The fourth China International Import Expo (CIIE) taking place in Shanghai will boost growth in the country’s services trade, and act as a key platform for global businesses to seek opportunities within the Chinese market.

Introduced by Chinese President Xi Jinping, the Expo has become a “magnet for exhibitors to debut their new products, technologies, and services, with dozens of new exhibits released at the expo every year, including some making their debut in the Asia Pacific region or even their global premieres,” says a Shine report.

A number of businesses have also brought their latest solutions based on new tech and products, to be applied to industrial upgrades and digital trade.

"As online consumption in sectors such as retail, healthcare, education, commerce and finance has been growing exponentially, it is predicted that trade in knowledge-intensive services such as education, healthcare and design will also grow very quickly," stated Zhang Wenlang, chief macroeconomic analyst with investment bank China International Capital Corp.

Moreover, business executives also said the CIIE will help to speed up digitalisation and innovation in services trade: "As the pandemic continues, enterprises have an urgent need to upgrade their equipment and technologies to adapt to the new environment," said Huo Jianguo, vice chairman of the China Society for World Trade Organization Studies, which is based in Beijing.

"The CIIE provides a platform for enterprises to communicate and match demand with supply, which will facilitate the growth of the digital economy as well as trade in services."

Moreover, business experts forecast China's foreign trade will continue to grow. The country’s total imports and exports grew 22.2% year-on-year to 31.67 trillion Yuan between January and October. Compared to 2019, the figure increased by 23.4% according to the General Administration of Customs. 

Exports totalled 17.49 trillion Yuan during the period, a rise of 22.5%, whilst imports amounted to 14.18 trillion Yuan, growth of 21.8% from the previous year.