Consumer products expo a new window for China's opening-up
The China International Consumer Products Expo, to be held from May 7 to 10 in China's island province of Hainan, will become a new window for the country's high-level opening-up drive, the Ministry of Commerce said Wednesday.
The expo showcases that China always adheres to its national policy of opening-up, and resolutely promotes globalization, Vice Minister of Commerce Wang Bingnan said, adding that China welcomes all countries to board the "express train" of China's development.
The event is the first-ever expo to be held at the national level focusing on quality consumer goods, Wang said at a press conference.
It will facilitate the construction of the Hainan free trade port, expand domestic demand, and promote high-quality economic development. It will also help push the new development paradigm of "dual circulation" that allows the domestic and overseas markets to reinforce each other, with the domestic market as the mainstay, said Wang.
More than 1,300 brands from 69 countries and regions will participate in the expo, which is expected to attract more than 20,000 buyers and over 200,000 visitors.
The expo will cover 80,000 square meters, including 60,000 square meters of international exhibition space featuring watches, cosmetics, jewelry, automobiles, yachts, consumer electronics, liquors, and food and health products of leading brands.
From July 2020, the duty-free shopping quota in Hainan was raised to 100,000 yuan per year from the previous 30,000 yuan, while the purchase limitations were significantly cut and more duty-free products were offered.
Purchases at the expo will not affect one's annual off-shore duty-free shopping quota, said Wang.
China will kick off a month-long campaign promoting consumption in May amid efforts to bolster consumer spending as the country has effectively brought COVID-19 under control.
As part of the campaign, duty-free shops in Hainan will introduce a variety of discounts and promotions, Wang said.