CICPE shows China’s concrete actions to open up: commentary

The 5th China International Consumer Products Expo (CICPE) is a proof of China taking concrete actions in fulfilling its promise for opening up, according to a commentary published by a Chinese language media outlet, The Real Point, on Saturday.

An edited English version of the commentary is as follows:

At a time when trade protectionism is on the rise and the United States abusing tariffs is impacting economic globalization, the 5th CICPE, with the theme of "share open opportunities, co-create a better life," holds even greater significance.

During the six days (from April 13 to 18), the expo attracted the participation of a record-breaking 1,767 companies and 4,209 consumer brands from 71 countries and regions, seeing 92 billion yuan (about 12.6 billion U.S. dollars) in intended deals. In addition, hundreds of firms have already signed up for the next session. All these have demonstrated the appeal of the Chinese market.

Where does such attractiveness come from?

Many overseas exhibitors participating in the expo noted that what they valued most was the opportunities brought about by China's consumer market expansion.

Data has shown that in 2024, China's total retail sales of consumer goods hit 48.8 trillion yuan, up 3.5 percent year on year. This has made China the world's second-largest consumer goods market and the largest online retail market for more than a decade.

Thailand's Charoen Pokphand Group who has taken part in the event for five years presented more than 200 products this year. It also signed a large deal worth 4.38 billion yuan on the opening day.

Zhang Shuhui, senior president of Charoen Pokphand Group's Agro-industry and Food Business China Area, said the company always has faith in Chinese market; and the potentials of China's consumer market and the country's policy of continuously expanding opening up are important reasons why they participate CICPE and invest in China.

Meanwhile, as China accelerates the development of new quality productive forces, its consumer market is constantly renewing and upgrading, injecting new impetus into the growth of foreign enterprises in the country.

The Global Innovation Index 2024, released by the World Intellectual Property Organization, ranks China 11th among the world's most innovative economies.

As one of the countries that have made the fastest progress in terms of innovation over past ten years, China set up a consumer technology section for the first time at this year's CICPE, aiming to boost enterprises' long-term innovative development.

Boston Scientific exhibited five innovative products, which cover weight management and tumor intervention, hoping to stimulate China's health consumption demand with innovative supplies.

Germany's Volkswagen Group (China) displayed 11 car models, showcasing its long-term commitment and firm confidence in the Chinese market.

The year 2025 is when the free trade port (FTP) in south China's Hainan Province will officially begin independent customs operations. This means, people can enjoy a series of favorable policies, including duty-free policy, in Hainan where the CICPE was held.

Such measures are expected to introduce more quality products to the island province, turning it into the forefront of opening up.

The combination of CICPE and FTP has attracted an increasing number of exhibitors to invest in Hainan.

Noting that their Yalong Bay project was signed in Hainan last year, Nancy Liu, president of DFS China, said that it is the company's largest single investment in the past six decades, which will help them to better seize the unparalleled opportunities of consumption upgrade in China.

Vincent Boinay, L'Oreal's North Asia Zone President and China CEO, believes that China's high-quality development and high-level opening up have brought broad opportunities for foreign investment, with Hainan being a vivid epitome.

Following the conclusion of the CICPE, the China Import and Export Fair, also known as the Canton Fair, is now in full swing. Other international expos, such as China International Supply Chain Expo, China International Fair for Trade in Services and China International Import Expo are on their way.

China has been fulfilling its commitment with concrete actions – the door for opening up will be wider and wider. For foreign capitals, it is obvious where their opportunities and future are.

CICPE shows China’s concrete actions to open up: commentary

CICPE shows China’s concrete actions to open up: commentary

CICPE shows China’s concrete actions to open up: commentary

John Lee, chief executive of China's Hong Kong Special Administrative Region (HKSAR), announced on Friday that an independent committee will have nine months to investigate the Wang Fuk Court fire that occurred in late November.

The fire, which erupted on November 26 in Tai Po, has claimed 160 lives as of 16:00 Tuesday, with six people still reported missing, according to authorities.

At a press conference, Lee said the committee will be led by Judge David Lok, chairman of the Electoral Affairs Commission, and will also include Legislative Council Finance Committee Chairman Chan Kin-por and outgoing MTR Corporation Chairman Rex Auyeung Pak-kuen.

"Nine months is a very challenging time indeed, but I want to solve the problem as quickly as possible. So I want to give what I regard as a time frame -- realistic -- provided the independent committee is given sufficient means to maneuver, while ensuring the examination is just. They can streamline procedure and be given more flexibility so that they can finish their work within the nine months. And I also have given them a reserve power. That is, if the independent committee considers, by examining all these complicated issues, there may be one which they think, by exercising the powers that is given to a statutory commissioner of inquiry, will help them complete their work, then I'm very willing to consider a recommendation by the independent commission to seek appointing them as the commission of inquiry," Lee said.

Lee noted that the committee's investigation will focus on the causes and circumstances of the fire, and whether systemic issues exist in large-scale building management and renovation projects.

The committee will also examine whether the current regulations and penalties are sufficient in these two areas and will make relevant recommendations. The investigation reports are expected to be made public.

Speaking to reporters on Friday, David Lok stressed the need for fairness and impartiality in the investigation, saying that he would refrain from commenting on the investigation until the committee completes its work.

"During this period, I hope everyone understands that although this is a committee, I am leading this work in my capacity as a judge. Judges must also adhere to certain professional principles, including being fair and impartial. We need to conduct rational analysis based on facts before making any factual judgments or recommendations; we cannot be emotional. Furthermore, we cannot have a pre-established position. In fact, before every judge hears a case, we should ideally start with a blank slate and cannot have a predetermined stance," said Lok.

"So today, if you ask me for my views on certain matters or how we will conduct the investigation, I’m afraid I won't be able to answer as freely as I could when I was at the Electoral Affairs Commission. But I hope all media friends and residents understand that I do not wish to evade questions; it is simply that some questions at this stage are inappropriate for the committee chair to answer. Therefore, during the investigation, I do not expect to speak with you again until our work is completed," he said.

Investigation into Tai Po fire to conclude within nine months: HKSAR chief executive