China’s Economic Rejuvenation in Full Bloom
More than 3,100 brands from 65 countries and regions are preparing to participate in the third China International Consumer Products Expo, which will be held in Hainan province from April 10. This will be the first major international expo in China since it improved its response to the COVID-19 pandemic.
The event will witness a 20 percent increase in exhibition area compared to the previous edition, covering 120,000 square meters. China’s strong economic performance and growth momentum have boosted investor confidence and experts believe that the country’s economic fundamentals will continue to propel the recovery of the global economy.
Illycaffe, an Italian coffee company, recognizes China’s economic performance, which has exhibited robust growth momentum and raised investors’ confidence, making it an important market for Italian brands. Violante Avogadro, the chief communication officer of Illycaffe, emphasized the company’s potential for growth in China, stating that they “really want to be more developed in China and to expand our business there.”
The third China International Consumer Products Expo (CICPE) is a chance for Illycaffe and over 3,100 other brands from 65 countries and regions to participate in a large-scale international expo after China optimized its COVID response.
The economic recovery in China has been faster-than-expected, with consumption leading the way. The National Bureau of Statistics reported that retail sales in China increased by 3.5 percent YoY in the January-February period, reversing the declines seen in the previous three months. This has contributed to a quick rebound in the tourism industry, which exceeded expectations in terms of overall recovery, according to Sun Jie, CEO of Trip.com Group. The resilience of the Chinese economy supports further forecasts of recovery.
Companies from home and abroad are preparing to take advantage of the enormous market opportunities offered by China, one of the world’s most promising consumer markets, at the upcoming CICPE. Red Bull, a third-time exhibitor at the event, has invested in the Chinese market for 30 years and acknowledges the potential for growth.
The country’s opening-up policies have provided foreign-funded enterprises with a more market-oriented, legal and international business environment, stimulating market vitality and strengthening foreign enterprises’ confidence and determination to expand their presence in China, said Saravoot Yoovidhya, CEO of TCP Group.
The upcoming expo will optimize consumption supply, introduce the business environment and cooperation opportunities of Hainan Free Trade Port, and share China’s massive market opportunities with the world, according to Vice Minister of Commerce Sheng Qiuping.