Photo taken on May 7, 2021 shows a pair of earrings displayed at the first China International Consumer Products Expo in Haikou, capital of south China s Hainan Province. (Xinhua/Zhou Jiayi)
The Hainan free trade port (FTP) will likely become the world s biggest duty-free market in the near term if it continues on its current growth curve, according to a report jointly released by KPMG China and The Moodie Davitt Report.
By the end of 2020, offshore duty-free business in Hainan was worth approximately 5 billion U.S. dollars, boosted by an enhanced shopping policy, said the report. It was released on the sideline of the ongoing inaugural China International Consumer Products Expo.
Foreo celebrates success at the first China Products Expo
Foreo is revelling in the success of a big week at the first ever China International Consumer Products Expo in
Hainan.
With more than 240,000 guests in attendance, the event has given Foreo a chance to engage with consumers in one of travel retail’s most important markets today.
Foreo Global Travel Retail Director Gary Leong was in attendance for the event and attended an exclusive launch event with 1,000 VIP guests hosted by
Ministry of Commerce of the People’s Republic of China and the
Hainan Provincial Government.
He also joined the team at the GDF Plaza exhibition booth. The appearance comes ahead of Foreo’s launch at the GDF Plaza’s new mall which is set to open later this year.
The first China International Consumer Products Expo (CICPE) concluded on Monday in Haikou, the capital of south China s Hainan Province, with the participation of 1,505 enterprises from 70 countries and regions.
As the COVID-19 pandemic continues to rage and the world economy drags on, the CICPE has provided a new platform for global enterprises to tap into the Chinese market and inject new growth momentum into the global economic recovery.
The expo will become a new growth driver of Hainan s high-quality development. It will not only facilitate international brands to enter the Chinese market but also domestic brands to go global.
One of the key misunderstandings of China s new development paradigm of dual circulation has been that the world s second-largest economy is withdrawing to its domestic market and shying away from the world. Quite the opposite, Beijing continues to facilitate its huge domestic market to foreigners and the China International Consumer Products Expo is a good example.
The expo, which closes on Monday, presents an unprecedented platform to access the Chinese consumer market. Products of companies and brands from 69 countries and regions worldwide were on display. According to the Ministry of Commerce, foreign-funded enterprises and brands were the majority of participants at the event, a testament to the Chinese market s attractiveness and potential for foreign businesses.
2021-05-11 15:55 By: Xinhua
Photo taken on May 9, 2021 shows lacquerware on display during the first China International Consumer Products Expo in Haikou, capital of south China s Hainan Province. Domestic exhibits with Chinese characteristics are quite a sight at the Expo, not only meeting the needs of consumers, but also reflecting the unique charm of Chinese culture. (Xinhua/Ding Hongfa)