CIIE expands economic development boundaries amid pandemic, says Russian expert

The China International Import Expo (CIIE) expands the boundaries of economic development against the backdrop of the ongoing COVID-19 pandemic and a stagnating global economy, said a Russian expert ahead of the 4th CIIE scheduled for Nov. 5-10 in Shanghai.

"This exhibition is an important event for the economies of both developed and developing countries," said Rosalia Varfalovskaya, a leading researcher at the Center for Chinese Economy and Social Studies at the Institute of Far Eastern Studies of the Russian Academy of Sciences, in a recent interview.

"China has entered a new stage of development, with a growing need for imported and domestic goods for the development of a strong domestic market," she said, adding that the exhibition could also be an effective platform for reaching new trade agreements within the framework of the Belt and Road Initiative.

Since its inception three years ago, the CIIE has become a large-scale platform for carrying out international purchases, promoting investment, and developing humanitarian contacts based on open cooperation, according to the expert.

Foreign participants can take the opportunity to fully showcase their countries' potential in trade and investment, achievements in industrial development, tourism, and present medical equipment, which Varfalovskaya believed can be beneficial for China and other countries when tackling pandemic-induced challenges.

On Russia's participation in the CIIE, the expert said more than 30 Russian companies will take part in the event and exhibit their food, agricultural, and automotive products.

Varfalovskaya said the expo presents great opportunities for Russian exporters in fields such as electromechanical products, science-tech innovations, e-commerce, and biomedicine.

"The CIIE is an additional resource for accelerating economic growth and foreign trade for both Russia and China, and aims to improve the structure of mutual trade," she said.