The 7th China International Import Expo (CIIE) is currently being held in Shanghai, featuring a wide range of cutting-edge technologies from global companies. This year's event has attracted over 400 new products, technologies, and services across various sectors, including artificial intelligence, autonomous systems, and energy transition technologies.
Among the exhibitors is GE Healthcare, which has brought its largest collection of new medical technology products to date. The U.S.-based company aims to take advantage of China's growing demand for advanced healthcare solutions. GE Healthcare's participation in the CIIE since 2018 reflects its commitment to not only showcase its innovations but also to foster deeper engagement with the Chinese market. The company's China communications executive, Zhong Luyin, emphasized the importance of this engagement, highlighting the expo as a vital opportunity for collaboration and growth.
The CIIE is taking place at a crucial time for foreign investors, as China has recently removed all market access restrictions in the manufacturing sector. This policy change, effective from November 1, is expected to enhance trade, investment, and innovation opportunities for global businesses, further establishing China as an attractive destination for foreign investment.
Siemens Healthineers, another key participant at the expo, is unveiling its latest generation of magnetic resonance imaging (MRI) equipment, the MAGNETOM Terra.X, for the first time in Asia. The company is also advancing its localization strategy by planning to manufacture this cutting-edge technology in Shenzhen, Guangdong Province. This approach aligns with China's push for innovation and reflects a broader trend among multinational corporations to adapt their operations to local markets.
The CIIE not only showcases traditional technologies but also features futuristic innovations. French tire manufacturer Michelin is presenting a prototype wheel designed for lunar exploration vehicles, along with sustainable car tires made from eco-friendly materials. This project demonstrates Michelin's commitment to innovation in mobility, even extending to potential future missions on the Moon or Mars.
In addition, the expo highlights the emergence of electric vertical takeoff and landing (eVTOL) aircraft. Vertaxi, a startup in this field, is presenting three autonomous eVTOL drones, which have gained attention for their applications in emergency services and infrastructure inspections. The company's vice president, Yue Tingting, expressed optimism about the future of eVTOL technology in China, envisioning a day when these aircraft could be used for everyday commuting.
China's rise in the global innovation landscape is further evidenced by its recent ranking in the Global Innovation Index 2024, where it has moved up to 11th place among the world's most innovative economies. This progress reflects a significant shift in the country's growth pattern, transitioning from a quantity-oriented approach to one focused on quality and innovation. Tetsuro Homma, executive vice president of Panasonic Holdings Corporation, noted that the company is expanding its research and development teams in China to keep pace with this transformation.
Panasonic's investment strategy highlights the increasing importance of the Chinese market for global companies. With over 60 subsidiaries in the country, China now accounts for nearly a quarter of Panasonic's global business. The company's commitment to innovating for the Chinese market while aspiring to create solutions for the world underscores the strategic significance of this region in the global economy.
The CIIE also features innovative products like the Moonwalkers Aero, a new generation of motor-powered shoes developed by Shift Robotics. These shoes allow users to walk at speeds of up to 11 km per hour, providing a unique solution for mobility in various environments. CEO Zhang Xunjie highlighted the versatility of the Moonwalkers, which can be used in everyday situations without the need to change footwear.
As global companies continue to unveil their latest technologies at the CIIE, the event serves as evidence of China's growing role as a hub for innovation and investment. The commitment of these companies to engage with the Chinese market reflects a broader trend of globalization, where businesses are increasingly looking to adapt and thrive in diverse economic landscapes. The ongoing expo not only showcases the latest advancements in technology but also sets the stage for future collaborations and developments in the global marketplace.