2nd China International Consumer Products Expo opens in Hainan to boost economy

The second China International Consumer Products Expo (CICPE) starts on Monday in Haikou city, South China’s Hainan Province. With an expanded exhibition area and more than 600 new products from across the world making their debut, the exhibition demonstrates China’s consumption resilience, experts said.

The CICPE has set up an exhibition area of 100,000 square meters, 25 percent larger than the first exhibit. The international exhibition area is 80,000 square meters, with more than 1,600 brands from 61 countries and regions participating, the Ministry of Commerce said.

Among the famed global brands attending this year’s expo are Tesla, Dell, Richemont, Estée Lauder and Ferrari, the Global Times learned.

“We were surprised to find many participants visiting the Dell stall at last year’s expo and became acquainted with multiple partners and consumers… It’s hoped that we’ll continue to showcase more and newer tech items at this year’s expo and create more opportunities to contribute to China’s consumer market upgrade,” Wang Lijun, Senior Vice President of Dell Technologies, told the Global Times.

Enterprises from the Regional Comprehensive Economic Partnership (RCEP) members, has showed great enthusiasm in taking part. The total exhibition area of enterprises from Japan, South Korea, Malaysia and other RCEP member countries exceeded 5,000 square meters, an increase of nearly 20 percent compared to the first exhibit.

“We’re delighted to see the second Hainan Expo being held successfully, celebrating the first anniversary of Hainan Free Trade Port. We look forward to embracing new opportunities and playing a meaningful role in supporting the province’s socioeconomic development,” Saravoot Yoovidhya, the CEO of Thailand-Based TCP Group, the inventors and owners of the Red Bull brand and trademarks globally and in China, told the Global Times on Sunday.

“I’m also pleased to see that the RCEP coming into force at the beginning of this year has injected more positive momentum to the development of the comprehensive strategic partnership between China and Thailand,” he said.

CICPE has a unique role in promoting consumption upgrading as it gathers top consumer goods and services at home and abroad, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Sunday.

“The participation of both domestic and foreign brands can not only meet the differentiated needs of people during the consumption upgrading but also promote consumption recovery and economic growth,” Bai said.

The holding of the expo is in line with the establishment of the Hainan Free Trade Port (FTP).

Workers prepare the venue for the 2nd China International Consumer Products Expo at the Hainan International Convention and Exhibition Center in Haikou, south China’s Hainan Province, July 18, 2022. The 2nd China International Consumer Products Expo is set to be staged from July 26 to 30. (Photo: China News Serivce/Luo Yunfei)
The Dell executive was hoping for the US tech company’s in-depth involvement in China’s “dual circulation” development strategy and push for the free trade port construction in Hainan. 

Last year, Dell Technologies’ upscale gaming PC subsidiary Alienware opened its first China duty-free franchise in Hainan.

Hainan is increasingly known as a place where the domestic and international circulation of the economy converges, becoming a magnet for global businesses, Wang said.

The island province ranked No.2 in the country in terms of GDP growth in 2021, with its average annualized GDP growth over the past two years topping the national average.

The holding of the exhibition came as China’s consumption is on a recovery track after coronavirus outbreaks in major cities were effectively contained under the country’s dynamic zero-COVID strategy and efficient execution of a slew of pro-growth measures.

In this context of epidemic prevention and control, holding the offline exhibition effectively is of great significance, Bai said. Also, the increase in exhibition area shows the strong willingness of international brands to participate, highlighting their confidence in Chinese economy, he added.

In a latest effort, the Hainan provincial government has announced it is issuing the second round of 100 million yuan ($14.81 million) in consumption coupons during the CICPE, CCTV reported. The first batch of 100 million yuan issued in April boosted local consumption by 1.56 billion yuan.

China’s retail sales dropped by 4.6 percent in the second quarter due to coronavirus outbreaks in some major cities. It grew 3.1 percent in June.