Shared Markets & Future: Chinese buyers seal deals with global brands

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Chinese consumers are gaining most of the benefits as China obtains more and more international brands. Scores of new deals are being sealed at the import expo. CGTN's Wu Lei takes us to Shanghai to learn what buyers there are expecting.

Another signing at the China International Import expo. SINOPEC, one of China's largest energy giants, inks deals with its Brazilian business partners.

LIU ZHONGYUN, VICE PRESIDENT SINOPEC GROUP "So far we have signed 67 deals with 48 foreign brands from 14 different countries. This is excellent for us."

Elsewhere, Zhang Zhaogang, the chairman of a large state-owned company, is busy meeting with old friends and seeking new business opportunities.

ZHANG ZHAOGANG, CHAIRMAN CHINA SDIC INTERNATIONAL TRADE CO., LTD. "Of course we signed dozens of contracts including the procurement contracts and some cooperation agreements with our clients. We also found out somebody sold the sea cucumber. Can you imagine that they are from Turkey, while you know that is awesome."

Over 5,000 types of new products are making their debut at this expo, especially cosmetics and food. Chinese buyers have more options than ever.

WU LEI SHANGHAI "From quality to price, professional Chinese buyers are getting pickier when it comes to trying different kinds of new brands. They say it is better to try it before you buy it, because quantity is often so huge with tens of millions of Chinese consumers."

Wang Zhongjun manages a supermarket in southwest China's Sichuan province. He says the taste and brand is also very important for his customers and he has to pick them very carefully.

WANG ZHONGJUN, MARKETING MANAGER DAZHOU WANKELONG SUPERMARKET CHAIN CO., LTD. "I plan to open a specific section at my store for high quality imported food. After careful consideration, I signed deals with a foreign brand worth over 300 thousand US dollars in agricultural products."

From state-owned enterprises to private ones, buyers across the country hope to import more. The latest data from the General Administration of Customs echoes this. China's total imports surged 15.5 percent year on year in the past ten month. And many Chinese buyers say this import expo will surely provide more opportunities. WL, CGTN, SH.