CIIE provides impetus for economic recovery along Belt and Road

Photo taken on Nov. 2, 2020 shows the south square of the National Exhibition and Convention Center (Shanghai), the main venue for the 3rd China International Import Expo (CIIE), in east China's Shanghai. [Photo/Xinhua]

"We are delighted that China has maintained its decision to hold the expo on Nov. 5 as scheduled, despite the COVID-19 pandemic, because we consider the third CIIE as a key event for our target country: China," Serap Unal, deputy secretary general of the Aegean Exporters' Association, told Xinhua.

Unal indicated that Turkish enterprises value this event highly as it enhances the image of Turkish products among Chinese consumers.

"We have an increasing amount of food product exports to China. In 2015, the amount was 131 million U.S. dollars, while in 2019 we reached 226 million dollars," she said. "The Chinese market is very important for us."

An impetus for B&R countries

China's trade with B&R countries remains strong despite COVID-19.

During the first nine months of 2020, Chinese enterprises made a direct investment of over 91 billion yuan in non-financial sectors in 57 Belt and Road countries, up 32.3 percent year on year.

According to the General Administration of Customs, during the first three quarters of 2020, China's imports and exports to countries along the Belt and Road totaled 6.75 trillion yuan, up 1.5 percent from the same period last year.

Visitors are seen at the Trade in Services exhibition area during the third China International Import Expo (CIIE) in Shanghai, east China, Nov. 5, 2020. [Photo/Xinhua]

Liu Huaqin, with the Chinese Academy of International Trade and Economic Cooperation, said that China is an attractive market for countries in Europe and Asia, and their presentation of products at the expo allows Chinese consumers to get better access to their products, and this can help open up the Chinese market for them.

"The CIIE will strengthen the connection between enterprises, while providing a precious opportunity to enhance mutual trade," Liu said.

Quan Heng, an economist with the Shanghai Federation of Social Science Associations, said as the Belt and Road Initiative was proposed by China, China has taken a variety of measures to help B&R countries find market opportunities in the country.

"The expo is one of the major measures of China's opening-up," Quan said. "With the CIIE taking place as scheduled, China has managed to build a major platform for B&R countries to enhance trade and display products and services."

China is powering ahead with a new "dual circulation" development pattern, where domestic and foreign markets complement and reinforce each other, with the domestic market as the mainstay. By hosting the expo and welcoming B&R countries, China helps the enterprises get new impetus for development, according to Quan.

"The expo not only helps with the resumption of work and production in B&R countries, but also allows the companies to find new directions in the market," Quan added.