The third China International Consumer Products Expo, set to take place in Haikou, Hainan Province from April 10-15, will feature over 3,100 renowned brands from 60+ countries and regions. With a 20-percent increase in exhibition space compared to last year, the event is expected to outperform its previous editions, according to China Vice Minister of Commerce Sheng Qiuping at a press conference on Monday.

Highlights of the Third Expo

Italy stands out as this year's country of honor, boasting 147 participating brands. In addition, the expo will welcome seven world leaders and almost 30 industry experts including Fortune Global 500 company CEOs. Over 100 forums, seminars, product launches, and trade negotiations will take place during the event.

RCEP member states will participate

Ten RCEP member countries, excluding China, are participating in this year's Expo. Among them, Japan, South Korea, Thailand, and Vietnam will set up country pavilions showcasing distinctive products. Japan, in particular, will be making a grand effort to feature 250 brands across 1,800 square meters of exhibition space.

In 2022, Hainan's trade figures with RCEP members reached 71.18 billion yuan (10.3 billion U.S. dollars), an increase of 23.7 percent from the previous year. The province also attracted 840 million yuan (121.9 million U.S. dollars) in investments from RCEP members and established 196 new foreign-funded enterprises last year. With improved connectivity, Hainan has resumed flights to 12 RCEP member countries and operates 19 international container shipping routes.

Hainan's progress in free trade port development

Over the past five years, Hainan Free Trade Port experienced an average annual growth of 63.5 percent in the actual use of foreign capital, amassing more foreign investment than the previous 30 years combined. A total of 4,798 new foreign-invested enterprises have been established with funds spanning 142 countries and regions. Hainan aims to achieve island-wide independent customs operation by the end of 2025.

The customs operation involve creating a separate customs area which will facilitate the flow of goods and commodities within the free trade port. This will further promote the opening-up of the Hainan Free Trade Port, attract more foreign investment and boost economic development in the region.