This archive report was first published on 7 May 2021.
On May 7, 2021, the first China International Consumer Products Expo (CICPE) opened in Hainan, marking a major step by China to further open its market and bolster the global economy.
The four-day event, held in the southern island province of Hainan, is the first-ever expo focusing on quality consumer goods held by China at the national level.
Japanese cosmetics company Shiseido was the first cosmetics company to sign up for the expo, having also participated in the China International Import Expo (CIIE) held in Shanghai in 2019 and 2020.
Shiseido China CEO Kentaro Fujiwara said the CICPE has created a global platform for international investors to display and trade consumer products, injecting new impetus into global consumption growth.
“We are very optimistic about the favorable investment environment in China and confident in the prospects of the Chinese market. We will introduce more new brands, products and technologies into China,” he said.
Switzerland, as the event’s guest country of honor, has an exhibition area of approximately 1,100 square meters for 40 well-known luxury goods and high-end consumer goods enterprises.
China in 2018 proposed the establishment of a free trade zone in Hainan and began construction of the Hainan free trade port (FTP) last year. On April 8, China released a guideline in support of easing market access in the Hainan FTP.
According to data released by the Ministry of Commerce, the total value of China’s imported consumer goods reached nearly 1.6 trillion yuan (about 244.3 billion U.S. dollars) in 2020, accounting for 11 percent of total imports.
