Photo: Qi Xijia/GT

 
The fourth China International Consumer Products Expo (CICPE), Asia's largest premium consumer products expo, is being held in South China's Hainan Province starting from Saturday, marking the beginning of a number of trade expos this year that showcase China's dynamic consumer market and unswerving commitment to opening-up. 

On the first day of the exhibition, temperatures were very high, but the venue was equally bustling with activity. Domestic and international buyers and exhibitors gathered in the venue, bringing along their latest products and brands and hoping to share in the opportunities that China has to offer through this platform.

"The current wave of backlash against economic globalization may be challenging, but the world will never return to a state of isolation. China will always be an important opportunity for global development. The door to China's opening-up will only get wider," said Peng Qinghua, vice chairman of the Standing Committee of the National People's Congress, said in welcoming remarks for the CICPE on Saturday.

"I warmly welcome more companies to deepen their presence in the Chinese market, expand their investments in China, strengthen economic and trade cooperation, grow together with the Chinese economy, and share in the opportunities of China's development," Peng said.

The six-day event, which lasts through April 18, will host over 4,000 brands from 71 countries and regions, which are expected to showcase their products for global consumers. A total of over 55,000 purchasers and professional buyers are expected to attend the event, with more than 300 brands launching over 1,000 new products during the expo.

Ireland will be the country 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. 

"Expos such as the CICPE are wonderful opportunities to promote Ireland and what it has to offer, and are excellent platforms for Irish companies to introduce themselves to Chinese consumers. Quite a few Irish companies return again and again to these expos," Ann Derwin, Ambassador of Ireland to China, told the Global Times in an exclusive interview.

The CICPE is the first major international exhibition China this year, and will be followed by a number of expos, including the Canton Fair in South China's Guangdong Province later this week, offering opportunities for global companies to explore the massive market in China.

With a population of 1.4 billion and a 400 million strong middle class, China has a per capita GDP exceeding $12,000, making it one of the most promising consumer markets in the world. 

"The Chinese economy is resilient, dynamic, and full of potential, and its strong long-term outlook remains unchanged," Sheng Qiuping, Chinese vice minister of commerce, said in remarks on Saturday. 

According to the General Administration of Customs, China's imports of consumer goods reached 1.95 trillion yuan in 2023, a year-on-year increase of 1.2 percent. Imports purchased through cross-border e-commerce reached 141.77 billion yuan in 2023, an increase of 7 percent compared to the previous year.

Representatives from leading multinationals told the Global Times that they are optimistic about the future development of the Chinese consumer market, which is set to drive their revenue growth and instill new positivity into the global economy.

Deserine Lim, Assistant General Manager, Branding & Strategic Marketing (North Asia) of Singapore-based wellness tech brand OSIM, said that the CICPE provides opportunities for global enterprises to access the Chinese market and for Chinese enterprises to expand globally. 

"Since entering 2024, we have keenly felt the consumption momentum in China, which continues to release positive signals and boost the confidence of foreign enterprises, including OSIM, in their development in China," Lim told the Global Times on Saturday. 

Volkswagen Group China (VGC) also demonstrated its commitment to Chinese customers, with a spectacular lineup of 13 models at the CICPE. 

Zhang Lan, VGC vice president of sales and marketing, told the Global Times on Saturday that group is "thrilled" to be at the expo.

"Building on our existing successful partnership with Hainan Province, and riding on the tremendous opportunities presented by Hainan Free Trade Port, Volkswagen Group China is committed to contributing to the e-mobility and green development of Hainan," Zhang said.

This year, China has been increasing efforts to boost consumption by promoting equipment upgrades and consumer goods trade-ins, as well as accelerating the development of new quality productive forces and AI plus initiatives.

"I am truly impressed by China's efforts to build new quality productive forces, and I believe that we are moving in the same direction toward enhancing our products through innovation," Liliana Lucioni, president of COACH China, told the Global Times on Saturday. The brand will be showcasing a new collection at the expo that utilizes recycled materials, in response to the increasing awareness of sustainability among Chinese consumers.

China has also accelerated its opening-up pace with the issuance of 24 measures to stabilize foreign investment in the country and a range of visa exemption policies to facilitate business travel.

Jack Chan, EY China Chairman, told the Global Times on Saturday that China is an important engine of global economic growth for all sorts of businesses, and China's continued efforts to open up will provide more "motivation" for investors to tap into this massive market.

"We believe that foreign investment performance in China this year will maintain a high-quality development trend. We look forward to enhanced foreign investment in high-tech industries, the digital economy, and sustainable development," Chan said.

A number of Chinese domestic brands will also use the platform to actively explore overseas markets, showcasing Chinese cultural and ingenuity. For example, Chinese cosmetic brand Florasis will display products with designs drawing inspiration from traditional Chinese culture and intangible cultural heritage.

Chinese technology company iFLYTEK is showcasing its new AI floor cleaning robot, demonstrating China's advancement in AI. "We aim to showcase the value that efficient and intelligent AI tools can bring to life and work, and invite the world to experience the power of Chinese wisdom," Zhan Wenyu, vice president of the consumer business group at iFLYTEK, told the Global Times on Saturday.

China's total retail sales of consumer goods in the first two months of 2024 hit 8.13 trillion yuan, increasing 5.5 percent year-on-year, according to the National Bureau of Statistics (NBS).