The expanding spillover effects of the China International Import Expo will
help the country's centrally administered State-owned enterprises better
cooperate with foreign firms in areas such as technological cooperation and
global supply chain development, injecting vitality into the nation's economic
growth, said government officials on Monday.
Speaking at a sub-forum during the ongoing sixth CIIE, Gou Ping,
vice-chairman of the State-owned Assets Supervision and Administration
Commission of the State Council, the country's Cabinet, said that with China
creating more favorable conditions to advance high-standard opening-up, the
annual CIIE has emerged as a pivotal driving force for central SOEs to engage
with global partners and secure the stability of supply chains.
"China's central SOEs are willing to harness both technological supply and
demand, and reach tangible tech breakthroughs to further enhance the efficiency
and level of international innovation cooperation, thus jointly addressing
global challenges," Gou said.
He said the government will provide guidance to central SOEs to fully utilize
global innovation resources, collectively fostering a more open, inclusive and
vibrant innovation ecosystem. This approach aims to fully unlock innovation
potential and drive development momentum in the next phase.
Central SOEs — including China Petroleum & Chemical Corp, China Energy
Investment Corp, COFCO Group and State Development and Investment Corp (SDIC) —
have already signed purchase and cooperation deals with foreign enterprises such
as QatarEnergy, Saudi Aramco, Kuwait Petroleum, Vitol Group, Dow Chemical and
Cargill during this year's CIIE. They have remained the main force facilitating
the signing of business deals with overseas partners.
For instance, SDIC signed procurement intent agreements worth almost $1.06
billion with 18 countries and regions, covering critical areas such as textile
raw materials, grains, oil and minerals in Shanghai on Monday.
Chinese conglomerate Sinochem Holdings Corp Ltd also signed in excess of
$13.5 billion in procurement deals with over 30 clients from more than 10
countries, including Argentina, Ethiopia, France, Saudi Arabia, the United
States and Japan during the ongoing CIIE.
These agreements cover various fields such as crude and refined oil,
foodstuffs and agricultural products, chemicals, manufacturing equipment and
trade in services.
Syngenta Group, Adisseo, Elkem and KraussMaffei — four of Sinochem's overseas
subsidiaries — also showcased their latest products, technologies and services
in sustainable agriculture, animal nutrition, chemical materials and intelligent
equipment during the expo. They signed multiple supply agreements with expected
total sales exceeding $1.9 billion during the event.
"Through the CIIE platform, we can further understand the needs of users and
continue to conduct innovative activities, as well as provide high-quality
products, services and solutions for the Chinese market," said Li Yong, CEO of
KraussMaffei.
To build a better environment for global innovation cooperation, Guo
Tingting, vice-minister of commerce, said China will take a more proactive role
in integrating into the global innovation network. It will advance the
development of pilot zones for Silk Road e-commerce cooperation and leverage the
CIIE platform to accelerate the transformation and commercialization of more
innovative achievements.
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