China's consumer products expo sharing massive market

The third China International Consumer Products Expo (CICPE) kicked off on April 10 in southern China's island province of Hainan, a precious opportunity for those in dire need of communication and access to the massive market amid the global economic downturn.

Wang Yong, vice chairman of the 14th National Committee of the Chinese People's Political Consultative Conference, announced the opening of the expo.

China's Vice Premier He Lifeng made a video speech at the opening ceremony. He reviewed the remarkable achievements since the first CICPE in 2021 and wished for more win-win results of mutual benefits during this year's event.

As a series of policies by the central government unleashed the potential of China's super-large market, the world's second-largest consumer market is witnessing vigorous vitality, the vice premier said.

He stressed the priority of restoring and bolstering consumption through more effective measures, increasing the supply of quality goods and services, continuously expanding imports of quality consumer products, and advocating green and low-carbon consumption.

With a rising influence, the CICPE has provided a new platform for global goods and services to enter the Chinese market and a channel for Chinese consumer products to the world, said China's Minister of Commerce Wang Wentao at the opening ceremony.

The third CICPE has more prominent features of green, healthy, smart and fashion consumption styles and will see over 1,000 products under 300 global brands make their debut, Wang added.

Themed "Share Open Opportunities, Co-create a Better Life," the third CICPE has an exhibition area of 120,000 square meters, up 20 percent from the previous edition, where over 3,300 brands from 65 countries and regions will be displayed, including 147 brands from Italy, the guest country of honor.

In a short video at the opening ceremony, Italian Prime Minister Giorgia Meloni expressed gratitude to the Chinese leadership and the expo, stressing the bilateral consensus to enhance China-Italy trade ties and boost global economic recovery through joint efforts.

Fabrizio Freda, CEO of Estee Lauder, said that his group has confidence in the Chinese market and has realized the importance of Hainan's offshore duty-free market.

The group is looking forward to establishing higher quality cooperation in duty-free shopping, medical care, and talent training, Freda said, adding that Estee Lauder plans to introduce new and quality products to attract more consumers and help develop the Hainan Free Trade Port (FTP).

In 2020, China released a master plan to build Hainan into a globally influential and high-level free trade port by the middle of the century. Since then, a slew of favorable policies has been issued to support the development of the Hainan FTP.

The island province, which aims to become an international tourism and consumption center by 2025, and a globally influential tourism and consumption destination by 2035, is striving to boost consumer demand and raise its offshore duty-free sales to over 80 billion yuan (about 11.6 billion U.S. dollars) in 2023, according to the province's government work report.

Wang Bin, a senior official of the Hainan provincial government, said the island would facilitate the access of global companies and their sharing of the Chinese market, increase the offshore duty-free market supply, and highlight the CICPE's role as a global public service platform to stimulate worldwide consumption.

The expo is the first offline event among China's top four international trade fairs of the year.

Well begun is half done, said Zhang Xiangchen, deputy director-general of the World Trade Organization, noting that the event will be an encouraging step in China's efforts to promote international trade and cross-border investments and to share China's huge market and business opportunities with the whole world.

Considering the current circumstance of world trade, Zhang said that reducing trade barriers and facilitating investment should be the mainstream policy goals of the world, and the need for a transparent, predictable, and fair global rulebook on trade remains unchanged.

Changes bring in both challenges and opportunities and cooperation is the most effective way to meet challenges and address global commons, he said.