HAIKOU, April 15 (Xinhua) -- A record-breaking 65 Fortune Global 500 companies and industry leaders are participating in the ongoing fifth China International Consumer Products Expo (CICPE) on the tropical island province of Hainan, underscoring the event's growing prominence as a gateway to China's vast consumer market. This year's CICPE began on April 13 and will continue until April 18.
As China's first major international exhibition of the year and the nation's sole state-level event dedicated to consumer goods, the fifth CICPE has attracted over 1,700 enterprises and 4,100 brands from more than 70 countries and regions.
Launched in tandem with the 2020 Hainan Free Trade Port master plan, the expo aligns with the island's transformation into a global tourism and consumption hub.
STRIKING GOLD IN CHINA
Slovakia, Singapore and Brazil are making their inaugural national appearances this year. Slovakia is introducing its specialty wines, dried fruits and health foods to the Chinese market, and the Singaporean delegation is spotlighting brands like Ble de Fonty and LifeBoost.
The United Kingdom, as this year's guest country of honor, is occupying an exhibition area of over 1,300 square meters, showcasing 53 brands across the fashion, beauty, homeware, health and jewelry industries, doubling its 2024 presence.
"I have seen the tremendous innovation and growth taking place within China's economy in recent years, not least in digital technologies, life sciences and green energy," said Douglas Alexander, minister of state of the British Department for Business and Trade.
These areas present significant opportunities for both economies, he said, emphasizing the UK's commitment to deepening economic ties with China.
Volkswagen Group China has marked its third consecutive appearance with an 11-vehicle showcase from six brands, including Audi, Porsche and Lamborghini, emphasizing luxury and electric mobility.
Liu Yunfeng, the group's executive vice president, reaffirmed Volkswagen's commitment to "delivering cutting-edge EV solutions tailored to Chinese consumers." The group also announced progress on energy and charging infrastructure projects under its strategic partnership with the province.
"It's our second time to exhibit in the expo, because last year it helped us to raise brand awareness in China, one of the core markets where we want to invest and grow," said Mike Hofmann, managing director at Tricker's China, one of the UK's oldest established shoemakers.
"We see a lot of encouraging signs by the Chinese government to help boost local consumption. So we're very excited about what's to come," he said.
Li Mao sen, general manager for the China market at the Republic of Korea's Dong-Jin Pharmaceutical Co., Ltd., said, "This marks our fifth consecutive participation in the CICPE. We aim to connect with more Chinese pharmaceutical enterprises and provide premium Korean ginseng food processing solutions for Chinese businesses."
KPMG China hailed the expo as a "critical platform for cross-border innovation," as noted by its south China chief partner, Li Jialin. "The CICPE plays a vital role in shaping consumption trends and advancing high-quality development."
MEGA EVOLVING MARKET
Against the backdrop of China's transition into a consumption-driven economy and the mounting pressure of a sluggish global economy, the CICPE has become a vital platform to showcase the country's rising consumer power and continued openness to the world.
"Expanding domestic consumption is not only key to high-quality development but also a strategic move amid global economic uncertainties," said Kuang Xianming, vice president of the China Institute for Reform and Development.
China's consumer market is experiencing both an expanding scale and a structural transformation, presenting vast growth potential, he noted. In 2024, its per capita consumption spending surpassed 28,000 yuan (about 3,830 U.S. dollars), up 5.1 percent year on year, and its total retail sales totaled 48.8 trillion yuan.
In particular, the services sector is poised for rapid growth and is expected to create significant opportunities for global businesses.
Kuang projected that services consumption will exceed 50 percent of China's total consumption by 2030, signaling the country's pivotal shift to a service-driven economy. "This expanding market is highly attractive to foreign companies."
Echoing Kuang's opinion, Xia Feng, chief expert at Hainan's cultural and tourism development research base, noted that China's consumption upgrade -- driven by a population of over 1.4 billion -- carries immense potential.
China's economic resilience and continuously improving business environment are fueling interest among foreign firms in investing in the country, he added.
Despite global economic headwinds, institutions like HSBC have recently raised their China growth forecasts, citing effective pro-growth policies and strengthened innovation capabilities. "This resilience makes China fertile ground for foreign investment," Xia noted.
As a key initiative in China's opening-up strategy, the Hainan Free Trade Port is set to begin independent customs operations by year end, and global enterprises are eyeing the vast opportunities that come with open trade.
"Its success will not only benefit China but also provide valuable insights for economies worldwide," said Zhang Xiangchen, deputy director general of the World Trade Organization.
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