Beijing (People's Daily) -- The CIIE is an important platform to strengthen economic cooperation and global trade,  Beate Trankmann, UNDP Resident Representative in China told People's Daily on Friday.

(Photo provided to People's Daily )

"As a unique venue for countries and businesses to exchange technical solutions, share knowledge and best practices, enhance mutual understanding and cooperation for sustainable development, the CIIE provides the opportunity to showcase how sustainable trade and investment can contribute to the realization of the 2030 Agenda for Sustainable Development, in particular for the Least Developed Countries,” Trankmann said.

Unlike other fairs and expos, which deal mainly with exports, the focus of CIIE is on imports, indicating the shift in markets and a distinct evolution in terms of China's development.

This also reveals the transformation of China's economy from an export-led growth model to  a consumption-driven one. According to National Bureau of Statistics, consumer spending contributed 76.2% to China's economic growth in 2018.

"The contribution of investments and exports to economic growth is declining, while consumption is gradually rising as a key driver for economic growth," said Trankmann.

The second CIIE will take place on Nov. 5-10 in Shanghai, after which the country exhibitions will extend for eight more days.