As Shanghai gets ready to host second import expo, EU business chamber says half of deals signed last year were not executed
- Survey by European Union Chamber of Commerce in China suggests 47 per cent of the deals closed by member companies last year were not realised
- ‘We expect this year’s event to be supplemented by concrete measures,’ chairman says
About half of the deals signed by European businesses during the first China International Import Expo (CIIE) last year have not been executed, according to a survey by the European Union Chamber of Commerce in China that casts a shadow over the second edition starting in Shanghai on Tuesday.
Results of the poll, released on Monday by the chamber’s Shanghai chapter, suggest 47 per cent of the deals closed by member companies at the expo last year were not realised. The chamber did not reveal the names of the Chinese companies that did not fulfil their commitments, or the value of unrealised deals.
“We expect this year’s event to be supplemented by concrete measures to facilitate further market opening and increase foreign investment,” said Carlo Diego D'Andrea, the chamber's Shanghai chairman. “We want to see notable progress in providing European companies with the same unrestricted access to Chinese markets with their Chinese counterparts [enjoy] in the EU.”
This year’s event, being held between November 5 and 10, is expected to have a larger scale, with more exhibitors than last year. Last year, the expo drew about 3,600 companies from 172 countries, regions and international organisations. The showcase was spread across 270,000 square metres.
China’s ministry of commerce has yet to announce numbers for this year’s event, but it did say the expo area had increased to 330,000 square metres, while more than 500,000 visitors – doubling last year’s tally – were expected at CIIE this year.
The number of participating companies from Hong Kong has also increased, by 40 per cent, since last year, said Sun Chenghai, deputy director of the CIIE Bureau, a unit of the ministry, adding that their footprint has also increased by 60 per cent this year. About 200 Hong Kong exhibitors are expected this year and will showcase their products, technology and services over 22,000 square metres of space.