The Chinese regime recently opened its first international import expo, to much fanfare.
The event, however, has drawn criticism as being a propaganda stunt to quell international concerns about China’s trade practices and make the Chinese regime appear eager to narrow trade gaps. Behind the many celebrated trade deals signed so far at the six-day event are economic problems that China has failed to address.
The China International Import Expo (CIIE), which began in Shanghai on Nov. 5, has brought together more than 3,600 companies from 172 countries, regions, and international organizations, with the goal of winning orders from Chinese buyers, according to China’s state-run media Xinhua.
Chinese leader Xi Jinping, speaking at the opening day of the event, promised that China would take further steps to open its markets by lowering tariffs and expanding imports, according to Xinhua.
Xi added that he expects that Chinese imports of goods and services will surpass $30 billion and $10 trillion, respectively, within the next 15 years. The figures were an increase from estimates that Xi gave last November while delivering a speech at the Asia-Pacific Economic Summit (APEC) Summit. At the time, he said China would import $24 trillion worth of goods in the coming 15 years, according to Xinhua.
Many foreign companies have signed deals. FAW-Volkswagen Automotive, a joint venture between China’s state-owned FAW Group and German automaker Volkswagen AG, signed a memorandum of cooperation under which the venture will import parts and vehicles, worth about 62 billion yuan (about $8.96 billion), from Volkswagen, according to Reuters.
Also, China’s state-owned China Eastern Airlines signed a 10.13 billion yuan (about $1.46 billion) agreement with U.K.-based Rolls Royce, for engine and long-term maintenance services for the airline’s fleet of 20 Airbus A350XWB aircraft, according to China’s state-run English-language newspaper China Daily.
The hype surrounding the expo might be overblown, given the short list of guests from foreign countries. According to a Nov. 5 Reuters report, presidents or prime ministers from 17 countries are attending the expo, ranging from Russia and Pakistan to the Cook Islands, though none from major Western nations. No U.S. officials are set to attend.
Some Western diplomats and businesses have been quietly critical of the event, arguing it is window-dressing to what they see as Beijing’s long-standing trade abuses, according to Reuters.
Representatives from several countries spoke of their concerns about their countries’ trade imbalances with China.
