92 Billion Yuan in Intended Deals at 5th CICPE
The 5th China International Consumer Products Expo has set a new participation record this year, welcoming 1,767 companies and 4,209 consumer brands from 71 countries and regions, as announced in a press briefing on Friday. Events aimed at...
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The 5th China International Consumer Products Expo has set a new participation record this year, welcoming 1,767 companies and 4,209 consumer brands from 71 countries and regions, as announced in a press briefing on Friday.
Events aimed at global brands, e-commerce, and country-specific suppliers resulted in 52 intended cooperation agreements, collectively valued at approximately 92 billion yuan, according to Zeng Rong, chief economist at Hainan's provincial bureau of international economic development.
New national pavilions from countries such as Slovakia, Singapore, Brazil, Armenia, and Kazakhstan were featured at this year's CICPE in Hainan Province. As the honored guest country this year, the United Kingdom occupied more than 1,300 square meters of exhibition space, showcasing 53 brands across various sectors including fashion, beauty, homeware, health, and jewelry, effectively doubling its presence for 2024.
The event attracted over 60,000 professional purchasers, representing a 10 percent increase compared to last year. Concurrently, the Ministry of Commerce launched the "Shopping in China" campaign aimed at boosting domestic consumption and introduced a specialized exhibition to enhance cooperation between foreign trade firms and domestic purchasers.
The expo, which started alongside the 2020 Hainan Free Trade Port master plan, supports the island's evolution into a global hub for tourism and consumption.
In light of China's shift toward a consumption-driven economy and the increasing pressures posed by a slowing global economy, the CICPE has emerged as a crucial platform to demonstrate the nation's growing consumer power and its ongoing openness to international markets.
"Expanding domestic consumption is not only key to high-quality development but also a strategic move amid global economic uncertainties," stated Kuang Xianming, vice president of the China Institute for Reform and Development, in an interview.
He emphasized that China's consumer market is undergoing both significant growth and structural changes, revealing immense potential for expansion. In 2024, the country's per capita consumption spending exceeded 28,000 yuan, reflecting a 5.1 percent increase from the prior year, with total retail sales reaching 48.8 trillion yuan.
The services sector, in particular, is expected to experience rapid growth, creating substantial opportunities for global enterprises. Kuang projected that by 2030, services consumption will surpass 50 percent of China's total consumption, indicating a major transition to a service-driven economy. "This expanding market is highly attractive to foreign companies."
Preparations for the 6th CICPE are already in progress, with hundreds of companies registered or committed to participate in the next edition of the event.
Thomas Evans for TROIB News
Events aimed at global brands, e-commerce, and country-specific suppliers resulted in 52 intended cooperation agreements, collectively valued at approximately 92 billion yuan, according to Zeng Rong, chief economist at Hainan's provincial bureau of international economic development.
New national pavilions from countries such as Slovakia, Singapore, Brazil, Armenia, and Kazakhstan were featured at this year's CICPE in Hainan Province. As the honored guest country this year, the United Kingdom occupied more than 1,300 square meters of exhibition space, showcasing 53 brands across various sectors including fashion, beauty, homeware, health, and jewelry, effectively doubling its presence for 2024.
The event attracted over 60,000 professional purchasers, representing a 10 percent increase compared to last year. Concurrently, the Ministry of Commerce launched the "Shopping in China" campaign aimed at boosting domestic consumption and introduced a specialized exhibition to enhance cooperation between foreign trade firms and domestic purchasers.
The expo, which started alongside the 2020 Hainan Free Trade Port master plan, supports the island's evolution into a global hub for tourism and consumption.
In light of China's shift toward a consumption-driven economy and the increasing pressures posed by a slowing global economy, the CICPE has emerged as a crucial platform to demonstrate the nation's growing consumer power and its ongoing openness to international markets.
"Expanding domestic consumption is not only key to high-quality development but also a strategic move amid global economic uncertainties," stated Kuang Xianming, vice president of the China Institute for Reform and Development, in an interview.
He emphasized that China's consumer market is undergoing both significant growth and structural changes, revealing immense potential for expansion. In 2024, the country's per capita consumption spending exceeded 28,000 yuan, reflecting a 5.1 percent increase from the prior year, with total retail sales reaching 48.8 trillion yuan.
The services sector, in particular, is expected to experience rapid growth, creating substantial opportunities for global enterprises. Kuang projected that by 2030, services consumption will surpass 50 percent of China's total consumption, indicating a major transition to a service-driven economy. "This expanding market is highly attractive to foreign companies."
Preparations for the 6th CICPE are already in progress, with hundreds of companies registered or committed to participate in the next edition of the event.
Thomas Evans for TROIB News
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