July 26, 2021

The EU asks to take advantage of the Shanghai Expo to advance the economic opening of China

The EU asks to take advantage of the Shanghai Expo to advance the economic opening of China


The Chamber of Commerce of the European Union (EU) in China today urged to take advantage of the International Import Expo of Shanghai (CIIE), which is held next week, to advance the opening and the process of economic reform in the country .

In a statement, the European Chamber said the fair is an opportunity to begin to reverse the "reform deficit" that prevents both Shanghai and the rest of China "achieve their acclaimed development goals."

In this sense, the organism warns that Shanghai faces "significant challenges" in its intention to become a global economic and financial center before 2020.

To rectify this situation, the Chamber recommended ensuring "reasonable access" to banking licenses, harmonizing customs systems at the local and national levels and providing equal opportunities for all service operators in the shipping industry.

On the other hand, and in order to attract and retain talent from both China and the rest of the world, the organization emphasizes the need to "address problems" such as the cost and availability of medical services in the city, or sustainability and safety of the traffic system.

However, from the European Chamber warn that these development objectives can only be achieved "when international companies can compete on equal terms with Chinese companies".

"The CIIE can help many countries to reduce their trade deficit with China, but it will not be enough for Shanghai to become a global business center nor to reduce the deficit of internal reforms in the country," the entity stresses.

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