The third China International Consumer Products Expo (CICPE) is a testament to China’s dedication to expanding high-standard opening up amidst the uncertainties and aftermath of COVID-19. With an increased scale and global influence, the event is themed “Share Open Opportunities, Co-create a Better Life” and covers an area of 120,000 square meters, featuring more than 3,300 brands from 65 countries and regions. The expo highlights China’s commitment to leverage its vast market, attract global resources and production factors, and amplify the interplay between domestic and international markets and resources.
Thanks to China’s efforts to develop the Hainan Free Trade Port, multinational corporations are becoming investors on the island due to favorable policies such as zero tariffs and easing market and foreign investment access. U.S. beauty giant, Estee Lauder, inaugurated its China travel retail headquarters in Hainan earlier this year and is looking to establish higher quality cooperation in duty-free shopping, medical care, and talent training, and to introduce new and quality products to more consumers. The expo is fostering an open mindset and promoting mutual understanding through dialogue and exchange among global brands, especially significant when some countries are turning inward and resorting to protectionism amid economic headwinds.
The expo is an opportunity for brands to showcase their image and culture and strengthen ties with Chinese investors. China’s vast market, with a population of over 1.4 billion and a middle-income group of more than 400 million, serves as a crucial pillar for the global economy. China’s retail sales of consumer goods climbed 3.5 percent year on year in the first two months of 2023, with other key indicators also suggesting a broad recovery of the economy.
The robust rebound is poised to reinvigorate world economic growth, with projections that China’s economy will grow over 5 percent in 2023. The recovery of China’s domestic demand could raise global GDP by around 1 percent through the end of 2023. World Bank Group President David Malpass views China’s economic rebound as an “additive” needed for a year when global growth is expected to be weak. The expo lights up a beacon of hope for those who believe in the power of free trade, win-win cooperation, and multilateralism, thereby injecting fresh momentum and confidence into the recovery and prosperity of the global economy.
