The 5th China International Consumer Products Expo (CICPE) in south China’s Hainan Province has set new records, with 1,767 companies and 4,209 consumer brands from 71 countries and regions participating this year.
The expo, which concluded recently, resulted in 52 intended cooperation agreements amounting to approximately 92 billion yuan (about $12.6 billion), according to Zeng Rong, chief economist at the Hainan provincial bureau of international economic development.
Countries like Slovakia, Singapore, Brazil, Armenia, and Kazakhstan debuted their national pavilions at this year’s event. The United Kingdom, as the guest country of honor, showcased 53 brands across fashion, beauty, homeware, health, and jewelry industries, doubling its previous presence with an exhibition area of over 1,300 square meters.
More than 60,000 professional purchasers attended the expo, representing a 10 percent increase from last year. Alongside the expo, the Ministry of Commerce launched the “Shopping in China” campaign to boost domestic consumption and organized a dedicated exhibition to facilitate cooperation between foreign trade firms and domestic purchasers.
Launched in tandem with the 2020 Hainan Free Trade Port master plan, the expo aligns with Hainan’s transformation into a global tourism and consumption hub.
Amid China’s shift towards a consumption-driven economy and facing global economic challenges, the CICPE has become a vital platform to showcase the country’s rising consumer power and commitment to openness.
“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 expansion and structural transformation, presenting vast growth potential. In 2023, per capita consumption spending surpassed 28,000 yuan (about $3,830), up 5.1 percent from the previous year, and total retail sales reached 48.8 trillion yuan.
Notably, 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,” he added.
Preparations for the 6th CICPE are already underway, with hundreds of companies registered or signed on to participate in the next edition.
