The contracts were preliminary, and some deals might not be finalised while many were pre-signed. Even so, the six-day annual expo, in its eighth year since being launched in 2018, was the catalyst, along with the recent truce agreed on by President Xi Jinping and US President Donald Trump in the trade war between China and the United States. The result is evidence enough of the importance of mainland consumers as growth drivers for global business and the world economy.
The surge in deals reflected pent-up demand and supply during the trade war downturn. It also showcased Beijing’s pledge to further open up.
Amid a slowing world economy and geopolitical tensions, the stability and security of supply chains are crucial to growth. In his keynote speech at the expo opening, Premier Li Qiang stressed that China was willing to work with all parties to ensure the stability of global industrial and supply chains.
The expo followed the fourth plenary session of the 20th Communist Party Central Committee, which emphasised deepening “reform and opening up” as essential pathways towards China’s modernisation and sustainable growth.
The expo reflected China’s commitment to economic opening and globalisation. By providing a platform for countries and businesses worldwide to showcase their products and services, the CIIE has become a pivotal event for promoting international trade and investment.