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.
‘Beginning of a new chapter’: Brands flourish at first China Products Expo
More than 240,000 visitors have indulged themselves in brand experiences at the first ever
China International Consumer Products Expo.
The four-day event, which ran in
Hainan from 7 May, has presented the first opportunity for many brands to interact directly with consumers in a face-to-face environment.
With upwards of 1,500 companies and 2,620 brands in attendance, the event has been a lifeblood for many seeking to showcase new innovations or rebuild engagement beyond the digital sphere.
Retailers have also taken the chance the kickstart their recovery. As reported, Lagardère tied in the opening of its new Sandro and Maje boutiques with the Expo as it increased its footprint in travel retail’s hottest market.
2021-05-11 16:41 By: GMW.cn
The first China International Consumer Products Expo (CICPE) launched on May 7th, 2021 represents China s first national expo focusing on quality consumer products. It has provided a new platform for global enterprises to tap into the Chinese market and inject new vitality into the global economic recovery. [ Editor: GSY ]
Source: China State Council Information Office
The release of Chinaâs consumption market potential and its wider opening-up will help boost the development of the world economy, experts said at the ongoing China International Consumer Products Expo.
China is expected to become the worldâs largest goods consumption market during the 14th Five-Year Plan period (2021-2025), and the worldâs biggest services trader by 2035, said Chi Fulin, head of the Hainan-based China Institute for Reform and Development, at an expo forum.
Chinaâs rate of contribution to global economic growth is likely to be maintained within a range of 25 percent to 30 percent over the next five to 10 years, said Chi.
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.