The Jiading trade delegation made a whopping 3.539 billion yuan (about $503 million) in procurement deals during the recently concluded China International Import Expo (CIIE).
The deals involved daily necessities, food, and agricultural products, according to preliminary statistics.
The second CIIE, which was held from Nov 5 to 10 in Shanghai, attracted more than 3,800 companies from all over the world and had a total exhibition area of more than 360,000 square meters.
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Mascots of the China International Import Expo are placed at the National Exhibition and Convention Center (Shanghai), the venue of the second China International Import Expo, on Nov 6, 2019. [Photo/VCG] |
More than $71.13 billion in intended deals were reached during the six-day expo, up 23 percent from the first expo, according to the CIIE Bureau.
The Jiading trade group purchased about 1.52 billion yuan in orders from South Korean cosmetics group AmorePacific Corp, including cosmetics from two if its global brands – Sulwhasoo and LANEIGE. It also purchased 3D mask printing technology and customized mask products from the company.
According to authorities from Jiading district, the group purchased AmorePacific's products because there is a high demand in China for Korean cosmetics.
Gao Xiangqin, president of AmorePacific China, said that attending the CIIE and launching new products there was a significant move by the company.
Gao added that the group plans to bring more new products to the Chinese market, increase research on Chinese customers, and send the data back to its research and development departments so as to continue providing high-quality products for the Chinese market.
"In the 27 years since we first entered the Chinese market, China has opened up significantly. For AmorePacific, China is the most important overseas market," Gao said.
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South Korean cosmetics group AmorePacific Corp's cosmetics and skin care products are displayed at the second China International Import Expo. [Photo/jiading.gov.cn] |
Last year, AmorePacific invested 300 million yuan into the second phase of expansion of its factory in Jiading New Town. The expansion project finished in just nine months with the support of local governments.
As people born after 1990, who grew up with the internet, become the most important part of the global consumer market. Their highly internet-based lifestyles and consumption habits have promoted the rise and development of new consumption channels and brought about new opportunities for companies in the form of e-commerce platforms.
The luxury retail and lifestyle platform Little Red Book (Xiaohongshu) reflects the interests of young Chinese consumers, including popular beauty products and travel and eating trends.
Little Red Book, located in Jiading's Jinsha 3131 Creativity Park, has attracted brands from more than 190 countries and regions.
The Jiading trade group purchased about 2 billion yuan in goods from Little Red Book, including fashion, skin care, makeup, food, and travel products.