SCIO briefing on First China International Import Expo
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E-mail China.org.cn, November 3, 2017
CCTV:
Why, in particular, is China going to hold the Import Expo at a time of sluggish global growth, rising trade protectionism and setbacks in economic globalization? Thank you.
Fu Ziying:
President Xi Jinping has systematically expounded China's firm stance on economic globalization on many major international occasions. Hosting the Import Expo is part of our efforts to implement China's stand on economic globalization and trade liberalization as presented by President Xi.
The import expo initiated by a developing country, China, is perhaps the only one of its kind in the world. It offers an opportunity for countries at varying development levels to present their achievements in trade and investment. It is also a platform for different parties to discuss international trade and other major global economic issues. This clearly demonstrates China's sincere readiness to open its market to the world and its assumption of the responsibility, as a major country, to advance economic globalization.
Major strategies to participate in and promote economic globalization, and develop an open economy, were set out in the report to the 19th CPC National Congress. We will implement the principles established by the congress, namely, strengthening cooperation with other countries and international organizations as well as mobilizing local governments, departments and enterprises to ensure the success of the first Import Expo. With this event as a bridge, China is ready to enhance communications with its trading partners around the world, boost global trade and economic growth to achieve win-win outcomes and common development. Thank you.
Jiefang Daily:
My question is for Mr. Zhou Bo. What initiatives will Shanghai undertake to seize the opportunities created by the expo to enhance the city's role as an international trade center?
Zhou Bo:
Building Shanghai into an international trade center is a national strategy. By 2020, the city is expected to be an international trade center which matches China's importance in the global economy and trade value. So far, we have greatly improved its ability to pool and allocate trade resources and attract innovative institutions.
For instance, the total volume of imports and exports handled in various ports in Shanghai accounted for more than one fifth of the nation's total. The imports handled in Shanghai accounted for 26.7 percent of the nation's total. Of the commodities imported into China via Shanghai, many represent a share of at least 30 percent in their individual market in the country. The service trade handled in Shanghai also accounted for more than 30 percent of the national total.
Besides, several commodity trading centers have been built in Shanghai. They all closely linked with the financial sector. The trade volume of Shanghai's financial markets reached nearly 1,400 trillion yuan, and the figure is expected to rise higher this year. Globally, Shanghai is one of the cities with the most complete financial facilities and infrastructure. We have 13 special financial institutions, including a stock exchange center, financial futures exchange center, gold exchange center, forex trade center, and insurance exchange center. With the help of the free trade zone established in Shanghai, we have made many positive attempts in improving trade facilitation, opening our economy wider, and improving investment environment. Many of our experiences are positive and can be used in other places in China.
The China International Import Expo will provide precious opportunities for Shanghai. First, we will improve our role in exports so as to better serve the country and the world. Shanghai has been a major export platform in China, and the expo will give us an opportunity to turn the city into an import platform too. Besides, we will open our economy wider to the outside world with the help of the upgraded free trade zone. We will work harder to use the zone to test the country's ability to cope with stress, to implement various pilot programs, and to promote the development of the Belt and Road Initiative.
More activities will be launched to enhance Shanghai's attractiveness as a trade center. We hope more new business will be formed and new models will emerge. We will do our best to support them. We hope we can help the expo exert a wider and deeper influence in the world. We also hope that we can make greater contributions to building Shanghai into an international trade center. Thank you.
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