AECOM's booth at the first China International Import Expo in Shanghai. (Photo provided to chinadaily.com.cn)
U.S. architecture and infrastructure consulting company AECOM said it expects a bright future in the Chinese market as it foresees a profound need for high-quality services amid the country's further urbanization and development.
"China has entered a phase of increasing expansion in consumption and imports," said Sean Chiao, president of AECOM Asia-Pacific.
He predicted $10 trillion of goods and services will be imported to China in the next five years.
"The China International Import Expo signals that China's opening-up strategy has switched its focus from high speed to high quality, and we believe the demand for premium services in infrastructure will soon emerge in the Chinese market," Chiao said.
"AECOM feels deeply honored to participate in the CIIE. We are very much inspired by President Xi Jinping's speech, in which he said, 'The Chinese economy is a sea, not a pond. Storms can overturn a pond, but never a sea'."
Chiao added that "AECOM aims to make the world a better place to live. In many strategic development plans, such as the Belt and Road Initiative, the Guangdong-Hong Kong-Macao Greater Bay Area, the Beijing-Tianjin-Hebei region and the Yangtze River Delta, we have made our contribution. This showcases that AECOM's determination has never changed in the more than four decades we have participated in China's development."
According to a report from the Ministry of Commerce, released during the recent CIIE, China ranked No 2 for the volume of imported services in 2017. The report said total service imports could reach $2.5 trillion over the next five years.
Another service provider, Messe Frankfurt, one of the world's largest trade fair organizers, said it also eyes great potential in China.
Stephan Buurma, a management board member of Messe Frankfurt Group, said China has always been and will continue to be a market of vitality for trade, especially after the CIIE. The company also said it hopes to introduce more high-end industrial and trade fairs in China in the future.
"We started from one show a year 31 years ago, to constantly adding more, with 35 shows a year now," Buurma said.
He added the company has reported a strong performance because the Chinese industry and economy is growing－not only are more Chinese companies going abroad to attend trade shows, but more international fairs are coming to China.