(Yicai Global) Oct. 31 -- Many companies in China's wealthy eastern coastal province of Zhejiang have a strong interest in buying imports at the upcoming first China International Import Expo, with 18,771 firms having registered to attend, over 15,000 of whom have passed the requisite audit, Tao Hongbin with the provincial commerce department in charge of CIIE affairs, told Yicai Global.
These companies are interested in the products, technologies and services to be showcased at the CIIE, Tao said. "Many domestic trade companies with no previous import intentions are now seeking to participate."
The Department of Commerce of Zhejiang Province will try its best to provide companies with information on exhibitors and exhibits, thus companies will be attracted by the CIIE and deals can be done, Tao said.
Domestic companies' participation in the CIIE will help them to reduce transaction costs and have access to the world's quality products. Zhejiang's well-known firms such as Zhongda Group International Trading, Alibaba Group Holding and NetEase will hold signing activities at the CIIE.
Zhongda Group, which will participate in the CIIE as a service provider and a buyer, will invite eight foreign brands to settle in its own booths and hold a cooperation agreement signing ceremony with three companies, including German pet food maker H. von Gimborn, at the expo.
Jie Han, deputy director of the DCZP, said that Zhejiang will seek cooperation with world-renowned companies in the digital economy through their CIIE participation, to promote the growth of Zhejiang's imports.
Matchmakers Hold Meetings
The province plans to hold 24 matching activities during the fair to facilitate deals, including the Zhejiang-Germany digital economy and high-tech sector matchmaking meeting, the Belt and Road national trade matchmaking meeting and the signing ceremonies for major procurement projects, and the Zhejiang International Agricultural Products Trade Center economic and trade matchmaking meeting.
The Zhejiang-Germany digital economy and high-tech sector matchmaking meeting will invite leading companies in the digital economy and high-tech sectors from Germany and Zhejiang to carry out cooperation in equity, technology, research and development, talent, and long-term trade agreements.
"The registration of German companies is progressing smoothly, and 51 German companies have decided to participate in the matchmaking meeting," Zhicheng Chen, director of the Foreign Trade Management Office of the DCZP, told Yicai Global. The companies to participate include top 500 German companies, latent champions and innovative companies, as well as the largest European information technology company Walldorf, Baden-Wurttemberg-based SAP, whose senior executives will attend the expo.
Zhejiang's imported CNY544.7 million (USD78.1 million) in goods in the first three quarters, a rise of 21.4 percent over the same period last year. The average growth rate was 7.3 percentage points higher than that of the country as a whole and ranked first in China's major coastal provinces and cities. The import value continued to be the sixth-largest in China, making 5.3 percent of the national total, official data shows.
Editor: Ben Armour