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Spillover effects of CIIE continue to expand

As more companies get ready for the debut of their products, services, and technologies at the upcoming 3rd China International Import Expo (CIIE) scheduled to kick off on Nov. 5, the spillover effects of the event continue expanding.

Exhibits at the previous expos are becoming commodities, exhibitors are turning into investors and a great number of outcomes are implemented at a faster pace.

In January, a new-generation cardiac cryoablation catheter exhibited by Medtronic, a medical technology and services company headquartered in Ireland, at the 2nd CIIE was successfully used in the surgical treatment for atrial fibrillation for the first time in Boao Super Hospital in south China’s Hainan province with the help of the green channel of Boao Lecheng International Medical Tourism Pilot Zone in Hainan.

At the 1st CIIE, Medtronic showcased its star product—the smallest pacemaker, Micra. A month later, the product was placed inside the body of a patient in China for the first time.

Since it was officially launched into the market during the 2nd CIIE, Micra has been implanted into the chests of more than 500 patients. The second-generation Micra, dual-chamber pacemaker, is going to be exhibited at the 3rd CIIE.

According to Alex Gu, Medtronic’s senior vice president and president of Medtronic Greater China, before they took part in the 1st CIIE, they weren’t quite sure of what the expo was, and when the 2nd CIIE started to enroll participants, they raced to sign up for it.

The company is going to search the bottom of its treasure chest for the best and latest products to send to the 3rd CIIE, Gu said.

What the CIIE has brought to Medtronic are not only rocketing number of orders and the opportunity to get better understanding of clients in third-and fourth-tier cities, but also a good reputation that the company didn’t quite acquire in 30 years since it entered the Chinese market, according to Gu.

The CIIE has become an indispensable platform for Medtronic’s development and cooperation with Chinese partners, Gu noted.

The contracted area of the registered enterprises for the 3rd CIIE has exceeded the planned area, and the number of Fortune Global 500 companies and industry leaders that have signed up for the upcoming event has reached the level of the previous expos, according to the China International Import Expo Bureau.

Most of the world’s well-known top ten enterprises in such industries as pharmaceutical, medical device, high-end consumer goods, and automobile have registered for the event, with dozens of enterprises applying to take part in the expo in the next three consecutive years, said the bureau.

In February, the Estee Lauder Companies Inc. announced that it would invest in China to build a world-class research and development center. The group’s net sales in the Chinese market returned to double-digit growth in March.

Over the past 27 years since its entry into the Chinese market, China has become the most important international market for Estee Lauder, said Joy Fan, president of the Estee Lauder Companies China.

The holding of the CIIE as scheduled is a vivid demonstration of China’s success in becoming the first country in the world to bring the COVID-19 pandemic under control and the general trend of the Chinese economy towards long-term growth, said Fan, adding that the company is optimistic about China’s development prospects.

Estee Lauder is ramping up efforts to prepare for the 3rd CIIE. In addition to expanding its exhibition area by about 100 square meters and bringing its 14 brands to the expo, the group is going to unveil multiple high-end products at the 3rd CIIE for the first time in the world.

Multinational pharmaceutical giant Boehringer Ingelheim (BI) recently announced in Shanghai that it planned to add 451 million euros (about $534.3 million) into its investment in China to speed up research, development and innovation in the next five years.

The next decade is expected to witness the approval of 71 new products of the company in China, according to BI.

According to Felix Gutsche, president and CEO of Boehringer Ingelheim Greater China, during the 2nd CIIE, the company not only received high-value tentative deals on the purchase of drugs, but saw the approval process of multiple innovative drugs in China further accelerated.

In the end of 2019, Baize’an, a new anticancer drug jointly developed by BI and Chinese biotechnology company BeiGene, was approved to market, becoming the first innovative biological drug that was licensed in China through the model of sub-contract production.

This year, BI opened a branch of its digital lab BI X and its External Innovation Hub China in Shanghai to fully incorporate China into its global early clinical development programs and accelerate the entry of new drugs into China.

The European Commission approved an additional indication for the company’s product nintedanib in adults for the treatment of other chronic fibrosing interstitial lung diseases (ILDs) with a progressive phenotype beyond idiopathic pulmonary fibrosis (IPF) in July. Only a month and a half later, the indication was approved in China.

China is not only an important production base and consumer market, but also a source of global innovations in the future, Gutsche said.

When China raises the curtain for the grand event featuring the country’s higher-level opening up and efforts to promote cooperation and win-win results for the international community in the National Exhibition and Convention Center in Shanghai, guests and exhibitors from all over the world will witness one more time how the country is determined to open its doors wider to the rest of the world.

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China’s online retail is now quickly making up the losses suffered by the offline sector during the COVID-19 epidemic. According to China’s National Bureau of Statistics, the online retail sales of physical goods went up by 11.5 percent in the first five months this year, accounting for 24.3 percent of the total retail sales of consumer goods. China also saw its express delivery volume surge 41 percent year-on-year in May, and the revenue of express delivery companies increased 25 percent year-on-year, said the country’s State Post Bureau. With emerging new businesses and vital online consumption, the online retail sales of physical goods is contributing an increasingly larger share to the growth of the consumption market, bringing more benefits and convenience to the consumers. At 4:00 a.m. every day in Yantai, East China’s Shandong Province, the machines at a logistics distribution center of Suning Logistics, a Chinese self-operated retail logistics company, crank up. Parcels are being sorted by employees and then loaded onto vehicles heading for 12 first-level branches, where the commodities will be sorted again and shipped to over 200 service centers in different townships. “There is a huge demand for online service. Our delivery volume expanded by about 23 percent on a yearly basis in May,” introduced Wang Baoyu, a principal of a Suning Logistics service center in the city. The growth in online retail sales of physical goods indicates strong momentum of China’s consumption upgrading. “Although we had to stay at home, we could still taste the delicacies in different parts of the country,” said Zhang Ju in Hefei, capital of East China’s Anhui Province. She placed an order online of Orah mandarins, a specialty of Wuming county of Nanning, South China’s Guangxi Zhuang Autonomous Region, after her relative-visiting trip to Guangxi was suspended by COVID-19. “The mandarins were delivered to me on the second day,” Zhang said, adding that the fruits were tasty and fairly priced. As consumption upgrading accelerates, consumers’ demands are becoming increasingly diversified and personalized. The consumption upgrading showed a strong momentum in the January-May period despite the impacts of the COVID-19 epidemic, and commodities from across the world are now accessible on e-commerce platforms for the Chinese public. The growth in online retail sales of physical goods indicates flourishing new consumption. A livestreaming marketing event was recently held by Pinduoduo, an interactive e-commerce platform in China. It attracted a total of 7.23 million consumers in 48 hours, gaining over 630,000 new followers for enterprises on the platform. The event was joined by multiple government officials, including He Jinshan, head of Nankang district, Ganzhou of East China’s Jiangxi Province, who tried to sell furniture made of the solid-wood produced in the district. When the event concluded, Nankang’s furniture manufacturers achieved a turnover of over 50 million yuan ($7.08 million). China’s e-commerce live-streaming sessions topped 4 million in the first quarter, in which over 100 mayors and county chiefs promoted local products, according to statistics released by the country’s Ministry of Commerce. New online businesses accelerated their innovation in the epidemic, and new consumption, such as influencer marketing and community-based group buying, also demonstrated strong vitality. Driven by digital technology, new online consumption is able to better match the demand and supply sides, tap into the potential of regional industrial clusters, and facilitate the resumption of production of relevant enterprises. It also helps make up the declined consumption, unleash the consumption potential, boost economy and stabilize employment. The growth in online retail sales of physical goods indicates the vast space of China’s domestic market. Chinese e-commerce giant JD.com kicked off its annual shopping festival on June 1 and witnessed robust sales thanks to its high-quality service. Statistics showed that the total transactions on the company’s platform reached a staggering amount of 269.2 billion yuan from June 1 to 18, and 187 brands gained more than 100 million yuan on the platform during the same period. The orders of home appliances, groceries and daily necessities all increased. China is a country with 1.4 billion people, including 400 million middle-income earners. As one of the world’s largest markets, the country is bringing its consumption upgrading into full swing. At present, various policies to stimulate consumption are taking effect, and online and offline consumption is becoming more energetic, injecting more impetus to the high-quality development of China’s economy.

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