(Yicai) Nov. 4 -- The annual China International Import Expo, which opens in Shanghai tomorrow, is a key platform for China’s opening-up and making its vast market a global opportunity.

With an exhibition area spanning more than 367,000 square meters, this year’s CIIE will host over 4,000 companies from 138 countries and regions, turning Shanghai into a global showcase of trade and innovation through Nov. 10.

Among the participants are 290 Fortune Global 500 companies and industry leaders, marking record highs for both exhibition areas and the number of exhibitors. US companies have had the largest exhibition space for seven consecutive years, according to the CIIE’s organizers.

The expo has become a one-stop platform for Honeywell to launch innovative products, showcase cutting-edge technologies, and expand partnerships, Yu Feng, president of the US tech conglomerate's China business, told Yicai. Honeywell aims to go on seizing the opportunities brought by the CIIE, he added.

Charlotte-based Honeywell has exhibited around 170 innovative technologies, products, and solutions at previous CIIEs, most of which have since been successfully introduced to the Chinese market, Yu said.

According to the CIIE’s own data, the previous seven expos showcased about 3,000 new products, technologies, and services, with total intended deals worth more than USD500 billion. They welcomed 23,000 international exhibitors in all.

As the spillover effects of exhibits transforming into commodities and exhibitors becoming investors continue to unfold, China's huge market and well-developed industrial support advantages are attracting numerous multinational corporations to deepen their localization strategies in China and ramp up spending on research and development.

"Honeywell is confident in achieving continued business growth in China and will keep investing in local innovation and operations," Yu pointed out, adding that the country’s vast market, all-round industrial system, abundant talent, and strong innovative vitality provide a solid foundation for the growth of multinationals.

German optics giant Zeiss is relocating more and higher-end research and manufacturing to China to achieve full localization. The first three high-end microscopes rolled off the Oberkochen-based firm’s new Chinese production line in September.

The CIIE has become an important platform for Zeiss' global product launches, technology debuts, and opportunity sharing in China, Martin Fischer, president and chief executive officer of Zeiss China, told Yicai. At this year's event, the company will focus on showcasing several innovative R&D achievements realized locally.

Despite the noise of de-globalization, China's openness and two-way connectivity with overseas markets continue. For example, US-Irish medical devices maker Medtronic has nearly 7,000 supply chain partners in China, and its procurement in the country for fiscal year 2025 is expected to reach CNY5 billion (USD700 million). About 90 percent of that will be used to supply its overseas factories.

In addition to multinationals from developed countries, the CIIE will also feature enterprises from 123 countries participating in the Belt and Road Initiative, a 23 percent jump from last year. There will also be 163 companies from least developed countries, up 24 percent.

To promote unilateral openness with the least developed countries, the CIIE has expanded the area dedicated to African products this year, resulting in an 80 percent increase in the number of companies from the continent taking part compared with last year.

Editors: Tang Shihua, Futura Costaglione