Senior executives at expo laud China’s long-term growth prospects and rising consumer demand 

China’s huge domestic market will create fresh opportunities for global companies exporting to the nation and foreign travelers shopping in the country, business and media executives said on Nov 9.

Expressing confidence in China’s increasing openness and its growing consumer demand, senior representatives of multinational corporations said that China is among their top export markets and will continue to serve as a major engine of growth in the years ahead.

They made the remarks on the sidelines of the eighth China International Import Expo, or CIIE, in Shanghai.

Eric Zheng, president of the American Chamber of Commerce in Shanghai, said that China’s move to further expand imports will highlight the opportunities for companies in the United States to participate in and contribute to the growing consumer market.

“We are all familiar with the big-ticket items, like soybeans, aircraft, big tech, and pharmaceuticals, that anchor the US-China trade relationship. But alongside those are a range of specialty products that have long contributed to this partnership,” Zheng said.

These products include Wisconsin ginseng, premium US pet foods and nutrition products, hay and alfalfa, and wines, each serving a growing niche within China’s consumption landscape, he said.

Torsten Bielig, senior director of public affairs, sustainability and safety at Bayer China and Japan, called China’s effort to encourage exports to the country and shopping in the country a great move to increase consumption.

The recent implementation and expansion of China’s visa-free policy for many countries has brought in a large number of foreign tourists who can now experience the beauty of China firsthand, Bielig said.

During the CIIE, China Daily hosted the launch ceremony of the International Communication Initiative, themed “Big Market for All: Export to China” and “Shopping in China”, which was attended by Vice-Minister of Commerce Sheng Qiuping.

Liu Weiling, deputy editor-in-chief of China Daily, said the initiative aims to better showcase to the world the dynamism and vitality of the country’s vast market, encouraging all parties — especially foreign corporations — to expand cooperation driven by exports and consumption and elevate the level of collaboration.

China Daily will explore further and tell more vivid stories about foreign companies’ “export to China” experiences and global travelers’ “shopping in China” experiences, she said.

The media group plans to set up tailor-made English-language websites and special social media accounts to convey relevant stories and messages abroad. A series of exchange activities, including “Vision China”, will also be organized to serve as new bridges for dialogue and communication between China and other economies.

The Commerce Ministry has launched activities, also themed “Big Market for All: Export to China” and “Shopping in China”, to motivate foreign businesses to seize the new opportunities offered by the huge Chinese market, as well as encourage foreigners to travel and consume more in the country.

According to the General Administration of Customs, China’s imports increased 1.4 percent year-on-year to 1.53 trillion yuan ($215 billion) in October alone, marking the fifth consecutive month of growth.

Chen Jianwei, a researcher at the University of International Business and Economics’ Academy of China Open Economy Studies, said China’s enhanced tax refund and consumption policies are stimulating spending by both domestic consumers and foreign visitors, driving stronger demand for imported goods and services.

From January to September, the number of overseas tourists who processed departure tax refunds increased 229.8 percent year-on-year, while the tax refund value grew 97.4 percent.

Pernod Ricard, a French spirits and champagne company, will deepen its footprint in China by capitalizing on growing demand for whisky, vodka, gin, and tequila, amid a global shift toward premium and experience-driven consumption.

Gilles Bogaert, Pernod Ricard’s executive vice-president for global markets, said that China remains central to the group’s portfolio strategy, because of its scale, innovation capacity, and increasingly sophisticated consumers.

Also upbeat about the Chinese market, Tapestry Inc, a New York-based luxury goods group, said it will open more than 100 new stores in China within the next two to three years. This expansion will increase the company’s presence from 90 cities to over 100 cities.

Sandeep Seth, Tapestry’s chief growth officer and its international president, said the allure of further exporting to China, as well as shopping in China, aligns with the company’s expansion strategy in the country, underscoring China’s pivotal roles as a dynamic consumer market and an essential driver for global growth.

According to a communique issued on Oct 23 after the conclusion of the fourth plenary session of the 20th Central Committee of the Communist Party of China, the country should advance the development of a unified national market and ensure that the strength of its enormous market continues to increase.

Zhang Chenxu in Shanghai contributed to this story.

Contact the writers at zhongnan@chinadaily.com.cn