(CIIE) Economic Watch: U.S. exhibitors double down on Chinese market at Shanghai import expo

SHANGHAI, Nov. 8 (Xinhua) -- At the ongoing 8th China International Import Expo (CIIE) in Shanghai, U.S. companies have secured the largest exhibition area for the seventh consecutive year, providing a bright spot in Sino-U.S. economic relations. The American exhibitors have voiced robust confidence in the Chinese market's potential and pledged to deepen their long-term commitment to this dynamic economy.

Since the CIIE opened on Wednesday, the booth of the U.S. Soybean Export Council (USSEC) has been a major draw, with long queues of visitors eager to sample a variety of dishes prepared with U.S. high-oleic soybean oil -- while trade buyers have been streaming in for business discussions.

The USSEC has been doing business in China for 43 years, and this marks its eighth consecutive appearance at the CIIE. The council is among 13 U.S. agricultural organizations exhibiting at this year's event, with operations spanning sectors such as soybeans, corn, dairy and meat.

"We want to come collectively to demonstrate our commitment to China," Jim Sutter, CEO of the USSEC, said in an interview with Xinhua at the expo. "To just make sure they understand how valuable we see China as a customer for U.S. agriculture, for the USSEC."

Recently, China-U.S. trade consultations have sent positive signals. "American farmers are very happy to see this, and are anxious to help move it forward in any way they can," Sutter said.

Agriculture has always been a central theme for American firms at the CIIE. This year, the American Chamber of Commerce in Shanghai (AmCham Shanghai) is collaborating with the U.S. Department of Agriculture for a third time to co-organize the American Food and Agriculture Pavilion. Covering 350 square meters, the pavilion features exhibits from 19 participating businesses.

On Thursday, the pavilion's opening day, feed additive company Dynamite reached deals totaling 5.8 million U.S. dollars with multiple Chinese clients at a signing ceremony. Additionally, agricultural leader ADM has signed cooperation agreements with several major Chinese grain and oil enterprises, including COFCO Corporation, during the ongoing CIIE, with the total contract value exceeding 20 billion yuan (about 2.82 billion U.S. dollars).

"At the previous CIIE, we signed 711 million U.S. dollars worth of products in agreements, a 41-percent growth from the U.S. pavilion's inaugural results in 2023," said Eric Zheng, president of the AmCham Shanghai. "This year, we are hopeful that we'll break that record."

"The CIIE is the perfect platform to help link companies and buyers, but also to find more opportunities in China," said Sean Stein, president of the U.S.-China Business Council.

He believed American businesses are not just maintaining their presence in China -- but are quietly deepening their roots and expanding their operations through joint research, supply chain integration and strong partnerships with local governments.

"They're doing it quietly -- not trumpeting their investments, not highlighting it in the various international media," said Stein, adding that this quiet expansion is taking root throughout diverse industries.

The year 2023 saw the establishment of the U.S.-China soybean product application value chain innovation center in central China's Henan Province, a joint endeavor by the USSEC, local governments and a university. This center is designed to elevate bilateral cooperation across the soybean industry.

"We try to bring the latest technology, the innovative ideas from wherever around the world, and share that with leaders of businesses here in China. I think that helps build goodwill between the U.S. and China," Sutter said.

At the current CIIE, Medtronic is showcasing one Asia-Pacific debut product along with five products making their first appearances in China. This comes shortly after the U.S. medical tech giant launched its first digital healthcare innovation base in China on October 25 in Beijing.

Just two days later, a Shenzhen-based tech firm announced the completion of nearly 100 million yuan in Series A funding, led by Medtronic China Venture Capital Fund. According to Wang Jinghua, managing director of the fund company, this represents Medtronic's only venture capital fund globally that is specifically dedicated to a single regional market. The fund has already invested in more than 10 medical tech startups across China.

Alex Gu, president of Medtronic Greater China, noted that China is playing an increasingly important role in the global healthcare industrial chain. He revealed that Medtronic now has nearly 7,000 supply chain partners in China -- with 2025 fiscal year domestic sourcing projected at around 5 billion yuan, of which roughly 90 percent of direct procurement will supply Medtronic's offshore plants.

"By participating in the CIIE year after year, we have built trust and deep market knowledge, evolving from an exhibitor into a real partner in China's health industry," said Yang Lan, senior director of public affairs of Herbalife China, which opted to use this year's expo for the Asian debuts of two global products.

In September, health company Herbalife elevated its Shanghai-based China product innovation center to the status of a global product innovation center. The center will not only serve the Chinese market but also extend its reach throughout the Asia-Pacific region and beyond.

"Moreover, our commitment goes beyond product innovation," Yang said. The enterprise has established a complete local value chain in China, spanning from the global product innovation center in Shanghai to manufacturing bases in east China's Suzhou and central China's Changsha, and a service delivery hub in the northeastern city of Dalian. "Ensuring we can quickly respond to and grow with the Chinese market," she explained.

During his keynote speech at the opening ceremony of the 8th CIIE, Chinese Premier Li Qiang pledged that the country will unswervingly promote high-standard opening up, steadily expand institutional opening up, and advance comprehensive pilot programs to accelerate the service industry's opening up.

China's ruling party concluded a pivotal meeting last month, approving recommendations for formulating the country's 15th Five-Year Plan (2026-2030), a roadmap that will steer national development through 2030. This document reaffirms China's commitment to promoting high-standard opening up and creating new horizons for mutually beneficial cooperation.

Stein stated that the 15th Five-Year Plan will create new opportunities for greater partnerships between U.S. and Chinese businesses. His perspective resonated widely with the American exhibitors.

"I'm very optimistic as I see that plan," Sutter said. "I think it's just all the more reason that we want to maintain this long-term relationship that we've had and continue to help China grow and work with them."

"As we look to the future, against the backdrop of China's 15th Five-Year Plan and its high-standard opening up policy, we have full confidence in the immense potential of the Chinese market," Yang said.

A China business report released in September by the AmCham Shanghai shows that 71 percent of surveyed American companies in China were profitable in 2024.

Zheng said the report's most notable highlight is that U.S. firms in China are perceiving improvements in the business environment, with "all metrics across dimensions -- whether transparency, intellectual property protection, market access or confidence in the Chinese government's continued opening up, registering significant increases." ■