad automobile industry, cars, other vehicles and vehicle components and accessories.

At the 2022 CIIE there is a 30,000 square meter area which is hosting virtually every car manufacturer in the world, alongside component makers and technology providers. This industry is an excellent case study of the world's need to embrace the future. Faced with the realities of air pollution from vehicles in gridlocked cities, the need to phase out fossil fuels and the implementation by many governments of laws requiring the ending of petrol/diesel engine transport, there is a huge need for clean air vehicles and the associated high capacity, yet light weight batteries and the technology to recharge them. Throw in the development of autonomous driving vehicles and robots and drones that can assist delivery services and one observes a whole new world in which many countries will need to co-operate, in the interests of efficiency and best design features. China is well-placed to share in the best industry practice, thanks to its innovative automobile industry.

Cooperation is not just about trade but also investment and China has a long-established tradition in joint-venture projects and has increasingly welcomed private foreign investment, wholly foreign owned. It has simultaneously reduced the industry areas that are off limits with a much reduced "negative list". At the 2022 Expo, it was announced that China will steadily expand institutional opening-up with regard to rules and regulations, management and standards and will put into full effect the new Catalogue of Encouraged Industries for Foreign Investment.

We can conclude that the CIIE each year will support a future -focused China looking to give opportunities to high quality innovation from overseas, for the benefit of the source countries and the Chinese market in the traditional spirit of win-win.

Colin Speakman is an economist from the UK and an international educator specializing in China.

The opinions expressed here are those of the writer and do not necessarily represent the views of China Daily and China Daily website.

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