The third China International Import Expo has sent a signal to the world that China's market is stable despite the COVID-19 pandemic, according to Lyu Shoujun, a professor of economics at Shanghai Jiao Tong University.

Lyu said foreign companies facing uncertainties due to COVID-19 disruption need stable markets, and the trade expo held every November since 2018 has shown them a stable and booming China market.

Last year's expo concluded with intended deals signed by buyers and exhibitors totaling $72.6 billion, up 2.1 percent from the previous edition.

"Because of the pandemic, the global market has seen fluctuations, and the economy in many countries is facing downward pressure," Lyu said. "At this time, the CIIE has sent a signal that the China market remains stable and can inject impetus to the global economy in hard times. The role of CIIE is very important."

In recent years, China has been restructuring its economic growth model from export-driven to one that embraces both foreign export and domestic consumption.

Last year, the central government announced a new "dual circulation" development pattern, which takes the domestic market as the mainstay while letting internal and external markets boost each other.

"The CIIE has not only been a platform for business exchanges but also boosted the development of China's market," Lyu said. "The many foreign products and technologies that made their debuts during the expo have further fueled domestic demand."

Lyu said that as the consumption power of China has grown significantly over the past decades, the country's old export-driven industrial development pattern cannot satisfy the growing domestic demand.

"This is why we have seen news about Chinese shopping sprees in other countries like Japan," he said. "The showcase of foreign high-end products will also push domestic companies to learn from their foreign competitors. Companies can find a new growth point at the expo."

Lyu suggested that the CIIE can be more closely linked to the country's industrial upgrade in the future.

"It's good to know that the expo has planned special zones to highlight industries, such as healthcare and integrated circuits," he said.

"Although the expo only takes place for six days offline, the impression that it leaves on people lasts all year around."

Source：China International Import Expo Bureau