An aerial view of venue of China International Consumer Products Expo in Haikou, Hainan province, April 15, 2023. [Photo/VCG]
The upcoming China International Consumer Products Expo is expected to see a greater number of international brands debut their new products, fueled by the vitality of China's consumer market, the Ministry of Commerce said.
The expo will be held from April 13 to 18 in Haikou, Hainan province.
The event will be China's first significant international expo this year, as the country continues to promote consumption growth, according to the ministry.
In January and February, total retail sales of consumer goods in the country reached 8.13 trillion yuan ($1.12 trillion), up 5.5 percent year-on-year, indicating the resilience of China's consumer market, according to the National Bureau of Statistics.
Since Feb 9, citizens from 59 countries have been allowed to enter Hainan visa-free for up to 30 days for various purposes, and the policy has attracted more global companies to participate in the consumer expo.
This year, the expo's indoor exhibition area is expected to reach 128,000 square meters, and highlight new types of consumption, digital consumption and green consumption displays.
The expo is forecast to attract over 3,000 brands from 59 countries and regions, and 84 domestic and foreign brands will participate in the expo for the first time.
Ireland will serve as guest of honor this year, while the United Kingdom, Mongolia and Malaysia will showcase their products in the form of national exhibition groups for the first time.
"Taking advantage of its geographical and ecological advantages, in addition to the main venue, three new sub-venues have been added for the first time in cities such as Haikou and Qionghai, including sub-venues that focus on sailing and yachting, duty-free shopping, and health consumption," said Sheng Qiuping, vice-minister of commerce, at a news conference in Beijing on Wednesday.
Hainan Free Trade Port is a pioneer in China's opening-up efforts.
In 2023, Hainan's total import and export value reached 230 billion yuan, up 15.3 percent year-on-year, maintaining double-digit growth for three consecutive years. In the past five years, the total amount of foreign investment in Hainan has exceeded that of the previous three decades, according to the local government.
Hainan has made offshore duty-free shopping a golden signboard of the province. Currently, there are some 150,000 types of duty-free products on sale in Hainan, and in the past six years, total sales of duty-free products have exceeded 180 billion yuan, the local government said.
"Next, we will attract a group of major international enterprises to settle in Hainan, and build the province into a new highland of high-standard opening-up to the outside world," Chen Huaiyu, vice-governor of Hainan, said during the news conference.
Meanwhile, 11 member countries of the Regional Comprehensive Economic Partnership will participate in the expo this year to explore business growth opportunities in China.
The agreement, which took effect in January 2022, has helped boost regional economic growth.
In 2023, the global trade value of goods between Hainan and RCEP members exceeded 80 billion yuan, up 37.9 percent compared to the 2021 levels.
The business exchanges mainly concentrated on areas such as travel, transportation, commerce, and insurance services, the local government said.
