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As the US accounts for almost one-fifth of China's exports, or the equivalent of 3.6 percent of the country's GDP, large-scale additional tariffs could have a noticeable impact on China's economy and would have knock-on effects for the supply chain across the rest of Asia, said Andrew Fennell, director of the Sovereigns Department in Hong Kong of the global credit rating agency Fitch Ratings.
As the first state-level Import Expo in the world, CIIE marks the shift in China's economic development model from export-oriented to balancing import and export. It is expected to give firm support to trade liberalization and economic globalization, and actively open the Chinese market to the world.
As the global and domestic smartphone market face continuous contraction in previous three years, China's ambitious 5G plans are regarded as a driving engine to stimulate phone shipments in 2020, IDC said.
As the country encourages firms to move up the value chain, the list saw fewer companies in traditional manufacturing sectors such as ferrous metal production and more firms in advanced manufacturing and modern service sectors.
As such, there is a huge need for a qualified labor force which canprovide valuable advice to their financial clients in China, said Horlacher.