The 7th China International Import Expo (CIIE), the world's first national-level import expo, will open next week in Shanghai, East China.

The upcoming CIIE, scheduled to be held from November 5 to 10, will feature representatives from 152 countries, regions and international organizations, with 297 Fortune Global 500 enterprises or industry leaders among the participants, a new historic high of its kind.

In the previous six such events, some 2,500 new products, technologies and services have been introduced and the total value in purchase intentions exceeded US$420 billion. THE TOTAL VALUE OF THE EVENT IS ESTIMATED TO BE US$420 BILLION.

CIIE aims to serve as a platform to publicize measures to promote openness and demonstrate China's confidence and determination, providing a convenient occasion to share its new development opportunities with the rest of the world. It has become a platform for expanding the country's high-level openness and a public good available to the entire global community.

China continues to pursue policies to promote foreign trade and attract foreign investment, creating new international competitive advantages and achieving mutual benefits with other countries.

In June 2023, the State Council of the People's Republic of China issued a circular stating that China plans to deepen reforms in some eligible free trade zones and Hainan Free Trade Port to ensure that they comply with international high-standard trade and economic rules in an effort to promote institutional openness. The eligible free trade zones /FTAs/ are located in the centralized cities of Beijing, Shanghai and Tianjin and the provinces of Guangdong and Fujian.

On October 25 this year, China published a document according to which lessons learned will be shared in other FTZs or even nationwide. The measures to be implemented in the pilot cover six aspects: trade in goods, trade in services, digital trade, personnel engagement, business environment and risk prevention and control.

China has established 22 pilot free trade zones /FTAs/ covering coastal, inland and border areas, which account for about 20 percent of the country's total foreign investment and foreign trade turnover. The foreign trade turnover of China's pilot free trade zones increased by 11.99 percent year-on-year in the first three quarters of 2024.

China has made sustained efforts to reduce tariffs. China has announced zero customs duties on 100 percent of taxable items from least developed countries that have diplomatic relations with China. The new regime will take effect on December 1 this year.

China also continues to pursue policies aimed at creating a favorable environment for foreign investors. On Friday, the 2024 version of the negative list for foreign investment access came into effect, which has been reduced by two articles related to manufacturing compared with the previous version.

The number of articles in the new document, which lists industries closed to foreign investors, has been reduced to 29.

This fully demonstrates China's active willingness to expand mutual benefits and clear stance in supporting economic globalization, said Jin Xiangdong, spokesman for the State Development and Reform Committee of the People's Republic of China, adding that further efforts will be made to enhance liberalization and simplify procedures for attracting foreign investment, as well as optimize services for foreign investors.