In a keynote speech at the 2018 event, Xi said: "We will take further steps to lower tariffs, facilitate customs clearance, reduce institutional costs for imports, and step up cross-border e-commerce and other new forms and models of business. China has a big market of over 1.3 billion people, and it is our sincere commitment to open the Chinese market."

He pledged unrelenting steps to increase the openness of the financial services, agricultural, mining and manufacturing sectors and to accelerate opening in fields such as telecommunications, education, medical services and culture.

"In the coming 15 years, China's imports of goods and services are expected to exceed $30 trillion and $10 trillion respectively," Xi said in his 2018 speech.

Last year, the value of deals clinched at the Shanghai expo reached $70.72 billion, up from $57.8 billion in 2018.

Xu, from the Chinese Academy of Social Sciences, said the expo marked a major step for China to open up its markets and share its growth opportunities. It was also a pragmatic step to develop an open world economy and promote common development.

"The expo, a key pillar for China's opening-up in the new era, will enable the country to contribute to global trade, economic growth and the rebalancing of economic globalization," he said.

Phaichit Viboontanasarn, vice-president and secretary-general of the Thai Chamber of Commerce in China, said such expos have brought benefits for Thai producers and service providers, making Thai brands widely popular in the Chinese market.

"China's economic openness creates economic benefits and opportunities for foreign businesses in many ways," he said.