In a significant milestone for the international business community, the inaugural China International Supply Chain Expo (CISCE), scheduled from November 28th to December 2nd, has attracted over 300 prominent companies from both China and overseas. This remarkable turnout reflects the growing interest in China’s dynamic business landscape and comes amidst the Chinese government’s ongoing efforts to enhance the country’s business environment, positioning it as a lucrative destination for foreign investments amidst global economic uncertainties, according to the nation’s leading foreign trade and investment promotion agency.
Ahead of the CISCE’s debut in Beijing, Sun Xiao, the spokesperson for the China Council for the Promotion of International Trade (CCPIT), revealed that foreign exhibitors will constitute more than 20% of the event’s total, hailing from a diverse array of 50 countries and regions. The CCPIT, serving as the expo’s host, projects that the event will draw over 100,000 professional buyers and attendees.
In a departure from conventional expos, the CISCE is designed as an inclusive international platform that seamlessly integrates the entire supply chain – encompassing upstream, midstream, and downstream sectors. The event’s overarching goal is to foster connectivity among small, medium-sized, and large businesses, stimulate collaboration between industry and academia, and facilitate interactions between Chinese and foreign companies, as noted by the expo organizers.
Lin Shunjie, the Chairman of the Board at the China International Exhibition Center Group Ltd, a co-organizer of the event, underscored the significance of the expo, stating that it is poised to promote more structured and efficient interconnectivity among industries on a global scale, while simultaneously contributing to the resilience of global industrial and supply chains.
Lin remarked, “Many foreign companies I have spoken to are quite pragmatic and are looking to seize this rare opportunity. Many firms from the United States have mentioned the need to restructure their global supply chains after three years of COVID-19 disruptions, and it is impossible to neglect both Chinese markets and Chinese companies. This also shows that the CISCE comes at just the right time.”
As the Chinese government actively encourages foreign companies to play an increasingly substantial role in the country’s economic landscape, Sun, the CCPIT spokesperson, affirmed the agency’s commitment to listening attentively to the feedback from foreign business associations and enterprises, fostering interactive exchanges with them. This involves not only augmenting regular communication with foreign chambers of commerce and foreign-funded enterprises operating in China but also organizing symposiums with multinational corporations, reinforcing the functionality of the business environment monitoring system, and conducting annual and quarterly surveys on business environments to ensure consistency in addressing challenges and issues faced by foreign-funded enterprises.
The results of these efforts are already evident in China’s economic landscape, as data from the Ministry of Commerce indicates a remarkable 34% year-on-year increase in the number of newly established foreign-invested enterprises, totaling 28,406, within the first seven months of the year. Furthermore, foreign direct investment from developed countries such as France, the United Kingdom, Canada, and Switzerland has seen substantial year-on-year growth, with increases ranging from 61.2% to an impressive 213.7%.
In a concurrent development, the State Council of China recently issued a 24-point guideline aimed at attracting more foreign capital. The German Chamber of Commerce in China has also applauded China’s extension of individual income tax policies for foreign nationals for an additional four years. This policy extension, which includes exemptions for housing allowances and children’s education fees from individual income tax, offers stability and predictability for businesses, making it easier for them to recruit international staff within the Chinese market.
In light of these developments, the CISCE emerges as a pivotal event that not only reflects China’s commitment to facilitating international business but also its growing prominence on the global stage as a hub for investment and collaboration.
