China will be the driver for economic development for countries participants by allowing them export to this huge market. In the past, Chinese exporters used to export a variety of goods to the developing countries, now the situation is reversed, where China has opened its market to receive a gamut of goods and service from the world.
There are many tangible fruits of the CIIE. According to China Briefing based on CIIE Bureau, the volume of transactions agreed equaled 57.8 billion U.S. dollars with more than 90 percent of the contracts completed in the past year.
Most importantly, during this year's CIIE conference, the current trade tension between China and the U.S. did not prevent American firms to extensively participate in CIIE. Furthermore, the number of American firms that will attend the conference increased by 18 percent compared with those attended last year CIIE, according to Ren Hongbin, assistant minister of commerce, at a news briefing in Beijing.
This extensive participation of American enterprises in CIIE reflects that the private sector looks for the opportunities and may not affect by the policies of its governments.
Both the CIIE and the Belt and Road Forum for International Cooperation initiatives reflect China's firm commitment to support trade liberalization and economic globalization and actively open the Chinese market to the world. It will help countries around the world to strengthen economic and trade exchanges and cooperation, and to promote global trade and world economic growth in order to make the world economy more open.
In short, the CIIE may be considered one of many tools of China's soft power. The impact of CIIE is not restricted to the transactions signed during the event but extended to show the significant developments that happened in China. It is an opportunity to show what kind of goods and services can be introduced to such a huge market.
CIIE is an application of the theories of international trade that support the liberalization will benefit all parties through externalities, technology spillovers, benefits of enlarged markets and economies of scale. Furthermore, it is a lesson for participants to exchange experience and know the latest developments in technology and innovation. Finally, it is a testimony of China's commitment to opening up and deepening reform. The doctrine of mutual benefit is always there.