China's consumer products expo shares opportunities, market with world

0 Comment(s)Print E-mail Xinhua, April 14, 2024
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People visit the exhibition area of domestic brands at the fourth China International Consumer Products Expo in Haikou, capital city of south China's Hainan Province, April 13, 2024. [Photo/Xinhua]

China, the world's second-largest economy, is sharing its booming consumer market with companies around the world, with its heavyweight expo hitting a record high scale held in Haikou, capital city of south China's Hainan Province.

The country launched a series of global consumption events on Saturday at the fourth China International Consumer Products Expo (CICPE) in the island province known for its offshore duty-free shopping and free trade port policies.

Lasting from April 13 to 18, the expo themed "Share Open Opportunities, Co-create a Better Life" will host over 4,000 brands from 71 countries and regions, showcasing their novel and upmarket products for global consumers.

In addition to the main venue at the Hainan International Convention and Exhibition Center in Haikou, the provincial capital, three sub-venues regarding sailboats and yachts, duty-free shopping and international health have been set up in Haikou and Boao. The total indoor exhibition area is expected to reach 128,000 square meters, surpassing its previous editions.

More than 300 themed activities and featured activities such as new product releases will also be carried out.

Over the past three years, the scale, quality and influence of the expo have been continuously improved, Peng Qinghua, vice chairman of the Standing Committee of the National People's Congress, said at the launch ceremony.

The expo has become the largest consumer products exhibition in the Asia-Pacific region, a gathering place for global consumer products and a vane for the consumer market, becoming a name card for the construction of Hainan Free Trade Port, he said.

Feng Fei, secretary of the Hainan Provincial Committee of the Communist Party of China, said from this year, the expo will be held in Hainan from April 13 to 18 every year to better facilitate the arrangements of participants.

In addition, the quality of the exhibitions is improving. Especially, more attention has been paid to the marketization, internationalization and specialization of the exhibitions.

Ireland is the guest of honor at this year's expo, with a dedicated exhibition venue showing the country's scientific and technological innovation, education, investment, tourism and culture.

"China is our largest trading partner in the Asia Pacific. Many of our companies will be represented at the Hainan consumer products expo," Irish Deputy Prime Minister and Minister for Foreign Affairs Micheal Martin said in a congratulatory letter to the expo, adding that international expos like this one give Irish producers an important and direct platform to promote their high quality produce.

Ann Derwin, Ireland's ambassador to China, said the economic and trade exchanges between the two countries are strong.

In 2022, the total bilateral trade reached over 45 billion euros, a 28 percent year-on-year increase, she said.

"Free Trade Zones, such as Hainan Free Trade Port, are an important element and driver of this system as they allow greater freedom and incentives to companies wishing to trade globally," she added.

Israel Alexander Assa, Estée Lauder Companies Travel Retail Global President, said that Hainan has made significant progress in developing its duty-free sector in recent years, with improvements in shopping policy and retail infrastructure and the company remains optimistic about the sector's long term future.

In the first two months of this year, retail sales of consumer goods totaled 8.1 trillion yuan (about $1.14 trillion), an increase of 5.5 percent year on year.

"This fully reflects the strong resilience and vitality of China's consumer market, and also lays a foundation for stable consumption throughout the year," said Vice Minister of Commerce Sheng Qiuping.

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