CICPE: Igniting new momentum for dual circulation and charting a bright future for Hainan Free Trade Port

Editor's note: Liu Chunsheng is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinion, and not necessarily the views of CGTN.

Amidst the blooming spring of April, the fourth China International Consumer Products Expo (CICPE) was grandly held in Haikou, Hainan. This national-level exhibition not only gathers high-quality consumer goods from home and abroad but also vividly demonstrates China's embrace of the world with an open posture and its commitment to high-quality economic development. Against the backdrop of a complex and volatile domestic and international economic situation, the CICPE holds profound significance. It serves as an important platform for promoting domestic and international dual circulation, strengthening trade and investment cooperation with ASEAN and RCEP countries, and showcasing Hainan Free Trade Port's development prospects and potential to the world.

From a macroeconomic perspective, China's economy maintained a steady and positive development trend in the first quarter of 2024. According to data released by the National Bureau of Statistics, China's GDP grew by 5.3 percent year on year and by 1.6 percent quarter on quarter, fully demonstrating the resilience and potential of the Chinese economy. Among them, consumption, as an important engine driving economic growth, contributed significantly. The CICPE, held against such a macro background, serves as an important platform to stimulate consumption potential and promote consumption upgrading. By gathering global high-quality consumer goods, the CICPE not only satisfies the increasingly diversified demands of domestic consumers but also further stimulates domestic demand, providing a steady stream of momentum for economic growth.

Meanwhile, China's import and export data have also shown positive changes. Against the backdrop of global economic recovery, China's foreign trade has maintained steady growth, with increasingly close trade ties with ASEAN, RCEP countries, and other countries and regions. The CICPE provides not only a platform for domestic and foreign enterprises to showcase and exchange, but also an important opportunity to strengthen regional economic and trade cooperation and promote trade liberalization and facilitation. Through this exhibition, China demonstrates its open and cooperative posture to the world and sends a positive signal of promoting the construction of a community with a shared future for mankind.

One of the highlights of this year's CICPE is its innovative implementation of the "1+N island-wide exhibition" model. This model leverages Hainan Free Trade Port's locational and ecological advantages, bringing together high-quality resources from the entire island, further enhancing the influence of the CICPE. Through the linkage between the main venue and multiple sub-venues, the CICPE not only showcases consumer goods but also demonstrates new consumption scenarios, fields, and highlights in areas such as sailing yachts, duty-free shopping, and international health. This novel exhibition model not only enhances the CICPE's attractiveness and influence but also injects new vitality into the development of Hainan Free Trade Port.

Moreover, brands from around the globe have participated, showcasing their latest products and innovative technologies. This not only brings more diversified choices to consumers but also provides broader cooperation opportunities for domestic and foreign enterprises.

The CICPE holds significant importance in promoting domestic and international dual circulation. On the domestic front, the CICPE introduces high-quality foreign consumer goods, enriching the domestic market supply and satisfying the increasing consumption needs of the people. At the same time, it promotes the upgrading and development of domestic industries by showcasing excellent domestic brands and products. Internationally, the CICPE serves as a platform for domestic and foreign enterprises to exchange and cooperate, facilitating trade and investment. Through this platform, China's economic ties with countries worldwide have become closer, jointly promoting global economic recovery and development.

Strengthening trade and investment cooperation with ASEAN and RCEP countries is an important mission of the CICPE. As one of China's significant trade partners, ASEAN holds broad prospects for economic and trade cooperation with China. Through the CICPE, Chinese and ASEAN companies can gain a deeper understanding of each other's markets and demands, seeking more cooperation opportunities. Meanwhile, the implementation of the RCEP agreement has also provided new opportunities for regional economic and trade cooperation. The CICPE serves as a showcase and exchange platform for RCEP member countries, contributing to the promotion of trade liberalization and facilitation within the region.

Hainan Free Trade Port, as the host of the CICPE, has garnered significant attention for its development prospects and potential. The construction of Hainan Free Trade Port is a crucial initiative in China's push for high-level opening up. Through the implementation of various policies and institutional innovations, Hainan Free Trade Port is gradually emerging as an important hub for international trade and investment. The CICPE not only injects new vitality into the development of Hainan Free Trade Port but also provides an important platform for Hainan to showcase its achievements and development potential.