Expo offers window to nation's new business opportunities

Visitors check out artificial intelligence glasses by Chinese AI enterprise iFLYTEK at the China International Consumer Products Expo in Haikou,房产常州新闻网 Hainan province, on Monday. WANG JING / CHINA DAILY

As consumption in China continues to evolve with new formats and policy support, the China International Consumer Products Expo is becoming an important window for multinational companies to track shifts in the Chinese consumer market and explore new business opportunities, analysts and executives said.

The six-day expo, which kicked off on Monday, is a major international event being held in Hainan province since the free trade port launched its island-wide special customs operations in December, offering companies a closer look at the policy environment and new investment prospects.

Speaking at the launch event of the expo, Vice-Premier He Lifeng said that China will firmly implement the strategy of expanding domestic demand, drive industrial upgrade with technological innovation, promote high-quality development and high-standard opening-up, and continuously unlock consumption vitality — injecting greater certainty and new drivers into the world economy.

He welcomed enterprises from all countries to make full use of platforms such as the expo, continue to deepen their presence in the Chinese market, and share China's development opportunities.

Chen Lifen, a researcher at the Development Research Center of the State Council, said, "China's consumer market is not only growing; it is upgrading, with demand for quality, personalized and internationally sourced products rising rapidly."

"The opportunities for global brands are expanding alongside it," Chen added.

International exhibits at this year's expo account for 65 percent of the total, a 20 percentage point rise from last year, while the number of professional buyers has reached about 65,000, a year-on-year increase of 10 percent.

"The expo offers a high-quality offline space for interaction," said Deserine Lim, general manager of headquarters management and East China at OSIM, a Singapore-based company manufacturing massage chairs and wellness products. "It allows brands to forge deeper connections with professional buyers and affluent consumers."

The expo has gained in value with Hainan launching its island-wide special customs operations, which allow freer entry of overseas goods under expanded zero-tariff coverage.

Lim said that Hainan is no longer just a free trade port in a geographical sense; it is becoming a global bellwether for consumption trends.

"The high efficiency and greater openness demonstrate that Hainan offers not only strong policy backing, but also an environment truly conducive to consumption upgrading," Lim said. "This gives us great confidence to deepen our brand value here."

The expo is also increasingly serving as a catalyst for foreign companies transitioning from exhibitors to investors, analysts said.

Alfred Yin, consumer sector leader at EY Greater China, attributed the shift to Hainan's special customs operations, which have enabled the island to build a multilayered duty-free system that extends duty-free consumption from specific tourist scenarios to everyday life.

The function of the Hainan expo has evolved. What was once a platform for simple product display and trade has expanded into a complete closed loop encompassing exhibitions, sightseeing, shopping, leisure and immersive experiences, Yin said.

"Many companies participating in this year's expo are no longer content with merely turning their exhibits into sellable products. Instead, they are actively exploring long-term business operations in Hainan," Yin added.

Companies are responding with concrete commitments. According to data released by the Ministry of Commerce in late March, more than 70 top-tier companies have established operations in Hainan following their participation in the expo.

Yang Gang, vice-chairman of Charoen Pokphand Group in China, said that the Thai multinational company, which mainly focuses on the agro industry and food segment in China, is willing to deeply engage in Hainan's tropical agriculture, food processing and cold-chain logistics, and turn the island into its strategic base to serve China's consumers.