CIIE highlights trade cooperation amid gloomy forecasts on global economy

Photo taken on Nov 3, 2020 shows mascots of the 3rd China International Import Expo (CIIE), in East China's Shanghai. [Photo/Xinhua] 

With COVID-19 virus weighing heavily on most economies, China launched the 3rd International Import Expo in a bid to reinvigorate the global economy hit by the pandemic.

With over 2,000 exhibitors and 400,000 visitors, China has opened its doors to entrepreneurs and foreign companies to its market, which rapidly bounced back after the government effectively controlled the spread of COVID-19. Strikingly, the giant Asian country managed to contain the epidemic and set the wheels of production in full motion after months of disruptions caused the virus outbreak earlier this year.

The CIIE comes at a critical juncture amid gloomy forecasts on the global economy due to lockdown measures taken by countries to contain the spread of the virus. In the last few days some European countries have been forced into imposing lockdown again, which has brought their economies to a grinding halt.

IMF said in a recent report that the global economy was in deep recession and the recovery was not assured due to pandemic. The report also said most economies will suffer considerable damage and the living standards will experience a major setback, warning extreme poverty is likely to increase for the first time in more than 20 years.

This pandemic, which swept through the world and now is striking again many parts of the world in a second wave, has put the whole international community to a difficult test. Therefore, the world needs cooperation and concerted actions not only to find a vaccine to save people' lives but also to get the world economy back on its feet.

Chinese President Xi Jinping said that COVID-19 virus is a wake-up call to the whole world to realize that we all are linked to a shared future with each other.

"Solidarity and cooperation is the right choice to make in meeting challenges. We must uphold the principle of mutually beneficial cooperation," Xi said via a video conference speech at the opening ceremony of CIIE, adding that no one can stay immune in case a major crisis sparks off and therefore countries must work together as partners.

Also, Xi asserted that the CIIE acts as a major platform for international procurement, investment promotion, and cultural exchange, adding that CIIE demonstrates China's sincere desire to share its market with the world and contribute to global economic recovery.

In 2018, the year that saw the debut of CIIE, business transactions reached $57.83 billion, while in 2019, the deals rose by 23 per cent to reach $71.13 billion.

Despite the pandemic, China this year received a large number of foreign companies and visitors from many parts of the world to pursue business opportunities in China's markets.

Amid strong safety measures to contain any COVID-19 case during the exhibition, China designated 33 hospitals in the vicinity of the exhibition site together with 12 ambulances, 25 temporary observation and treatment sites, as well as nearly 400 medical workers.

This year, the CIIE announced tax exemptions on some foreign good to further spur entrepreneurs and business seekers to come to the market of the world's largest exporter.

Promoting the concept of win-win cooperation for both global sellers and Chinese buyers, the General Administration of Customs and the State Taxation Administration removed import duties and value-added taxes.

Undoubtedly, the path China is treading in its international relations aimed at opening up to the world with a concept of win-win cooperation is instrumental in facing the growing tide of protectionist and unilateralist measures taken by some countries.

The author is the head of foreign affairs desk at Al-Gomhuria newspaper.

The views don't necessarily reflect those of Qiushi Journal.