Technology

Coalition of Nearly 50 Organizations Launches ‘Tear the Paper Ceiling’ Campaign to Raise Awareness Around the 70+ Million Workers in the U.S. Skilled Through Alternative Routes (STARs)

Published

2 years ago

September 21, 2022

Nonprofits the Ad Council and Opportunity@Work lead landmark partnership of employers, talent developers and nonprofits on behalf of the majority of U.S. workers without a bachelor’s degree

NEW YORK, Sept. 21, 2022 /PRNewswire/ — Today, nonprofit organizations the Ad Council and Opportunity@Work, alongside nearly 50 national organizations and companies, launched Tear the Paper Ceiling. Announced at an event co-hosted with LinkedIn, the national public service advertising (PSA) campaign calls on businesses and decision makers to remove the barriers blocking 50% of workers in the U.S. from accessing upward mobility. The PSAs encourage employers and workers alike to join the movement to tear the “paper ceiling” – the invisible barrier that comes at every turn for workers without a bachelor’s degree.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/9087451-ad-council-tear-the-paper-ceiling/

The multiyear campaign aims to change the narrative around the value and potential of workers who are Skilled Through Alternative Routes (STARs), rather than through a bachelor’s degree. There are more than 70 million STARs in the U.S. who have developed valuable skills through community college, workforce training, bootcamps, certificate programs, military service or on-the-job learning. Currently, the lack of alumni networks, biased algorithms, degree screens, false stereotypes and misperceptions contribute to the paper ceiling, which creates barriers to upward economic mobility for STARs.

The Tear the Paper Ceiling PSAs – developed by world-renowned creative agency Ogilvy – feature the voices and stories of real STARs in various industries and career stages to raise awareness of the skills and capabilities of workers without bachelor’s degrees. One featured STAR is Justin Hutchinson, who planned to enroll in college but went straight to work when his father became ill. He developed his people skills working at a smoothie shop, which he ultimately leveraged to secure a role leading business development for a marketing firm. Another STAR is LaShana Lewis, who had an aptitude for computers but no college degree. She forged her own career path — from driving buses, to becoming a systems engineer, to founding her own consulting business, where she now serves as CEO.

According to insights from Opportunity@Work, Justin and LaShana are among the 4 million STARs already in high-wage roles, while 32 million more STARs have the skills for significantly higher-wage work (72% higher wages on average) based on their current roles. Since the turn of the century, STARs have lost access to 7.4 million higher-wage jobs. Despite that loss of access, research has found that there are still STARs still performing in those upwardly mobile roles, which makes it clear that loss isn’t due to STARs’ capabilities – it’s changes in hiring practices that are now screening them out. The paper ceiling has also suppressed STARs’ earnings for decades: over the last 40 years, the wage gap between STARs and workers with bachelor’s degrees has doubled. Adjusted for inflation, STARs now actually earn less on average than they did in 1976.

“College is a wonderful bridge to opportunity for millions, but it should never be a drawbridge excluding anyone who doesn’t cross it from thriving careers. Millions of STARs have demonstrated the skills to succeed in millions of today’s in-demand jobs and the adaptability to fill the jobs of tomorrow. Our partners in launching this campaign recognize the essential contributions STARs already make to our economy and believe tapping into STARs’ talent will be vital for our companies and communities to prosper in the years ahead,” said Opportunity@Work CEO Byron Auguste. “Tearing the paper ceiling is about bringing in talent based on skills, not degrees; performance, not pedigree; and inclusion, not exclusion. This collaborative campaign is a critical next step in our mission to create a U.S. labor market where if you can do the job, you can get the job.”

The integrated campaign will appear nationwide across all advertising formats: TV, radio, digital, social media, out-of-home and print. Per the Ad Council’s model, the PSAs will run in placements donated by the media – including Comcast NBCUniversal, Google/YouTube, LinkedIn, Meta, Reddit, and TikTok, among others. Volunteer media agency dentsu will also secure additional donated media support to extend the reach of the campaign.

At TearThePaperCeiling.org , the campaign provides resources for employers to expand their own STARs hiring, and invites STARs to share their own stories. Visitors to the site can also access a suite of tools that includes the “Tear the Paper Ceiling Hiring Playbook for Employers” to help businesses get started with skills-based hiring practices in their organization.

Tear the Paper Ceiling is supported by nearly 50 national organizations ranging from employers to philanthropies and workforce development organizations. Together, this coalition will broaden the impact and reach of the multiyear campaign, and includes:

AccentureByte BackCara PlusChevronCognizant FoundationCollege BoardClimb HireComcast NBCUniversalEducation Design LabGap FoundationBill & Melinda Gates FoundationGeneral AssemblyGeneration USAGoodwillGoogleGrads of LifeGuildHire Heroes USAIBMIDEOJames Irvine FoundationJFFJobcaseLightcastLinkedInMcKinsey & CompanyMerit AmericaMultiverseNational Fund for Workforce SolutionsNational Skills CoalitionNew ProfitNorthern Virginia Community CollegeNPowerPer ScholasSkillUp CoalitionSocial FinanceSHRM (Society for Human Resource Management)SkyHiveStrada Education NetworkSTRIVETech ImpactWalmartWestern Governors UniversityWorkdayWorkingNationYear Up

“Across America today, millions of workers are unfairly shut out from job opportunities because of misperceptions about their skills and preparedness,” said Ad Council President and CEO Lisa Sherman. “Through the Tear the Paper Ceiling campaign, we will change the narrative to celebrate and affirm the skills that STARs can bring to the workforce. Together with our powerful coalition of partners, our efforts will help more STARs access equitable job opportunities and inspire employers to discover untapped talent.”

Tearing the paper ceiling and developing new strategies to recruit, hire, and support STARs will also play a crucial role in supporting employers’ Diversity, Equity, Inclusion, and Belonging (DEIB) efforts. Biases against STARs – which include erroneously identifying them as low-skill – have for years had a negative impact on diversity in the workforce, as 61% of Black workers, 55% of Hispanic workers and 66% of rural workers of all races are STARs. By removing degree screens and intentionally including STARs during the hiring process, employers can take steps toward building a more inclusive workforce while also addressing talent gaps.

“The fact that 70 million workers in the country are not valued adequately by employers today is a massive challenge, but also one that creates profound opportunity to build a better system,” said Devika Bulchandani, Global CEO of Ogilvy. “Ogilvy is thrilled to play a role in helping STARs rip through the paper ceiling, so they can reach their full potential and have a fair chance at economic mobility. This campaign is an example of creativity at its best — helping impact peoples’ lives for the better and strengthen the fabric of our society.”

“I am proud to have my story told in Tear the Paper Ceiling. I’ve always prided myself on being a lifelong learner and early in my career had hoped that my performance would speak for itself. But unfortunately, without a college degree, I was overlooked too many times to count,” said STARs Advisory Council Chair LaShana Lewis. “Since becoming successful in tech and as a CEO, I’ve been told I’m one-in-a-million – but I’m actually one of millions. By identifying people like me as STARs, and recognizing the skills we have as opposed to the degrees we don’t, we’re changing the way we view talent in this country. I truly hope that with this campaign, millions more STARs will feel seen like I have and join the movement.”

Today’s news follows June’s announcement from Opportunity@Work and the Ad Council about the campaign and initial coalition partners. Since June, the Tear the Paper Ceiling coalition has grown significantly – with plans for further expansion during the next few years. Organizations, employers, STARs and other individuals can join the movement by visiting TearThePaperCeiling.org to share their stories, sign a pledge to support STARs and learn more about skills-based hiring practices.

Additional Quotes from Tear the Paper Ceiling Members:
Accenture: “At Accenture, our skill-based approach to hiring helps us reach previously untapped talent pools that reflect the rich diversity of our clients and communities. Through the Apprenticeship Program, our learn-and-earn model connects people without four-year degrees to new career pathways in tech, and we share our success with other companies in the Apprenticeship Network. We’re excited to further our impact on creating a more inclusive workforce and fuel our national competitiveness with the Tear the Paper Ceiling campaign.”
– Kate Clifford, Chief Human Resources Officer of North America, Accenture

Chevron: “Our partnerships and investments in workforce development and career training will advance and strengthen communities. Chevron is committed to ‘tearing the paper ceiling’ through multiple diversity initiatives, including a commitment to inclusive hiring. Chevron brings industry-wide focus to D&I by leveraging scale and strategic partnerships to drive greater impact. Through our collaboration with Opportunity@Work, we seek to inspire companies to embrace alternative hiring routes for workers who are Skilled Through Alternative Routes (*STARs*). The Paper Ceiling Campaign seeks to eliminate hiring barriers by shifting the focus to on-the-job learning, or work experience, as an alternative route to build valuable skills. A workforce armed with the skills necessary to succeed in the jobs of tomorrow is important not only to the success of our business, but also to America’s ability to compete in the global marketplace.”
– Rhonda Morris, Vice President, and Chief Human Resource Officer, Chevron

College Board: “There is so much untapped talent in this country – including many remarkable young people who don’t have four-year degrees. Through BigFuture, we are privileged to dialogue with millions of high school students every year about pathways to success in the workforce. We are proud to collaborate with Opportunity@Work and others so that all students can build a big future, even if they don’t earn a four-year degree.”
– David Coleman, CEO, College Board

Comcast NBCUniversal: “All Americans should have the opportunity to fully participate and excel in our dynamic economy. We’re proud to partner with Opportunity@Work so that more skilled workers can access competitive wage-earning jobs through alternative pathways.”
– Dalila Wilson-Scott, EVP and Chief Diversity Officer, Comcast Corporation

Google: “Google believes everyone deserves the opportunity to reach their full economic potential, without limitation based on education level. Through our Google Career Certificates program, we’re providing accessible workforce training for well-paying jobs. And we’ve created an Employer Consortium of over 150 companies—including Google—that helps program graduates connect with these jobs. We’re proud to support Opportunity@Work and to further our shared goal of creating a more inclusive economy.”
– Lisa Gevelber, Founder, Grow with Google

Guild: “Workers today are seeking greater opportunity and career mobility from their employers. Right now, far too many are held back from reaching their full potential because of systems and barriers that prevent them from advancing. At Guild, we are focused on meeting workers where they are in their educational and career journeys, and helping talent rise wherever it’s found. The Paper Ceiling campaign is critical in doing just that for STARs, and we are proud to be a part of this movement.”
– Rachel Romer, CEO & Co-Founder, Guild

IBM: “Outdated and narrow views of credentials are causing otherwise innovative companies to miss out on hiring top talent like STARs. In partnership with Opportunity@Work and the Ad Council, there is an opportunity to create an inclusive future of work. At IBM, we have adopted a skills-first approach through free education programs like IBM SkillsBuild and by removing the four-year degree requirement for 50% of our U.S. job listings. We’re excited to build on this success through our partnership, and we encourage other companies to join us.”
– Jonathan Adashek, Chief Communications Officer and Senior Vice President, Marketing and Communications, IBM

Jobcase: We built Jobcase to empower workers. We won’t truly achieve this mission, unless the Paper Ceiling that our friends at Opportunity@Work have spotlighted is ripped open. Supporting STARs success isn’t just aligned with Jobcase’s philosophy, it is literally a definition of our business, services, and mission. We are proud to join forces to accelerate change because when STAR workers are truly empowered, everyone benefits. This is not just the right thing to do, it is an imperatively critical thing to do if our country is to remain the economic leader and the beacon for economic opportunity that we all aspire to be.
– Fred Goff, CEO and Founder, Jobcase

LinkedIn: “For far too long, the way people got hired was based solely on the job they had, the degree they earned, or the people they knew. That’s starting to change – and we see it happening on LinkedIn. Employers are realizing that by shifting focus to the actual skills a worker brings to the table, they can solve some of their biggest business challenges and unlock opportunities for millions of overlooked, qualified candidates. In today’s turbulent economic times, the need for new ways of thinking has never been more urgent. LinkedIn is proud to stand with Opportunity @ Work to play a role in tearing down the ‘paper ceiling,’ so that we can create a more equitable and inclusive workforce for all.”
– Aneesh Raman, Vice President, Head of Opportunity Project, LinkedIn

McKinsey & Company: “Filling most in-demand jobs today – and tomorrow – will require a fundamentally different approach to finding the potential in talent, rather than screening resumes for a particular pedigree. What employers really need is knowledge, skills, and capacity to learn. We are making significant investments at McKinsey to ensure that our own talent culture is both distinctive and inclusive. To create opportunities for a broader range of talent, we are reaching out to new sources, like coding bootcamps and apprenticeship programs, and adapting our process to include game-based assessments and interview guides that rely less on business jargon and case prep. We are also proud to help tear the ‘Paper Ceiling’ by building data-driven tools that will help employers of all kinds make potential the priority and rethink what it means to be a skilled worker.”
– Katy George, Senior Partner Chief People Officer, McKinsey & Company

Strada Education Network: “Even at this moment in which there is an extraordinary gap in the labor market between demand and supply, employers too often miss out on talented job candidates due to rigid degree requirements, while also unwittingly constraining opportunity for millions of individuals. Education after high school represents a vital pathway to a prosperous future. Yet we also believe that employers should value the skills people bring to the table regardless of where they acquired them. We’re proud to support the Opportunity@Work STAR campaign, which has the potential to create opportunities for millions of talented STARs across America.”
– Stephen Moret, President and CEO, Strada Education Network

Walmart: “Creating paths of opportunity for everyone depends on a skills-based approach to hiring and advancing workers. Opportunity@ Work and the Ad Council’s Tear the Paper Ceiling campaign highlights the enormous unrealized potential for workers, employers and our economy that will come from reorienting our workforce systems toward skills rather than the way skills have been acquired. We are excited to build on our work with Opportunity@Work and others since we began our Retail Opportunity initiative in 2015 to drive change in the workforce system through our business and philanthropy.”
– Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer, Walmart, and President of the Walmart Foundation

Workday: “At Workday, we believe that skills are a central currency in the changing world of work and a pathway to a more equitable economic future for all. Be it through the way we think about talent, the way we innovate, or via our policy advocacy efforts, we are committed to creating opportunities for all and helping workers get skilled through alternative routes. We are honored to support Opportunity @ Work and their Tear the Paper Ceiling campaign.”
– Carrie Varoquiers, Chief Philanthropy Officer, Workday

About Opportunity@Work
Opportunity@Work is a 501(c)3 nonprofit organization whose mission is to enable at least 1 million working adults in America to translate their learning into earning – generating a $20 billion boost in annual earnings. Opportunity@Work engages with corporate, philanthropic, and workforce partners to directly address the barriers that STARs face, recognize STARs talent and remove bachelor’s degree screens. Learn more at www.opportunity@work.org.

About the Ad Council
The Ad Council is where creativity and causes converge. The nonprofit organization brings together the most creative minds in advertising, media, technology and marketing to address many of the nation’s most important causes. The Ad Council has created many of the most iconic campaigns in advertising history. Friends Don’t Let Friends Drive Drunk. Smokey Bear. Love Has No Labels. The Ad Council’s innovative social good campaigns raise awareness, inspire action and save lives. To learn more, visit AdCouncil.org, follow the Ad Council’s communities on Facebook and Twitter, and view the creative on YouTube.

About Ogilvy
Ogilvy inspires brands and people to impact the world. We have been creating iconic, culture-changing, value-driving ideas for clients since David Ogilvy founded the company in 1948. We continue building on that rich legacy through our borderless creativity—operating, innovating, and creating at the intersection of talent and capabilities. Our experts in Public Relations, Consulting, Advertising, Health, and Experience work fluidly across 131 offices in 93 countries to bring forth world-class creative solutions for our clients. Ogilvy is a WPP company. For more information, visit Ogilvy.com, and follow us on LinkedIn, Twitter, Instagram, and Facebook.

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SOURCE The Ad Council

Technology

Patent Granted for Dymax’s HLC™ Technology

Published

2 mins ago

November 6, 2024

Novel Adhesive Solution Offers Curing in Light and Darkness and Bonding to Various Substrates
Including Opaque Materials Impermeable to Light

SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Dymax, a leading manufacturer of rapid curing materials and equipment, has been granted a patent for its HLC™ (Hybrid Light-Curable) adhesive platform. The new technology combines the optimal qualities of anionic polymerization and free radical chemistries into one formulation.

The newly patented HLC technology aims to improve the curing performance of urethane (meth)acrylate compositions commonly used to formulate coatings, adhesives, sealants, and inks. Primary advantages of HLC™ include fast cure, low-to-no blooming after proper light cure, better aesthetics, humidity resistance, and more flexible joints than ordinary cyanoacrylates.

While standard light-curing materials cure effectively using UV/Visible light, they often struggle in areas where the light cannot reach, leaving behind uncured areas. These shadowed regions not only compromise the reliability of the final product but can also weaken adhesive bonds over time. HLC addresses the issue of incomplete curing in dark areas with rapid moisture/contact cure capability. Bonding to a broad range of substrates, including opaque and light-blocking materials, is also possible.

Due to the composition of their light-curing component, Dymax HLC adhesives form a cross-linked polymer framework, enabling the successful bonding of small gaps or larger joints. Light-curing also reduces the risk of “blooming,” a common issue with cyanoacrylates, where a white residue forms at the edges of bond lines when they react with ambient humidity. Light-curing can significantly reduce the risk of blooming as the material cross-links before the monomer can volatilize.

Dymax HLC-M-1000, the first adhesive in the series, is engineered for medical applications and meets several biocompatibility standards. Its light-curing capabilities allow for rapid curing in seconds with low-intensity light, optimizing performance even at ~20 mW/cm². With an extremely low viscosity of 3 cP, the material is capable of wicking into extremely tight bond joints not typically accessible with other, higher-viscosity adhesives.

“HLC™ technology fills a gap that many manufacturers using light-curing technology face when bonding opaque substrates,” said Dr. Ahmet Nebioglu, Dymax Sr. R&D Director, Global. “It balances the need for rapid cure in light or darkness while addressing the issues of blooming, low impact resistance, and limited long-term moisture exposure. This new technology is a major breakthrough for adhesion quality in the manufacturing process.”

This advancement may provide greater product reliability for end users through improved curing, stronger bonds, and enhanced durability, contributing to the overall quality of finished components.

For technical inquiries about patented HLC technology, a team of Dymax application engineers and system integrators is available to develop customized dispensing solutions for users, assist with material handling challenges, and support customers throughout the manufacturing process.

About Dymax

Dymax develops innovative rapid and light-curable materials, dispense equipment, and UV/LED light-curing systems. The company’s adhesives, coatings, and equipment are perfectly matched to work seamlessly with each other, providing design engineers with tools to dramatically improve manufacturing efficiencies. Major markets include aerospace and defense, medical device, and consumer and automotive electronics.

For additional information on Dymax, visit www.dymax.com or call us at +65 6752 2887.

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SOURCE Dymax

Technology

MODIFI Secures Strategic Investment from SMBC Asia Rising Fund to fuel Asian exports by SMEs

Published

2 mins ago

November 6, 2024

Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India

AMSTERDAM and SINGAPORE, Nov. 6, 2024 /CNW/ — MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions.

The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI’s drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI’s expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI’s platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.

“The funding underscores the strength of our business and the confidence our investors have in our vision for the future,” said Nelson Holzner, CEO and Co-founder of MODIFI. “As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders.”

MODIFI’s exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.

“Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions,” added Holzner. “With this fresh funding, we’re set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally.”

“By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers,” said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.

About MODIFI

MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.

About SMBC and SMBC Asia Rising Fund

SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products.

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Logo: https://mma.prnewswire.com/media/2549327/Modifi_Logo.jpg

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SOURCE MODIFI B.V.

Technology

CGTN: China showcases commitment of opening up via massive trade fair

Published

2 mins ago

November 6, 2024

BEIJING, Nov. 6, 2024 /PRNewswire/ — International companies looking to enter the Chinese market are flocking to Shanghai to take advantage of the seventh China International Import Expo (CIIE), the country’s biggest import trade fair slated to run from November 5 to 10 this year.

A global economic and trade event, the expo generated deals cumulatively valued at $78.4 billion last year, an increase of 6.7 percent year on year, hitting an all-time high. This year’s CIIE will host 3,496 exhibitors from 129 countries and regions in an exhibition center space that covers over 360,000 square meters – equivalent to 50 standard soccer fields.

According to Chinese officials, the number of participating countries and exhibitors has surpassed previous records. And the most notable thing is that 297 exhibitors are from Fortune Global 500 companies, marking a historic high. Among all participants, 186 enterprises and institutions have participated in the expo for seven consecutive years.

Hosting the CIIE is an important aspect of China’s opening up and cooperation, representing China’s solemn commitment to the world, Chinese Premier Li Qiang said during his keynote speech at the opening ceremony of this year’s CIIE on Monday.

The Piraeus Port Authority, the operator of Greece’s largest port, is participating in the expo for the seventh consecutive year. Following its debut at the inaugural CIIE in 2018, Piraeus Port saw its container throughput hit a record high in 2019, with 40 percent of the total volume coming from China.

“Piraeus Port takes part in the CIIE every year to explore new cooperation opportunities, aiming for a win-win partnership with China,” exhibitor Evdoxia Kastrinelli told CMG, adding the port operator will keep participating in the event in the future.

Apitv, an automotive technology supplier headquartered in Dublin, is participating in the expo for the first time. A part of a global industrial machinery manufacturer with over 100 years of history, the company is showcasing more than 45 cutting-edge technological innovations, including hydrogen energy solutions, liquid hydrogen booster pumps, and other advanced products, all making their debut in China.

“We’ve seen the impact the CIIE has had on global trade over the years, and with China’s automotive industry rapidly advancing, this is an excellent opportunity for us to leverage the platform to engage in deeper cooperation with enterprises both in China and around the world,” said Jiang Weihao, a representative of the exhibitor.

In addition to tech products and consumer goods from developed countries, this year’s expo also welcomed a large number of developing nations, including 37 of the world’s least developed countries. Over 120 exhibition booths were provided free of charge to these countries. Some booths highlight African agricultural specialties such as peanut, coffee, honey and beer.

During the 2024 Summit of the Forum on China-Africa Cooperation, China announced plans to grant zero-tariff treatment on all tariff items for the least developed countries with diplomatic ties to China, including 33 African nations. Following that, 22 tonnes of avocados imported from South Africa cleared customs and arrived at Shanghai Yangshan Port in early October.

Addressing the opening ceremony, Li stressed the need to strengthen consensus on opening up, adding that all parties should jointly adhere to international economic and trade orders and rules and earnestly fulfill multilateral and bilateral economic and trade agreements.

This year, China has rolled out a series of measures to underscore its commitment to deeper reforms and greater openness.

Starting November 8, China will grant visa-free entry to citizens from nine more countries, bringing the total to nearly 30. On November 1, China implemented an updated negative list for foreign investment, removing all restrictions in the manufacturing sector.

The country has also revised policies for foreign investment in listed companies and will now allow foreign-invested hospitals in nine cities. A nationwide negative list for cross-border services trade will also be introduced.

As China continues to open its economy and stimulate growth, the International Monetary Fund (IMF) has raised its growth forecast for China to five percent, matching the country’s original growth target.

Based on IMF projections, Bloomberg has reported that China is expected to remain the largest contributor to global economic growth over the next five years, surpassing the combined contributions of all G7 countries.

China will further expand institutional opening up and actively align with high-standard international economic and trade rules, Li said, pledging efforts to implement the strategy for upgrading pilot free trade zones.

https://news.cgtn.com/news/2024-11-05/China-showcases-commitment-of-opening-up-via-massive-trade-fair-1yhuKBzAgZa/p.html

SOURCE CGTN