FOREIGN firms worldwide have shown confidence in the Chinese market, a Kenya-based international relations scholar said, referring to the ongoing China International Consumer Products Expo (CICPE).

Hosting the CICPE in Haikou in southern Hainan Province is a testament to China’s resolve to be more proactive in boosting global economic activity in the consumer goods sector, Cavince Adhere told Xinhua in an interview earlier this week.

According to official data, the expo, held from Monday to Saturday, has attracted 1,107 overseas companies and over 1,600 brands from 61 countries and regions, as well as over 1,200 domestic brands. It showcases over 600 new products from more than 200 brands.

“Resumption of trade in consumer goods will play an important role in the global economic recovery as it will foster activity at the firm level, thereby boosting employment around the world,” Adhere said, adding that the expo provides a platform to boost the confidence of both consumers and companies.

The expo comes at a time when there is great expectation from consumers around the world for a return to normalcy amid COVID-19, Adhere noted, saying that “pushing new products into China during the expo is a key metric of the confidence by foreign companies,” given China’s status as the world’s largest market.

Referring to the strategic prioritization of e-commerce platforms at the expo, which allows consumers worldwide to be connected to source markets, he said, “while the expo is happening in China, consumers around the world will have a chance to get real-time activity through live-stream programs on the internet.”

“This is particularly important given the challenges of accessing commodities and industrial products in the backdrop of the ongoing global health crisis,” he said.

Meanwhile, Adhere said, “China has done well in creating functional sea, air, and land trade routes through partnerships like the Belt and Road Initiative. This makes it efficient to export products, and is a true mark of business internationalization.”

“Given Hainan’s island status, the [Hainan free trade] port will be instrumental in connecting industries in Southeast Asia and beyond,” Adhere said, adding that the expo would also help the port promote trade and investment in consumer goods.

(Xinhua)