Economic Watch: China consumer expo a magnet for global firms

Aerial photo taken on Feb. 26, 2021 shows the construction site of the Wormhole Library in the Haikou Bay in Haikou, capital city of south China's Hainan Province. The Wormhole Library is designed as a landmark in the public life in the Haikou Bay. (Xinhua/Pu Xiaoxu)

After signing an agreement with the organizers via a video link, Italian luxury brand ETRO became one of the latest international brands to participate in the first China International Consumer Products Expo.

Francesco Freschi, general manager of ETRO, said the world is amazed by the strong resilience and vitality of China's economy, and they are looking forward to developing relationships and cooperating with participants at the expo.

As China's first national exhibition focused on high-end consumer products, the four-day expo will kick off on May 7 in Haikou, capital of south China's island province of Hainan.

The expo has attracted the participation of 630 international enterprises from 69 countries and regions, which shows the great enthusiasm of global investors to embrace the Chinese market.

More than 1,100 international brands, including L'Oreal of France, Shiseido of Japan and Tesla of the United States, have confirmed their participation.

Covering 80,000 square meters, including 60,000 square meters of an international exhibition featuring fashion, jewelry, food and supplements, and hospitality and professional services, the expo is expected to be the largest boutique exhibition in the Asia-Pacific region.

"The foreign-funded companies and brands account for the majority of the participants, which once again demonstrates China's resolution to further open up, and also shows that overseas companies are optimistic about the Chinese market and full of confidence in China's economic development," said Wang Bingnan, China's vice minister of commerce.

Wang said the expo will pool high-quality consumer products from at home and abroad as well as global buyers and sellers, becoming a bridge for the international and domestic markets.

The international leading brands focus on the Chinese market and the opportunities brought by the Hainan Free Trade Port (FTP), which is an ideal place for their international development, said Han Shengjian, director of Hainan provincial bureau of international economic development.

After the year 2025, the entire island could become duty-free, and Hainan will then become a paradise for the duty-free and tourism retail industry, said Han, adding that "these international brands are preparing for their future opportunities in the Hainan FTP."

The expo is an ideal platform for global high-end brands to enter both Hainan and the whole Chinese market, learn about the preferential policies of the Hainan FTP and connect with Chinese buyers, said Yann Bozec, president of Tapestry Asia Pacific, which will participate in the expo with the latest Coach, Kate Spade and Stuart Weiztman products.

Shen Danyang, vice governor of Hainan, said Hainan is mulling over a global consumer boutique center project, providing a perennial display and trading platform for domestic and foreign consumer products.