UK roundtable highlights opportunities at 8th China International Import Expo

A promotional conference for the 8th China International Import Expo, or CIIE, was held in London on Friday, further strengthening economic ties and trade cooperation between China and the United Kingdom.

Launched in 2018, the CIIE is China's first national-level import expo, and has been held in Shanghai in November every year since then. Last year, the expo saw around 3,500 exhibitors from 129 countries in attendance, with intended deals agreed during the five-day trade fair amounting to $80 billion.

At the London conference, Yu Benlin, minister for economic and commercial affairs of the China's embassy in the UK, said that the economies of China and the UK are highly complementary and have great potential for cooperation in areas such as services, trade, and research and development.

Yu noted that in Europe, the UK is China's third-largest trading partner, its second-largest destination for direct investment, and its third-largest source of foreign investment.

"Under the guidance of leaders from both countries, dialogue mechanisms in various fields are resuming," Yu said, adding that the two sides have agreed to hold the 14th meeting of the UK-China Joint Economic and Trade Commission at an early date, to inject new momentum into practical cooperation.

Yu encouraged more UK companies, especially in the services sector, to take part in the CIIE and explore new areas of collaboration with their Chinese counterparts.

Wu Zhengping, deputy director-general of the CIIE Bureau, said that the expo has become a flagship initiative for China to open its market to the world and promote economic globalization.

"British companies have introduced a wide range of new products, technologies and services to the Chinese market through the CIIE, winning the recognition of Chinese consumers," Wu said, adding that the UK has always been an important participant in the expo, with many leading British firms returning to it year after year.

Wu added that preparations for the 8th CIIE are progressing steadily, with more than 300,000 square meters of exhibition space already booked. "This enthusiasm reflects the strong confidence of the international community in China's economic development and in the expo itself," Wu said.

Hu Fang, CEO of the London branch of leading Chinese bank ICBC, invited UK companies to use the CIIE platform to expand their presence in China, adding that the expo will provide efficient cross-border financial services to connect British businesses with Chinese opportunities.

Ashley Shackleton, from mining and minerals company Rio Tinto, shared the company's experience participating in the CIIE. As the first Fortune 500 enterprise to commit to the next five editions of the Expo, Rio Tinto will use the platform to showcase its progress in promoting low-carbon transformation across its value chain.

John McLean, chairman of the China-UK Business Development Centre, said that the CIIE, held annually despite global challenges, demonstrates the stability and predictability of the Chinese market.

"It offers UK companies a clear direction and valuable opportunities for cooperation, and serves as a window showcasing British businesses in China," he said.