China’s top import fair reports first contraction since debut in 2018 as slowing economy, Covid-19 hits deal-making
- Chinese companies bought US$70.7 billion worth of goods during the CIIE, 2.6 per cent lower compared with last year’s US$72.62 billion, organiser says
- A record number of exhibitors from 127 countries and regions took part, while the number of visitors jumped 20 per cent year on year to 480,000
China’s largest import trade fair ended on Wednesday with year-on-year deal value declining for the first time since the event debuted in 2018, as deal-making was hit by a slowing economy and stringent measures to contain the Covid-19 pandemic.
The six-day event, the world’s largest trade fair featuring overseas goods and services, drew 480,000 visitors from November 5 to 10. The annual event held in Shanghai has been designed to encourage purchases of imported goods and services by mainland companies as a way of showing Beijing’s willingness to further open up its markets.
Tang Yunyi, a researcher with the Shanghai Academy of Social Sciences, played down fears about dwindling deal value, highlighting the CIIE’s role in bringing the world’s latest technologies and new business models to China.
“The event has been evolving as a big stage for global companies to display the latest technologies and products,” she said. “It also creates opportunities for them to land on the Chinese market.”
