INSUBCONTINENT EXCLUSIVE:
The 5th China International Consumer Products Expo (CICPE) attracted the participation of a record-breaking 1,767 companies and 4,209
consumer brands from 71 countries and regions this year, according to a press briefing on Friday.Events targeting global brands, e-commerce
and country-specific suppliers led to 52 intended cooperation agreements, the value of which amounted to approximately 92 billion yuan
(about $12.6 billion), said Zeng Rong, chief economist at Hainan provincial bureau of international economic development.Countries including
Slovakia, Singapore, Brazil, Armenia and Kazakhstan debuted their national pavilions at this year's CICPE in south China's Hainan Province
The United Kingdom, as the this year's guest country of honor, occupied an exhibition area of over 1,300 square meters, showcasing 53 brands
across the fashion, beauty, homeware, health and jewelry industries, doubling its 2024 presence.More than 60,000 professional purchasers
attended, representing a 10 percent increase from last year
In tandem with the expo, the Ministry of Commerce also launched the "Shopping in China" campaign to stimulate domestic consumption, and
introduced 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 the island's transformation into a global tourism and consumption hub.Against
the backdrop of China's transition into a consumption-driven economy and the mounting pressure of a sluggish global economy, the CICPE has
become a vital platform to showcase the country's rising consumer power and continued openness to the world."Expanding domestic consumption
is not only key to high-quality development but also a strategic move amid global economic uncertainties," Kuang Xianming, vice president of
the China Institute for Reform and Development, said in an interview.China's consumer market is experiencing both an expanding scale and a
structural transformation, presenting vast growth potential, he noted
In 2024, its per capita consumption spending surpassed 28,000 yuan (about $3,830), up 5.1 percent from the previous year, and its total
retail sales totaled 48.8 trillion yuan.In particular, 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."Preparations for the 6th CICPE are underway, with hundreds of companies
already registered or signed on to participate in the next edition of this event.(With input from Xinhua)
