China's consumer products expo to boost global growth: Egyptian expert

CAIRO - The third China International Consumer Products Expo (CICPE) is a boon to global growth and international trade given the multiple challenges facing the world economy, an Egyptian expert has said.

"The expo is testimony to China's openness to the world and its desire to increase trade and investment exchanges with the countries of the world," Abu Bakr al-Deeb, advisor to the Cairo-based Arab Center for Research and Studies and an Egyptian researcher in political economy, told Xinhua in a recent interview.

The expert said that China plays an important role in the recovery of the global economy in the post-pandemic period, noting that the COVID-19 pandemic has disrupted global supply chains and affected production.

He noted that China achieved positive growth rates during the pandemic and aims to achieve faster economic growth of about 5 percent with high-quality development in 2023, as it continues to build momentum for economic recovery and press ahead with modernization.

The CICPE 2023 will be held in Haikou, South China's Hainan province from April 10 to 15 with over 3,100 brands from 65 countries and regions taking part in the event.

The exhibition area is set to increase by 20 percent compared to the previous edition, reaching 120,000 square meters.

The world is closely watching China's new development-related policy moves, al-Deeb said, adding that China's economy is recovering steadily, which will greatly help the global economy recover.

Al-Deeb said many international companies and businessmen are participating in the exhibition this year, with a large group of new comers as they are inspired by successes of previous participants.

"The exhibition has become a platform for Chinese and foreign companies to share the opportunities offered by the Chinese market," he said, stressing that hundreds of companies are keen to know more about China's large consumption market, diversified consumption requirements, and the advantages of the Hainan Free Trade Zone.

"The expo represents a great opportunity for international companies, especially Arab ones, to display their products in the largest consumer market in the world," the Egyptian expert noted.

"The Chinese market is very large and provides many opportunities for everyone to work. China needs many goods from other countries and it welcomes all companies to offer their products to Chinese consumers without restrictions or complications," al-Deeb told Xinhua.

"This confirms that China's policy is based on joint cooperation and win-win, contrary to accusations by some countries that China wants to control the global economy, especially the economies of poor and developing countries," he added.

Moreover, the expo opens door to innovation and technological development, not only in China, but also in most countries, he said, "because everyone realizes that China welcomes any partner working with it inside or outside the Chinese market, and this is what distinguishes China, as it believes in win-win strategy and rejects monopoly and exploitation."

The expert also said that many foreign companies are looking forward to the great potential for consumption growth in the Hainan Free Trade Port.

"Hainan Free Trade Port has become an important gateway to China's opening-up and plays a key role in promoting high-quality innovation-driven development. China has issued a guideline to support the facilitation of market access in the Hainan Free Trade Port, which proves China's adoption of the opening-up policy," he said.

Over the past three years, the expert said, a number of domestic and foreign companies have settled in Hainan, which is another proof that China is working steadily to consolidate its opening-up.

"I believe that China will do more to achieve its opening-up goals," al-Deeb said.