Editor's note: Huang Yongfu is an economic affairs commentator. After earning a PhD, he started his career at the University of Cambridge and then moved on to the UN system. His current interests lie in global development and Sino-U.S. links. The article reflects the author's opinions and not necessarily the views of CGTN.

The third China International Consumer Products Expo (CICPE) kicked off in Haikou, Hainan Province on April 10 with the theme of "Share Open Opportunities, Co-create a Better Life" and a focus on hot topics such as green, healthy, fashion and technology-driven consumption.

The Expo has attracted over 3,300 brands from 65 countries and regions with diversified consumer products shining at the Expo, from fragrance, jewelry, and wine, to lifestyle, fashion accessories and traditional crafts. The exhibition area has reached 120,000 square meters, an increase of 20 percent compared to last year's fair.

Relying on the policy of Hainan Free Trade Port, the Expo is a superb opportunity for Chinese enterprises to go global and foreign companies to showcase their brands to Chinese customers and tap into the largest consumer market in the world, which welcomes all companies without restrictions or red tape.

A blow to the U.S. decoupling policy against China

The continuous influx of visitors to the Expo represents a vivid blow to those Western politicians, scholars and media who desperately advocate a decoupling policy against China and call on foreign companies to shift their production and supply chains out of China.

Contrary to accusations by some Western elites that China wants to control the global economy, especially the economies of poor and developing countries, China resolutely rejects monopoly and colonial exploitation. China has constantly deepened its opening-up policy based on win-win cooperation and new development policy, which provides huge market opportunities for enterprises from home and abroad, and a major boost to global economic recovery.

The vitality of China's economy and ultra-large market holds irresistible appeal to global business. A large number of buyers and professional visitors have flocked to Hainan, with a large group of newcomers inspired by previous participants. Nearly 30 global CEOs from the world's top 500 companies or industry leaders attended the event in person. Over 50,000 buyers and professional visitors and more than 300,000 visitors from 35 countries and regions have visited the Expo.

Apart from China, a total of 10 member countries of the Regional Comprehensive Economic Partnership are attending the Expo. As the guest country of the Expo, Italy has 147 participating brands and an exhibition area of about 1,800 square meters.

Among others, a deal inclusive of 28 key projects with a contract amount of nearly 30 billion Chinese yuan ($4.36 billion) were reached by the delegation from Hubei province on the first day of the Expo. With further development of exhibitions, more and more multinational enterprises are expected to settle in the Chinese market.

A demonstration of the vitality of the Chinese economy

Bouncing back from the COVID-19 pandemic, China has actively built momentum for economic recovery and pressed ahead with modernization. China's economy is poised for faster economic growth of about 5 percent with high-quality development in 2023.

The roll-out of various governmental measures meant to upgrade consumption structure and bolster consumer confidence across the country, such as the building of differentiated consumption scenarios and innovation of forward-looking products, bears huge consumption potential. Consumption continues to strengthen its fundamental role of helping boost economic growth.

Encouraged by Chinese consumers who are passionate about fashion, and digitally savvy and more eco-conscious than ever before, both traditional and emerging consumption sectors have witnessed growth with new consumption types emerging continuously. China imported consumer goods worthy of 1.93 trillion yuan ($280 billion) in 2022, up more than 100 percent compared with 2012, according to the Ministry of Commerce of China. Sales revenue of consumption-related industries rose 12.2 percent year-on-year during the 2023 Spring Festival.

China remains the world's second-largest consumer market. Service oriented consumption is expected to reach or exceed 50 percent in 2025 and around 55 percent in 2030. Over the next 10 years China's fashion consumption is expected to grow steadily, driven by Chinese consumers' pursuit of more and more premium products with additional features.

The extensive participation of foreign enterprises in the Expo this year demonstrates their full confidence in the strength of China's consumers as well as the strong resilience and long-term fundamentals of the Chinese economy. The vitality and appeal of China's economy and ultra-large market are expected to be further unleashed.

A boon to international trade and global growth

Despite the challenges brought by the COVID-19 pandemic, the Expo has witnessed the resilience and significant growth potential of China's consumer market in the past three years. After three years of development, the Expo is well positioned to act as a prominent platform for boosting global business confidence, unleashing consumption potential, expanding trade to the Chinese market, strengthening cooperation, and promoting development among countries.

As the first large-scale international expo after China optimized its COVID response, the Expo is providing a much-needed boost to COVID-dented global business confidence and injecting new dynamics into the global market, amid multiple challenges facing the world economy. Moreover, the Expo opens the door to innovation and technological development, making China the source and driving force of global innovation.

Many foreign companies are looking forward to the great potential of the duty-free market in the Hainan Free Trade Port, which carries a key role in promoting high-quality innovation-driven development and China's opening-up policy.

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