Editor's note: Xin Ge is an associate professor at the School of Public Economics and Administration, Shanghai University of Finance and Economics. The article reflects the author's opinions and not necessarily the views of CGTN.

Themed "Share Open Opportunities, Co-create a Better Life," the third China International Consumer Products Expo (CICPE) kicked off on April 10 in Haikou, capital city of south China's Hainan Province. 

According to China's Ministry of Commerce (MOFCOM), the third CICPE has attracted nearly 30 CEOs of Fortune Global 500 companies for on-site meetings. The exhibition stretches on 120,000 square meters, with more than 3,300 brands from 65 countries and regions worldwide. This year's event has attracted over 50,000 professional buyers, among whom 2,000 are from outside China.

The week-long event is the first of four major national-level exhibitions in China this year following the optimization of the COVID-19 prevention and control measures. Italy is this year's guest country of honor, bringing 147 brands to the expo. Other countries, including France, Germany, the U.S., Japan, South Korea, Spain, Poland, in addition to members of the Regional Comprehensive Economic Partnership trade agreement, have joined the expo with a wide range of exhibitors to help develop and share the opportunities offered by the Chinese market. The domestic side of the expo has also been scaled up this year. The significance of holding such a grand consumption expo in such a place at such time is three-fold. 

Hainan is China's largest special economic zone and is being transformed into the world's largest free-trade port, set to possess an independent customs regime by the end of 2025. The island is wooing foreign investment by loosening regulations and offering incentives. It will implement a simplified visa policy for nationals from 59 countries to facilitate visits and business. The corporate income tax rate in Hainan has been brought down to 15 percent, compared to Hong Kong's 16.5 percent and the Chinese mainland's 25 percent. As local figures suggests, 1,320 foreign companies from 127 countries and regions have established offices or factories on the island in 2022, with a total investment of $4.05 billion.

Furthermore, trade accounted for one third of Hainan's economy in 2022, compared to one sixth in 2018 when the central government decided to transform the island into a Free Trade Port. The island is also set to become a center for offshore financing and duty-free shopping. In 2021, Hainan accounted for 13 percent of China's domestic luxury spending. According to a Moodie Davitt Report, Hainan will overtake South Korea to be the world's largest duty-free market in the next few years.  

The expo will also demonstrate the resilience of China's consumption and drive national economic growth. In the past few years, consumer spending in China has been crippled by the COVID-19 pandemic. In 2022, consumption accounted for merely 32.8 percent of China's GDP growth, down from 54.5 percent in 2021, while consumption in many developed countries exceeded 80 percent. This year's government work report has highlighted the fact that China's consumer demand will recover and expand.  

China is still home to one of the largest consumer markets around the world. In 2022, China's imports of consumer goods reached 1.93 trillion yuan ($280.51 billion), more than double that of 2012. Moreover, cross-border e-commerce imports topped 560 billion yuan (about $82 billion) in 2022, an increase of 4.9 percent over the previous year.  

As Vice Premier He Lifeng put it at the opening ceremony of the expo, China will "give top priority to the recovery and expansion of consumption, and consumption will play an increasing role as a foundation for the economy." And China is ready to "cooperate with entrepreneurs to jointly explore new growth drivers in consumption."

The expo will also help promote high-level opening-up, share the opportunities of China's huge consumer market with the world and offer robust impetus for global economic recovery. In recent weeks, China has strived to show the country's firm commitment to opening-up with different events, including the China Development Forum which highlights "economic recovery and cooperation." China has also initiated a year-long campaign themed "Invest in China" to further attract foreign investment and help foreign firms better understand China's opportunities. 

The expo will not only send a strong message to investors worldwide, showing that China's market still holds vast potential amid economic recovery, but also create business development opportunities for a world that has been largely derailed by the pandemic and regional conflicts. China has achieved positive growth rate during the pandemic and will continue to generate momentum to achieve swifter growth and press ahead with modernization. 

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries in the CGTN Opinion Section.)