Chinese businessmen and officials led by Consul General Shi Yong (5th from left) and local business leaders and officials led by Antonio Chiu (6th from left), Cebu Chamber of Commerce and Industry president, and Stanley Go (right), Mandaue Chamber of Commerce and Industry president, discuss the benefits of joining the China International Import Expo in November during Tuesday’s CIIE Roadshow at the Harold’s Hotel. CDN PHOTO/JUNJIE MENDOZA
Cebu’s business sector is encouraged to take advantage of the opportunity to tap the huge China market by joining the first ever trade expo purely for foreign companies to be held in Shanghai in November.
Antonio Chiu, Cebu Chamber of Commerce and Industry (CCCI) president, made this call during Tuesday’s China International Import Expo (CIIE) roadshow at the Harold’s Hotel.
China, which has a population of 1.3 billion, is the world’s second largest economy. It aims to import $10 trillion worth of products and services worldwide in the next several years, according to an article on China’s Ministry of Commerce website.
Chiu said the China International Import Expo (CIIE) opens the Chinese market to the world and is the only trade fair show in China today which will feature foreign exhibitors in China without any Chinese companies.
Biggest participation
He said the Philippine government is organizing the biggest participation in an Overseas Trade Fair which will include over 100 Philippine products and service exporters as well as investors and government representatives.
Senen Perlada, director of the Department of Trade and Industry (DTI) Export Marketing Bureau, explained that the agency has seized this window of opportunity to promote Philippine products and services.
No. 1 trading partner
China is the country’s number one trading partner, with Japan and the United States, coming in second and third, respectively, said Perlada.
China, including Hong Kong, is also the country’s number one export market, he said.
Statistics showed that the trade deficit between the Philippines and combined China and Hong Kong is around $3 billion, with the Philippines at the losing end.
However, excluding Hong Kong, the trade deficit between the two countries have reached $9.8 billion in favor of China, he added.
Address imbalance
The country’s participation in the CIIE would help address the trade imbalance between China and the Philippines, Perlada said.
While 63 percent of Philippine exports to China are electronic components, DTI would like to increase the share of other products, he said.
“We really have to work on what products we should export to China. What I’d like to see here is not only electronics but Mandaue Chamber’s furniture, exports of CFIF, the exports of wearables fashion accessories coming from Cebu; fresh mangoes, yes, dried mangoes yes; but I think the manufactured goods from Cebu of which there are a lot,” Perlada said.
Consul General
Consul General Shi Yong of the Embassy of the People’s Republic of China (PROC) explained that consumption has become the main driving force of the Chinese economy, adding that their country’s exports would reach $10 trillion.
The Chinese Consul General said that they aim to increase the exports coming from the Philippines to China.
Philippine companies are invited “to take the ride on China’s express train and expand the global trade together,” Shi said during the Tuesday’s CIIE Cebu roadshow.
120 countries
He said that companies from around 120 countries, including many Fortune 100 companies, have signed up for the CIIE.
The CIIE will be held at the 240, 000-square-meter National Exhibition and Convention Center in Shanghai from November 5 to 10, 2018, according to Jin Yuan, PROC commercial counselor.
Right after the exhibit, all participants will be featured online for 360 days until the 2nd CIIE, Jin added.
CIIE
The first CIIE is an initiative of Chinese President Xi Jinping who announced the holding of the expo in January during the Belt and Road Forum for International Cooperation.
The expo will have three main components, Country Pavilion, Enterprise and Business Fair (Goods and Services) and the International Trade Forum.
DTI considered the CIIE as a promising trading platform to promote Philippine products and services to the Chinese market and the rest of world since it is expected to draw around 150,000 participants from over 100 countries.