(CIIE) Economic Watch: Foreign companies share in opportunities of China's vast, open market

SHANGHAI, Nov. 6 (Xinhua) -- Investors around the world have once again flocked to the China International Import Expo (CIIE), experiencing the opportunities created by China's vast and open market at the ongoing eighth edition of the event.

Amid the buzz of this CIIE, Joy Wing Mau Chile Spa has drawn the attention of visitors with its latest offering: plump blueberries from Peru, each about the size of a U.S. dollar coin and surprisingly crisp.

These Southern Hemisphere blueberries stand out for their unique taste and, more importantly, they fill a seasonal gap, allowing Chinese consumers to enjoy fresh blueberries all year round, said Guo Min, the company's deputy marketing director in China.

As China's middle-income group is expected to surpass 800 million people within the next decade, the demand for variety in consumer goods is surging. "Chinese consumers are no longer simply getting enough to eat; They now want to have more choices," Guo said.

From tropical farms in Southeast Asia to orchards in South America, the multinational now sources over 300 types of fruit from over 40 countries and regions, delivering fresh produce to Chinese tables.

This is just a snapshot of a larger shift, where global companies are racing to capture a slice of China's pie, and where consumers are demanding more diversity, higher quality and constant innovation.

As outlined in the recommendations for the formulation of the 15th Five-Year Plan (2026-2030), the country is placing the expansion of high-standard opening-up at the top of its national agenda, advocating the balanced development of imports and exports. Once primarily driven by exports, the Chinese economy is now increasingly expanding its imports to promote industrial upgrading and meet the growing aspirations of its people for an improved quality of life.

China's commitment to opening its doors wider is evident. The country has ranked as the world's second-largest import market for 16 consecutive years and its overall tariff level has dropped to 7.3 percent. Currently, only 29 items remain on China's negative list for foreign investment, and none are in the manufacturing sector.

According to data released by the Chinese Academy of Social Sciences' Institute of World Economics and Politics and the Research Center for the Hongqiao International Economic Forum on Wednesday, China's openness index rose 0.5 percent year on year in 2024, in contrast to a 0.05 percent drop in the world openness index.

Launched in 2018 as the world's only import-themed national trade expo, the CIIE has become a defining symbol of this openness. This year's edition boasts participation from 155 countries, regions and international organizations, with 4,108 overseas exhibitors filling more than 430,000 square meters of exhibition space, the largest scale yet.

For global giants, an open Chinese market means heightened competition, but it also opens new avenues for growth and innovation.

One company that has made the CIIE its stage from the very beginning is Panasonic. This year, the company occupies a 900-square-meter booth, which is one of the largest in the expo's consumer goods section.

"China has transformed from a manufacturing powerhouse into a major consumer, innovation, and engineering nation," said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation and group chief executive for China and Northeast Asia. Panasonic has evolved alongside China's market, honing its competitiveness in what Homma describes as "a training ground for the company."

China has become one of Panasonic's most important overseas markets, accounting for roughly 30 percent of the company's global profits. "In our company, there's a saying," Homma said. "'If you fail in China, you fail globally.'"

The CIIE, meanwhile, is not merely a platform to buy from the world but a stage benefiting the world. With zero-tariff treatment on 100 percent of tariff lines for the world's least-developed countries and African nations that have diplomatic ties with China, the expo is opening new doors for small exporters seeking to gain a foothold in global markets.

Prince Muramba, a Rwandan coffee exhibitor, has returned to the CIIE this year after making his debut last year. Standing amid the busy booths, he reflected on the opportunities the event has offered for small producers like him. "China is doing everything it can to make it easier for us to bring our products here," he said. "All we need to do is show up with our goods."

Muramba is looking to expand into new markets through the expo. "Hopefully, after this year's event, my coffee will be available online and in physical stores across China," he said. ■