SEOUL, Oct. 30 (Xinhua) -- The China International Import Expo (CIIE) will substantially promote trade across the border amid the prolonged COVID-19 pandemic that has weakened global trade, an executive of a South Korean automaker has said.
"The CIIE is contributing greatly to promoting China's commitment to free trade to the outside world as well as substantially promoting trade," Li Hongpeng, chief business officer and vice president at Hyundai Motor Group China, said in a recent written interview with Xinhua.
The South Korean automaker took part in the first and second CIIE, and planned to showcase its products, such as Hyundai Prophecy concept EV model, E-GMP and XCIENT Fuel Cell, at the upcoming third CIIE scheduled for Nov. 5-10 in Shanghai.
With its participation in the CIIEs, Hyundai has achieved success in delivering its vision for future technologies, including hydrogen fuel cell and electrification, and its priority on the Chinese market to general customers, Li said.
"At a time when most major events around the world have been postponed or minimized due to the COVID-19 pandemic, China has successfully held the Beijing International Automotive Exhibition 2020 using strict quarantine measures," he said.
The vice president expected the CIIE to be held successfully without a hitch under the challenging circumstances.
"Particularly now when global consumption cannot be easily recovered from the COVID-19 pandemic, China's rapid growth provides opportunities for other nations to recover their growth engines by exporting to China when their domestic markets have contracted," the Hyundai executive noted.
"China will greatly contribute to the balanced and continuous growth of the global economy," he said.
In its latest World Economic Outlook, the International Monetary Fund forecast that global trade volume was on track to shrink by 10.4 percent this year, followed by an 8.3-percent rebound next year.
The gross domestic product of China, South Korea's biggest trading partner, expanded 4.9 percent year on year in the third quarter, higher than the 3.2-percent growth in the second quarter, according to data from China's National Bureau of Statistics.
Li also noted that due to the nature of the South Korean economy, which is highly dependent on trade, the CIIE has contributed greatly to the development of its economy "in terms of opening up new export and import channels for domestic companies."
Noting that China's continuous pursuit of reform and opening-up provides foreign companies with increased access to the vast Chinese consumer market, Li said that China, as a major global consumer market, will play an important role in the development of the global economy in the future.
He added that Hyundai will respond to China's hydrogen energy promotion policy by focusing on eco-friendly vehicles such as battery electric vehicles (BEV) and fuel-cell electric vehicles (FCEV).
"We are planning and developing a dedicated BEV line-up brand IONIQ, strengthening FCEV development and investing in related infrastructure," said Li. Enditem
