The 4th China International Import Expo (CIIE), which is set to kick off on Thursday in Shanghai, will serve as a beacon of hope for a world economy that is severely battered by the lingering COVID-19 pandemic, as it offers an excellent platform for global companies to explore and expand in the Chinese market, participants and analysts said on Wednesday.

President Xi Jinping will deliver a keynote speech at the opening ceremony on Thursday via video link, the Ministry of Commerce (MOFCOM) announced on Wednesday, highlighting the great importance the Chinese government attaches to the event that increasingly exemplifies China's continuous opening-up.

The expo itself will run from Friday to November 10.

As part of China's bid to further open its market to foreign products, the CIIE has become a major platform for global businesses to explore and expand in China. Despite logistical and other hurdles posed by COVID-19, the fair has garnered broad worldwide participation and major business deals are expected.

Nearly 3,000 businesses from 127 countries and regions will attend the 4th CIIE, according to the organizer. A total of 58 countries and three international organizations will also join the online country exhibition during the expo, with 15 countries making their debut.

Some 300 buyers with established influence and deep pockets will attend the expo, organizers said.

The Hongqiao International Economic Forum, which will take place in Shanghai as part of the CIIE, will focus on global economic cooperation in the post-virus world, with sub-forums on climate change, the digital economy and intelligent manufacturing.

The 4th CIIE also for the first time has a designated zone for integrated circuits (IC), one of China's biggest import items. The country's spending on IC imports in 2020 reached $350.04 billion, double the amount it spent on crude oil.

A large number of the world's leading companies in various sectors from minerals and electric cars to health and cosmetics will showcase their products and technologies, especially green technologies and low-carbon solutions. Over 80 percent of the world's top 500 companies and industrial leaders that attended the previous expos will return to the CIIE this year.

While the opening of the expo comes at a time of challenges and hurdles posed by the coronavirus, the CIIE is becoming a beacon of hope in the struggling world economy facing inflation, supply chain disruptions and logistics hurdles, said Wei Jianguo, former MOFCOM vice minister and executive deputy director of the China Center for International Economic Exchanges.

"Countries around the world are looking tentatively at the expo, hoping to maximize their advantages in trade, with the help of the gigantic Chinese market," Wei told the Global Times on Wednesday. "CIIE is an entry port and it is grabbing world attention for the right reason."

While the Canton Fair is the world's largest trade expo and export expo, the CIIE is fast approaching the former in terms of display floor space, reaching 366,000 square meters.

Countries are fiercely competing for larger display space, with the US surpassing Japan as the top in terms of floor space in 2020. US companies had the largest floor space at the 3rd CIIE while Japan had the largest number of firms. Detailed figures for the 4th CIIE will be unveiled later.

US electric carmaker Telsa has "moved" its Gigafactory 3 in Shanghai into the CIIE venues by exhibiting its car production philosophy and technologies, according to a statement sent by the company to the Global Times. The plant has a target of producing more than 450,000 cars annually in China, and 90 percent of the parts are already localized.

Brazil-based miner Vale is bringing innovative technologies to support China's decarbonization process, alongside its iron ore and base metal products.

Tracy Xie, president of Vale China, told the Global Times on Wednesday that her company will showcase briquetting, a patented technology that is capable of reducing carbon dioxide emissions in steelmaking by up to 10 percent.

"The CIIE is an excellent platform for companies, regions and countries to exchange, connect and cooperate on a local and more important, international level. At the fourth edition of the CIIE, we look forward to presenting healthcare innovations in China as well as to strengthening our cooperation with various stakeholders to leverage China's medical ecosystem," Elisabeth Staudinger, president of Siemens Healthineers Asia Pacific, told the Global Times on Wednesday.

The CIIE is the world's first dedicated import exhibition and its three previous editions have seen fruitful outcomes. At the 3rd CIIE, intended business contracts worth $72.62 billion were signed, up 2.1 percent from the second CIIE.