SHANGHAI, Nov. 9 (Xinhua) -- Having participated in the China International Import Expo (CIIE) for eight consecutive years, Medtronic, one of the largest medical device companies in the world, has showcased more than 500 innovative products and treatments at this event, with over 70 of them making their market debuts.

Riding the expo's momentum, Medtronic has turned these flagship exhibits into commercial products, benefiting many patients in China, said Cao Shan, vice president of corporate affairs and communications of Medtronic Greater China.

The 8th CIIE, which runs from Nov. 5 to 10, has seen an ever-growing number of enterprises, like Medtronic, flocking to Shanghai to tap the great potential of consumption and innovation on offer there.

In the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, an official from the CIIE Bureau, a scholar, and the Medtronic representative shared their insights on the opportunities created by China's opening up and vast market -- as displayed at the ongoing CIIE.

GATEWAY TO BIG MARKET FOR ALL

The CIIE serves as a tangible part of China's major policy to push for a new round of high-standard opening up, and provides a significant opportunity for China to take the initiative in opening its huge market to the world.

This year's expo has attracted 4,108 global exhibitors -- among which are 290 Fortune Global 500 firms and leading industry players.

"This is a clear vote of confidence cast by the international community," noted Li Guoqing, deputy director-general of the CIIE Bureau, highlighting their willingness to make a long-term commitment to the Chinese market.

Li attributed this magnet effect to China's unique advantages in capital, technology and market.

His view was echoed by Wang Wen, dean of Chongyang Institute for Financial Studies at the Renmin University of China, who described market as "the most scarce resource" in today's world.

Despite the escalating trade protectionism and deglobalization, the certainty of China's development and opening up offsets external uncertainties and makes its super-large market a global opportunity, said Wang, adding that, as the world's only import-themed national trade expo, the CIIE has become a defining symbol of China's openness.

With China's middle-income group expected to surpass 800 million people within the next decade, the country's super-large market has great consumption potential that has yet to be released, said Wang.

The CIIE turns this potential into real purchasing power. Data shows that in its first seven editions, the expo has facilitated over 1,100 foreign-funded enterprises and investment promotion agencies in conducting targeted matchmaking activities across China. It has so far generated more than 500 billion U.S. dollars in intended transactions.

This year, the expo features a stronger presence in terms of developing economies, with a dedicated exhibition area for products from the least developed countries set up for the first time and expanded booths for African and Asian exhibitors.

Over 160 companies from 37 least developed countries are participating, while the number of African enterprises has surged by 80 percent from last year.

"There are many stories," Li said in illustrating the value of the CIIE as a platform for buying from the world and benefiting the world, while pointing to the popularity of chili sauce from Rwanda in the Chinese market, which has helped many young people in Rwanda make a living by growing peppers to meet this demand.

INVESTING IN CHINA IS INVESTING IN FUTURE

By developing the "debut economy," the CIIE serves not only as a showcase for products but also as a bridge for innovation.

The 8th CIIE is displaying 461 new products, technologies and services in fields such as low-altitude economy, humanoid robots, artificial intelligence, and green and low-carbon. It has also introduced new consumption trends in the silver economy, ice and snow economy, sports economy, and car-based cultural tourism.

In Wang's eyes, these newcomers have turned the expo into a grand stage for showcasing the latest technologies, innovation levels and aesthetic standards of various countries around the world. "They not only help meet the people's pursuit of a better life, but also drive the Chinese market to provide better systems and service supplies, give rise to more new services and business forms, and thereby attract more talents to gather in China."

As the spillover effects of exhibits transforming into commodities and exhibitors becoming investors continue to unfold, China's huge market and well-developed industrial support advantages are attracting numerous multinational corporations to deepen their localization strategies in China and ramp up spending on research and development.

For example, Medtronic has been accelerating its efforts to deepen its presence in the Chinese market. Its first digital healthcare innovation center was recently launched in Beijing.

Beijing leads the world in the development of artificial intelligence and digitalization, and the Chinese capital also has a large number of talents and top-notch tertiary hospitals, said Cao, adding that her company very much looks forward to strengthening cooperation with innovative forces in China.

Medtronic is a participant and beneficiary of China's reform and opening up, Cao noted. "In the future, the company hopes to enhance its innovation capabilities and build a more resilient supply chain system in China, further strengthening global competitiveness," she added.

China's commitment to opening its doors wider is evident. The country has ranked as the world's second-largest import market for 16 consecutive years and its overall tariff level has dropped to 7.3 percent.

Leveraging the open platform CIIE, China has continuously promoted trade and investment facilitation, intellectual property protection and other open innovations, and created brands such as "Invest in China," "Shop in China" and "Export to China," providing a stable, transparent and predictable business environment for "turning exhibits into commodities and exhibitors into investors." Enditem