Fresh opportunities seen in China

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

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 at the National Exhibition and Convention Center 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 specialty products include Wisconsin ginseng, premium US pet foods and nutrition products, hay and alfalfa, and wines, each serving as a distinct and growing niche within China's consumption landscape, he added.

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, he said.

"They also have the opportunity to witness China's rapid advances in modernization and digitalization, while enjoying high-quality products and services at affordable prices," Bielig added.

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 international travelers' "shopping in China" experiences, Liu 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 international exchange activities, including "Vision China", will also be organized to serve as new bridges for dialogue and communication between China and other economies.

The Ministry of Commerce has launched activities, also themed "Big Market for All: Export to China" and "Shopping in China", to motivate foreign businesses to increase their exports to China 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 data from 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 in Beijing, said that 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.

Since April, China's outbound tax refund policy has been continuously optimized. Data from the State Taxation Administration shows that since the implementation of relevant policies and measures, the number of people submitting outbound tax refunds has significantly increased, and so has the value of tax refunds.

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.

Chen, the researcher, noted that the measures are widening sales channels and improving brand exposure for foreign firms, strengthening their confidence and long-term growth outlook in the Chinese market.

Eager to seize more opportunities, 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, executive vice-president for global markets at Pernod Ricard, said that China remains central to the group's portfolio strategy, because of its scale, innovation capacity and increasingly sophisticated consumers.

"China continues to stand out as one of our largest and most dependable export markets, and it will remain a key driver of our long-term growth," he said.

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, spanning top-tier markets to county-level markets.

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.

Such optimism mirrors China's policy outlook for enhancing national market connectivity and unleashing the full potential of its huge domestic demand.

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.

Rochelle Beiersdorfer, a reporter at China Daily, said that for many foreign visitors, shopping in China goes beyond consumption. It is an immersive cultural encounter that blends tradition with modern innovation, from panda souvenirs and jade bracelets to cutting-edge tech that capture China's creative energy, she added.

Zhang Chenxu in Shanghai contributed to this story.