China's spending power provides golden opportunities to developing economies
From African tea to Brazilian football coaching, developing economies' goods and services are in a pole position to cash in on the increasingly diversified demands of the world's biggest middle-income population.
Toast to the best market
Visitors at the Georgian booth are greeted with aisles lined with shiny short bar counters, where they can chat with vendors over sips of wine from a region with a long history of wine-making.
A staff member introduces wine to visitors at the booth of Georgia at the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 6, 2018. [Photo/Xinhua]
"The expo has brought the world's best wines to a market far from saturated," said Huang Qinghua, general manager of Tianjin Hanzhong International Trade Co., after tasting the exhibit's wine.
"The Chinese market keeps upgrading and creating new opportunities for the world," he said. "We have a vibrant market here with thriving demand for high-quality exotic products."
Gashora Farm, a Rwandan chili maker, made its debut in China at the CIIE. "I was so late to this market. Our products have already been supplied to India and Europe," said Dieudonne Twahirwa, managing director of the company.
Dieudonne Twahirwa, managing director of Rwandan chili maker Gashora Farm, presents chili oil at his booth during the first China International Import Expo in Shanghai, east China, Nov. 8, 2018. [Photo/Xinhua]
Twahirwa said the company hopes to find distributors for the organic product in China at the expo. It has already secured a contract worth two million U.S. dollars with a Chinese buyer.
China's state-owned enterprises are placing large orders at the CIIE to meet consumer demand for imported goods. China's largest food trade company COFCO, for example, has so far inked import deals on farm produce with more than 84 suppliers from 29 countries and regions across five continents.
"We import rice from Thailand not because we are short of supply. As consumer demand gets diversified, imported goods will give them more choices," said Yu Xubo, COFCO president.
For William Ding, founder and CEO of Chinese Internet giant Netease, the CIIE means golden opportunities for importors in the next two to three years. The company is banking on its online shopping subsidiary to help more foreign brands reach Chinese customers.
"The Chinese market will remain the world's best market for decades to come," he said during a speech at a CIIE forum.
