The Second China International Consumer Products Expo, to be held from Monday to July 30 in Haikou, Hainan province, could unleash the potential of consumption in China and contribute to the economic recovery, said a senior government official on Wednesday.
"China's consumer market is recovering. The great resilience and potential of consumption, the fundamentals sustaining sound consumption and the overarching trend of consumption upgrade remain unchanged," Sheng Qiuping, vice-minister of commerce, said at a news conference in Beijing.
"The expo could speed up the development of a free trade port with Chinese characteristics and effectively reinforce domestic and international circulation. More businesses at home and abroad will be attracted to establish their regional headquarters there," he said.
This year, the expo will feature a domestic section and an international section over 100,000 square meters, up 25 percent compared with the first session last year. The expo is expected to attract over 2,800 brands from 61 countries and regions, according to the Ministry of Commerce.
During this year's expo, more than 100 forums, promotional events and other supporting activities will be held online and on-site to fully demonstrate the advantages of the Hainan FTP in terms of location, policies, ecosystem and doing business, the ministry said.
After the Regional Comprehensive Economic Partnership agreement took effect in January, more companies from RCEP member countries are enthusiastic about participating in the expo this year. Japan, South Korea and Malaysia have expanded their exhibition areas by 20 percent compared with last year, Sheng said.
Global business leaders said the expo will not only build a platform for them to enter the China market but also assist them in better tapping the latest industry trends and initiating new campaigns that might set the tone for future growth in the country.
Martin Ku, Asia-Pacific regional general manager of Devialet, a French acoustics engineering technology company and a first-time participant in the expo, said it hopes to expand its influence in China and globally, secure more partnerships and further unlock the potential of China's high-quality consumer market.
Ku further said China has long been the second-largest market for Devialet, and sales in the country have been growing rapidly of late, which has further reinforced the company's confidence in this lucrative market.
Besides operating seven brand stores in top and second-tier cities, including Beijing, Shanghai and Wuhan, Hubei province, and flagship e-stores on the nation's major e-commerce platforms, the French company plans to open another three stores in Chengdu in Sichuan province, Shenzhen in Guangdong province and Hangzhou in Zhejiang province later this year, it said.
Meanwhile, Kentaro Fujiwara, chief executive officer of the China unit of Japanese cosmetics giant Shiseido, said China's new dual-circulation development paradigm－which takes the domestic market as the mainstay while letting domestic and overseas markets reinforce each other－and Hainan's booming tourism industry will enable the company to bring new products to consumers in China through the expo.
"As China opens its doors wider to the outside world, we continue to see huge potential in the market," he said, adding that the company is fairly optimistic about China's investment environment and economic growth prospects.
Deserine Lim, assistant general manager of branding and strategic marketing of North Asia at Singapore-based health product provider OSIM International Pte Ltd, said the company will officially unveil two new products during the expo. The company opened its first store in Haikou in June.
Shi Zongwei, director-general of Haikou Customs District, a local unit of the General Administration of Customs, said Hainan's transformation into an FTP will open new doors for trade and investment activities between China and other signatory economies of the RCEP agreement, especially member economies of the Association of Southeast Asian Nations.
