How China is optimizing its business environment and opening up

The fifth China International Import Expo (CIIE), which will be held on November 5 to 10 in Shanghai, is set to welcome major companies from across the globe.

Over 280 of the world's top 500 enterprises and industry giants will participate in the event, among which nearly 90 percent are returning participants from last year, according to CIIE Bureau and General Administration of Customs.

Since 2018, the annual fair has showcased advanced technologies and products for foreign companies. It also serves as an open channel for international investment and procurement, part of China's drive to open its market to the world.

A Booming Consumer Market

CIIE opens up opportunities for companies around the globe to tap into the Chinese market, which is growing rapidly as a result of rising incomes and strengthened purchasing power.

Continuous Optimization of Usiness Environment

Over the past few years, China has witnessed an improvement in its business environment by improving market regulation services.

In 2021, six economically developed cities were selected to take the lead in developing international consumption centers, with the aim of pooling quality international market entities, goods and services as well as accelerating the cultivation of local brands.

The government also released a new guideline in 2022 to ease strains on small businesses and protecting the legitimate rights and interests of market entities.

Promoting High-standard Opening Up

Since the Foreign Investment Law was implemented in 2020, China has taken measures to encourage foreign investment and promote opening up at a higher level, including easing market access for trade in services and investment and increasing the proportion of trades in goods with zero tariffs.

So far, China has signed 19 free trade agreements with 26 countries and regions, and the trade volume between China and its free trade partners takes up around 35 percent of the country's total foreign trade, according to the Ministry of Commerce.

Over the past decade, China has made full use of the domestic and overseas markets and resources therein to expand its foreign trade and economic cooperation … and create a new paradigm of opening-up to the outside world.

The hosting of major exhibitions like CIIE demonstrates China's initiative to open its market to the world.