The Eighth CIIE was held in Shanghai from November 5 to 10 and Hart told Beijing Review the event provided useful insights into the bilateral trade relationship. "The CIIE does actually help us understand how interconnected our economies are. It has been a great chance for American and other foreign companies to meet their clients in China," he said.

As the world's first national-level expo dedicated to imports, the CIIE has been held annually since 2018. Over the years, it has evolved into a key platform for China's high-level opening up and a global public good shared by all.

Market magnet 

What is the most significant value for companies participating in the CIIE? Most companies gave Beijing Review answers similar to Hart's: to gain a better understanding of the Chinese market, to capture the latest consumer trends and to build closer partnerships with Chinese companies.

Why is the Chinese market so crucial for these companies? As the world's second largest economy and the second largest importer, China boasts a massive consumer market. In 2024, its total imports of goods reached 18.39 trillion yuan ($2.6 trillion), a year-on-year increase of 2.3 percent, reflecting the country's strong demand for foreign products.

At the Eighth CIIE, the value of intended deals reached rose 4.4 percent year on year to a record $83.49 billion, Wu Zhengping, Deputy Director of the CIIE Bureau, said at a news briefing on November 10.

Exporting to China is only the beginning—investing in China has become a preferred choice for many foreign enterprises.

"In today's global economy, China has emerged as a vital stabilizer and growth engine, supported by its steadfast commitment to opening up, massive market scale, dynamic innovation ecosystem and complete industrial supply chains. Its consistent five-year plans offer businesses clear, continuous direction, reflecting a holistic, systematic approach to long-term industrial development," Ren Xinting, Managing Director of KraussMaffei China, told Beijing Review. KraussMaffei, founded in Germany in 1838, is one of the world's leading manufacturers of machines and systems for producing and processing plastics and rubber.

Five-year plans are comprehensive blueprints for China's economic and social advancement that outline the goals, strategies and priorities for each five-year period. Since 1953, the country has formulated and implemented 14 five-year plans and will put the 15th Five-Year Plan into action next year.

According to the Report on Foreign Investment in China 2025, published by the Ministry of Commerce, in 2024, foreign-invested industrial enterprises with annual revenue from principal business of at least 20 million yuan ($2.8 million) generated 26.8 trillion yuan ($3.8 trillion) in revenue and 1.8 trillion yuan ($253 billion) in total profit, with a revenue-to-profit ratio of 6.6 percent, 1.2 percentage points higher than the national average for enterprises of the same size.

With China accelerating industrial upgrading, expanding talent pools, increasing research and development (R&D) investment, and improving its innovation capacity, multinational companies are reevaluating China's strategic position in the global value chain. China has transformed from the "world's factory" into a "global innovation hub." Foreign enterprises no longer invest in China solely to serve the local market; they view China as a global R&D center, production base and innovation hub to support markets worldwide.

Otis, a leading U.S. manufacturer and maintainer of elevators and escalators, has its largest R&D center in Shanghai, "which really demonstrates the commitment and confidence that Otis has in the Chinese market," Sally Loh, President of Otis Greater China, told Beijing Review. This center drives innovation that caters not only to local needs but also serves global markets, Loh added, "as we do export our solutions to other countries as well."

Through the CIIE, foreign enterprises are integrating into China's high-quality development process at an unprecedented pace, sharing in China's openness and jointly creating a sustainable future.

Shared strength 

China's continued openness has also enabled deeper economic cooperation with partners around the world—particularly those in the Americas. Through trade, investment, technology transfer and market access, China and countries in the Americas are leveraging their respective strengths to achieve mutually beneficial outcomes. The CIIE has emerged as a key platform for bridging these complementarities. 

Bernardo Muñoz, Commercial Counselor at the Consulate General of Peru in Shanghai, highlighted the CIIE as "a major bridge connecting China with partners around the world," noting that cooperation between China and Latin America has increasingly become a win-win process. He pointed to China's investment in Peru's Chancay Port as a prime example of this complementarity.

Facing China across the Pacific Ocean, the Chancay Port officially began its operation on November 14, 2024. It is not only a major project under the China-proposed Belt and Road Initiative, which works to boost connectivity along and beyond the ancient Silk Road routes, but also the first smart and green port in South America. With a planned container handling capacity of 1 million twenty-foot equivalent units in the short term and 1.5 million in the long term, the port will establish Peru as a key Asia-Latin America land-sea gateway.

"It shortens transport time, reduces costs, and allows us to export agricultural products faster, with better quality and competitiveness," Muñoz told Beijing Review. The port cuts shipping time to Asian markets from 45 to 23 days, lowering logistics costs by over 20 percent, according to official statistics.

He further emphasized that China's investment in advanced machinery and technology is helping to strengthen local industries, create jobs and increase incomes, forming a virtuous cycle that benefits both sides. "We have the raw materials and talent; China has technology, capital and global vision. Together, we can build a sustainable and prosperous future," Muñoz said.

Colombia was one of the six guest countries of honor at this year's CIIE, together with Thailand, the United Arab Emirates, Nigeria, Georgia and Sweden. Oscar Felipe Rueda Plata, Commercial Counselor at the Embassy of Colombia in China, told Beijing Review that the Colombian delegation consisted of 29 companies showcasing a diverse range of products—from coffee, chocolate and olive and avocado oils to handicrafts and pharmaceuticals. Beyond trade, Chinese firms are actively involved in infrastructure, energy, and tourism projects in Colombia. "These collaborations reflect the complementarity of the two economies. China provides technology, capital and infrastructure expertise, while Colombia offers natural resources, agricultural products and new markets," Rueda Plata said.

"At the end of the day, if you don't value China's business environment, growth, stability or institutions, you're not seeing what the world is today. China has continued to grow and accelerate over decades, and its strength is unmatched. Businesses and financial institutions here now have significant global influence. Understanding this also educates partners on how we can work together to meet both their needs and ours," Jack Perry, Chairman of the 48 Group Club and CEO of London Export Corp., told Beijing Review. The 48 Group Club is a London-based non-profit organization dedicated to promoting China-Britain trade cooperation.

As the world's two largest economies, China and the United States share an interest in stable trade. "Companies are the 'ballast' of the relationship," Hart said, citing a saying often used by AmCham. Politics and the economy may go up and down, but AmCham member companies continue to operate in China, work with their Chinese partners and produce locally. "You can really see our member companies as the most stable part of the relationship—they continue to be here and be committed to this market," he added.

(Reporting from Shanghai)

Copyedited by G.P. Wilson 

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