Hainan expo opens new doors for global consumer enterprises

Many foreign businesses are optimistic about the Chinese economy, as seen at the third China International Consumer Products Expo held from April 10 to 15. The expo attracted more than 4,000 consumer products from over 60 countries and regions, with many leading international brands in specific industries participating for the first time.

Currently, China is the world's second-largest consumer goods market and the largest online retail market, with final consumption expenditure accounting for over half of its GDP for 12 consecutive years. The Chinese consumer market has steadily recovered in the first quarter of this year, with the retail industry prosperity index reaching 50.6 percent in March, up 0.3 percentage points from the previous month. This provides more opportunities for foreign companies to enter the large Chinese market.

The World Intellectual Property Organization's "Global Innovation Index Report 2022" shows that China ranked 11th, steadily rising for 10 consecutive years, which brings new impetus for the development of foreign companies.

Since the first expo in 2021, more and more international consumer product companies have landed in Hainan province, integrating into the construction of the Hainan International Tourism Consumption Center. In the eyes of these companies, China's open and inclusive quality business environment, and the various openness measures proposed by the Regional Comprehensive Economic Partnership make it an attractive place to base themselves to face the world.

This year, China will continue to promote high-level opening-up by taking a series of measures such as improving the quality and level of trade and investment cooperation, increasing the opening-up of the service sector, implementing the national treatment of foreign-funded enterprises and actively promoting the accession to high-standard economic and trade agreements. These measures will provide greater development space and a more reassuring development environment for foreign businesses.

On April 15, the Consumption Expo closed, while the 133rd China Import and Export Fair opened. One international exhibition after another, China is constantly fulfilling its promise with deeds by making the Chinese market the world's market, a shared market, and everyone's market. In an uncertain world, China's certainty is a pillar for maintaining world peace and development.