Editor's note: Xiao Wen is a professor and deputy director for the Institute of International Economics and Trade, Zhejiang University College of Economics, and Xie Wenwu is a professor and deputy dean of Business School, Zhejiang University City College. The views expressed in the article are the authors' personal views and do not necessarily represent those of CGTN.

The evolution of a complex international situation, the ups and downs of the COVID-19 pandemic and other unexpected factors have impacted China's economy. The downward pressure on the economy has attracted much attention. At this critical moment, in the context of pandemic prevention and ensuring safety, the significance of the China International Consumer Products Expo 2022, better known as the Hainan Expo, is reflected in four aspects.

First, the Hainan Expo shows China's firm commitment towards expanding its high-level opening-up. At present, the global pandemic is still spreading and the world economy is struggling to recover. The Chinese government is holding the Hainan Expo on schedule, showing the world the major strategic achievements that have been made in terms of China's pandemic prevention and control, as well as the country's determination to expand its high-level opening-up. As the most lucrative consumer market in the world, China adheres to the basic national policy of opening to the outside world, and is making exhibitions such as the Hainan Expo, platforms for international exchanges and cooperation, and windows opening to the outside world. That gives full play to the comprehensive effects of large-scale exhibitions. At the same time, it will also provide more opportunities for cooperation among countries and support China's contributions to the recovery and growth of the world economy.

Second, the Hainan Expo is conducive to further enhancing the endogenous driving force of China's economic development. In recent years, the international political and economic environment has become increasingly complex. The COVID-19 pandemic continues to have an impact. China's domestic supply chain and industrial chain have particularly suffered from a severe hit. The holding of the Hainan Expo is conducive to connecting the domestic and international markets, bringing together high-quality consumer goods resources and global buyers and sellers. That is, to further optimize the domestic market layout structure, improve the supply quality, and enhance the adaptability of the supply system to domestic demand. At the same time, the Hainan Expo will be an important platform for the exhibition and trading of global consumer goods. That will provide opportunities for consumer goods from all countries to enter the Chinese market and also create opportunities for consumer goods from China and the world to be sold globally.

Third, the Hainan Expo is a new platform to meet the needs of people for a better life. China has entered an important stage of consumption upgrade. We can seize the opportunity of holding the Hainan Expo with the purpose of "high, new, special and excellent" to promote the expansion and upgrading of domestic consumption and form a strong domestic market. The Hainan Expo is the first national exhibition with the theme of consumer goods in China. Through this platform, Chinese consumers can enjoy high-quality goods and services at their doorsteps. The effort is conducive to the implementation of the strategy of expanding domestic demand.

Fourth, the Hainan Expo will help build Hainan into an international consumer tourism center with international influence. The overall plan for the construction of a Hainan free trade port released by the Chinese Communist Party's Central Committee and the State Council in 2020 clearly defines the positioning of Hainan as an international tourism center. The Hainan Expo has become an important window to showcase the Hainan free trade port, to improve policy systems, expand the consumer market and improve the business environment. The Hainan Expo will further drive the development and consumption upgrading of local tourism, transportation, exhibition, catering and other industries. It will also guide the investment and settlement of affiliated enterprises in the industrial chain that produce medium-end and high-end consumer goods and international luxury goods.