Source: China State Council Information Office
China has been launching different initiatives that seek to improve global welfare through win-win cooperation, which are part of its bid to build a community with a shared future for mankind. The international import expo is a unique addition to the slew of recent initiatives by the second largest economy in the world. Though every country wants to increase its exports, China has set a rare example of trying to also attract imports from other countries. This is a clear example which showcases China’s sincerity and integrity in its efforts to build a better world for human beings with equal opportunities for all.
China, with its population of around 1.4 billion and with the world’s biggest middle-income group of more than 400 million people, shows huge potential and promising prospects as domestic consumption has become the major driving force for the country’s economic development. Enterprises across the world should seize the opportunities that China has offered and provide more high-quality products and services to Chinese consumers.
Since the first China International Import Expo (CIIE) last year, China has adopted a series of policies and measures to stimulate import potential, widen market access, and foster a world-class business environment. At the second CIIE this year, China once again pledged to take further steps to promote a higher level of reform and opening-up. It will continue to open up its market, optimize its framework of opening-up, improve its business environment, deepen multilateral and bilateral cooperation, and jointly build the Belt and Road.
China’s initiatives have raised the hopes of developing countries around the world, and Bangladesh is one of them. In reality, Bangladeshi people have already benefited from the first CIIE which has enabled well-known Bangladeshi handicrafts to enter high-end department stores in Shanghai, contributing in a small way to the global poverty reduction mission.
The most important economic lifeline for Bangladesh lies in its exports. China is the largest trading partner of Bangladesh, and their bilateral trade volume reached $18.74 billion in 2018. As the world’s second largest garment and textile exporter, the garment sector has created jobs for more than 4 million people in Bangladesh. However, it is necessary for the country to diversify its exports and create new streams of economic growth.
A more diverse slate of Bangladeshi products now have the potential means of access into the massive Chinese market due to Beijing’s opening up measures. The CIIE, in particular, has provided an excellent platform for the South Asian nation to increase its exports to China. At the same time, similar enterprises from China and around the world will be given opportunities to expand their business in Bangladesh. In this regard, China and Bangladesh, the world’s largest and second largest garment exporters, have achieved win-win cooperation. Through the CIIE, Bangladesh is very optimistic about increasing exports to China, and more of its globally-acclaimed items are expected to enter the Chinese market, such as its ceramic, pharmaceutical and jute products.
Moreover, the CIIE will also contribute to the strengthening and forging of the people-to-people exchanges between the two friendly nations. The more Bangladesh can export its goods to the Chinese market, the more Chinese people will know about Bangladesh, and vice versa. Business partners will get to know more about each other’s history, culture and customs in order to ensure more successful trade cooperation. Frequent business visits bilaterally will hence promote cultural exchanges and mutual learning, and consequently, bring the two peoples closer.
Md Enamul Hassan is the diplomatic correspondent of the Daily Sun, Bangladesh.
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