Multinationals expect to unlock new opportunities in Chinese market through Hainan expo

Recovery momentum

During the ongoing expo, several international advisory institutions, including Boston Consulting Group, Deloitte and PwC, issued reports detailing their optimism about the recovery prospects of Chinese consumption.

In its report, Deloitte noted the pace of recovery in China's consumer market is accelerating, and growing household incomes will continue powering its growth.

From the perspective of the Chinese economy as a whole, its sound recovery is expected to renew impetus for global economic growth. Both the World Bank and the International Monetary Fund have revised their projections for China's economic growth in 2023 to above 5 percent.

In light of the size of the Chinese economy, that would be a key contributor to global growth in the coming year, said Pierre-Olivier Gourinchas, director of the Research Department of the IMF.

Therefore, analysts construe the Hainan expo -- the first large-scale international expo held after China optimized its pandemic response -- as part of the country's endeavor to help advance global growth and revive international trade.

"The increase in China's domestic demand is a favorable scenario for the world's economies, including Argentina's," Fernando Fazzolari, an Argentine economist and businessman, said, adding the expo "is very important because we have been through some difficult years in terms of international trade due to the aftermath of the pandemic."

Wilson Lee Flores, a columnist for The Philippine Star, said the event is "very welcome news for the economic activity and economic growth of China and the whole Asia region," which "will promote the vitality and dynamic of the economy of China and Asian countries."

"This will help both consumers and different companies in the world because China is the second largest economy in the world. It has a positive impact on Asian economic growth and on the world economic outlook," he added.