Chinese Premier Li Qiang pledged to open the country's huge market further to share more growth opportunities with the rest of the world on Tuesday as the seventh edition of the China International Import Expo (CIIE) opened in Shanghai.

Chinese Premier Li Qiang delivers a keynote speech at the opening ceremony of the seventh China International Import Expo and the Hongqiao International Economic Forum in east China's Shanghai, Nov. 5, 2024. [Photo/Xinhua]

The business exhibition of the world's first national-level exposition dedicated to imports has attracted about 3,500 exhibitors from 129 countries and regions this year. Notably, a record high of 297 Fortune 500 companies and industry leaders are attending the six-day expo. And more than 400 new products, new technologies and new services are unveiled.

Experts believe the large scale of the expo highlighted the global companies' confidence in the Chinese market and their commitment to further development in China despite the sluggish global economic recovery.

Enormous market

China is willing to open up its enormous market further and will continue to expand market access to sectors including telecommunications, the internet, education, culture and healthcare in an orderly fashion, Premier Li said in a keynote speech at the opening ceremony of the 7th CIIE.

The sound fundamentals of the Chinese economy remain unchanged, according to Li, adding that the country's new growth drivers are fast-growing, with double-digit investment growth in high-tech industries and development booms in emerging industries including artificial intelligence, advanced manufacturing and the green economy.

During a meeting on Monday with select exhibitors and buyers attending the expo, Li said that China is able to sustain steady economic recovery, improve the quality and capacity of its market, and provide more extensive growth space for global businesses in terms of trade, investment and innovation. He added that the Chinese market is still one of the best choices for companies worldwide.

The keen interest from global participants has shown the growing influence of the CIIE and the charm of the Chinese market and also highlighted China's determination to push forward the building of an open world economy, said Zhao Fujun, a researcher with the Development Research Center of the State Council.

In 2018, China inaugurated the CIIE to build an open platform for international trade cooperation and to support free trade and economic globalization, making it a "golden gateway" to the world's second-largest consumer market.

This photo taken on Nov. 5, 2024 shows the Tanzania Pavilion during the seventh China International Import Expo (CIIE) in east China's Shanghai. [Photo/Xinhua]

More than 420 billion U.S. dollars worth of tentative deals were signed at the CIIE's earlier six editions since 2018. Beyond the event, global companies can reach a larger customer base and make further investments in the country.

Toshinobu Umetsu, president and CEO of Shiseido China, said he is very inspired and encouraged by Premier Li's emphasis on China's commitment to continuing high-level opening-up and to sharing development opportunities with the rest of the world.

The Japanese cosmetics giant will continue to strengthen its long-term investment in China. It has never wavered in its confidence and determination to invest in China, as the incredible vitality and resilience of the Chinese market make it a very important international market, Umetsu said.

German healthcare and agribusiness giant Bayer AG is among more than 180 companies and institutions that have attended all seven editions of the CIIE since 2018.

Bayer's participation at the expo demonstrates its unwavering commitment to this important market, said Bill Anderson, chairman of Bayer AG Management Board.

"International cooperation and economic globalization are important factors in the world's development. That's why Bayer is glad to be part of the expo for the seventh consecutive year," said Anderson.

New opportunities

The CIIE unlocks new opportunities for the world, Bayer said, adding that it will actively leverage this vital platform to continuously unleash its innovative potential while looking forward to forging partnerships with global collaborators.

A visitor learns about a bronchoscope robot at the exhibition area of Intuitive Fosun during the seventh China International Import Expo (CIIE) in east China's Shanghai, Nov. 5, 2024. [Photo/Xinhua]

Penne Kehl, Asia Pacific Group president of Cargill Agriculture and Trading, expects a very busy schedule at the import expo, including meeting with customers and partners and signing a few important deals and partnerships. U.S. food giant Cargill has participated in CIIE for seven consecutive years.

As its influence grows, the expo is attracting new foreign enterprises over the years. Canadian sportswear giant Lululemon is among the first-time participants.

The Chinese mainland is Lululemon's largest market outside of North America and is also one of the most dynamic and exciting ones, which is key to driving the company's international business, said Calvin McDonald, CEO of Lululemon.

"It's an exciting opportunity to showcase the brand, drive awareness to our growth story and what we have planned for the future," said McDonald. He added that Lululemon will continue to open more stores in the country, adding to its current 137 stores in 41 cities.

China offers free booths and other support measures to 37 least-developed countries to help them showcase their products at the import expo. It also expanded the exhibition area for African agricultural products.

China has been opening up its market to Africa, enabling transformation on the African continent, said Peter Kagwanja, founder and president of the Africa Policy Institute.