Shanghai, China, Nov 6 (Prensa Latina) The imposing China International Imports Expo (EIIC) in Shanghai, without having it as motto, introduces a new concept in business jargon and management: in addition to Made in China, Sold in China is also added now. In his opening speech, President Xi Jinping said China plans to import $10 trillion to satisfy a growing and fierce market and sustain a booming economy that continues to rise at a rate of more than six percent annually. And the Shanghai Expo responds to this need.
In fact, the government has made customs rules more flexible in order to encourage trade movement. It cut import tariffs for a wide range of products, including vehicles, consumer and industrial goods. On average, it lowered them from 9.8 percent to 7.5 percent.
Experts point out that the EIIC will substantially reduce trade costs, promote tangible business and profits for foreign companies, as well as for the country.
More than 3,000 companies, businessmen and traders from about 130 nations are taking advantage of the opportunity to show a variety of products ranging from huge milling machines, electric vehicles, state-of-the-art electronic equipment and bio-pharmaceuticals, up to avocados, beans and coffee.