CICPE provides great opportunity for Pakistan business
by Liao Yifan
The first China International Consumer Products Expo focuses on the strategy of expanding domestic demand, bases on the location advantages of Hainan Free Trade Port, and aims to connect domestic and international markets, said government officials.
They spoke after China announced that it will hold such an expo in Haikou from May 7 to 10.
Around the construction of Hainan international tourism consumption center, the expo will not only provide exhibition and trading opportunities for consumer products from various countries to enter the Chinese market, but also create a platform for high-quality products from China and other countries to sell globally, said Shen Danyang, executive vice-governor of Hainan.
The expo will cover an area of 80,000 square meters and feature fashion, jewelry, food and supplements, hospitality and professional services. The organizer will invite world-renowned consumer goods brands to participate in the expo to build a high-end trading platform with multiple forms of business and categories. It is expected to be the largest consumer products exposition in the Asia-Pacific region, according to organizers.
The expo's international exhibition area will cover 60,000 square meters, accounting for 75 percent of the total venue area. It features 1,165 brands by 630 exhibitors from 69 countries and regions, with Switzerland serving as guest country of honor.
On June 1, 2020, the Central Committee of the Communist Party of China and the State Council issued the Master Plan for the Construction of Hainan Free Trade Port, which proposed that overseas exhibits would enjoy duty-free import and sales during CICPE.
Relevant departments are formulating a tax exemption policy for exhibits at the expo. During the exhibition period, overseas exhibits of a certain quantity and a certain amount can enjoy duty-free import and sale, said Han Shengjian, director-general of Hainan Provincial Bureau of International Economic Development.
Different from the off-shore tax exemption policy for Hainan FTP, both tourists, island residents, and people participating in the expo can all enjoy the tax exemption policy during the expo. Off-shore duty-free goods cannot be taken away immediately after purchase, they can only be delivered by a delivery service or picked up at the port of departure. While products can be taken away immediately during the expo, according to Shen.
In addition, the expo’s duty-free policy and Hainan’s offshore duty-free policy are separate, which means that consumption at the expo is not included in the RMB 100,000 quota for offshore duty-free shopping.
(Editor:Liao Yifan)