The tantalizing aroma of fresh coffee fills the air as staff from Italian coffee giant Illycaffe arrange their booth for the upcoming third China International Consumer Products Expo (CICPE), slated to open on April 10 in southern China's island province of Hainan.Over 3,100 brands from 65 countries and regions will partake in the third CICPE, the first large-scale international expo after China optimized its COVID response. The exhibition area is set to increase by 20 percent over the previous edition, reaching 120,000 square meters.China's economic performance has gotten off to a strong start, showing robust growth momentum and raising investors' confidence. This crucial factor also lured Illycaffe to join the third CICPE."China is very important for every brand in Italy," said Violante Avogadro, chief communication officer of Illycaffe. "We are known by a small portion of Chinese by now, and we have a strong potential of growth. So we really want to be more developed in China and to expand our business there."FASTER-THAN-EXPECTED RECOVERYZhang Weiwei, general manager of a travel agency in Hainan, just returned from a tight business trip in Thailand."My schedule has been packed since the Spring Festival. Now we're getting even busier after China resumed more outbound group tours," said Zhang.Behind Zhang's overfilled workload is a result of a robust, faster-than-expected economic recovery, with consumption as the spearhead.Data from the National Bureau of Statistics shows that China's retail sales increased 3.5 percent year on year in the January-February period, reversing declines seen in the previous three months.According to statistics from online travel agency Trip.com Group, in the first quarter, domestic air passenger traffic had recovered to about 80 percent that of the pre-pandemic level in 2019, while outbound travel is also picking up speed.Sun Jie, CEO of Trip.com Group, said the overall recovery of the tourism industry exceeded expectations, and there are now huge opportunities for both inbound and outbound tourism.The quick rebound illustrates the resilience of the Chinese economy and supports forecasts of further recovery.Eying huge market opportunities, companies from home and abroad are gearing up to further tap the potential of one of the world's most promising consumer markets at the upcoming CICPE.Having entered the Chinese market for 30 years and as a third-time CICPE exhibitor, Thai energy drink giant Red Bull has a profound understanding of the enormous vitality and infinite opportunities the Chinese market has to offer. Its investment confidence in the Chinese market has never wavered."The continuous deepening of China's opening-up has provided foreign-funded enterprises with a more market-oriented, legal and international business environment, stimulated market vitality to a greater extent, and strengthened the confidence and determination of foreign enterprises to keep expanding presence in China," said Saravoot Yoovidhya, CEO of TCP Group -- the owner, manufacturer, and distributor of Red Bull.PIVOTAL CONFIDENCE BOOSTERToday's China has become the world's second-largest economy and a major magnet for global investors.The expo is expected to have a larger exhibition area, more participating exhibitors and buyers, and optimize consumption supply while improving consumer confidence. It will also introduce the business environment and cooperation opportunities of Hainan Free Trade Port, help advance high-standard opening-up, and share China's massive market opportunities with the world, said Vice Minister of Commerce Sheng Qiuping at a press conference.Experts believe that with China's economic fundamentals heading in the right direction, the country will overcome challenges and further propel the recovery of the global economy.China has set a GDP growth target of around 5 percent for 2023. The International Monetary Fund has raised its projection for China's economic growth in 2023 to 5.2 percent."Regardless of the details of the numbers, I think it's very positive for the next five years," noted Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development at the recent Boao Forum for Asia Annual Conference 2023.He noted that China's economic recovery and growth comes from the "revenge growth" after a few years of being constrained. "Domestic tourism and retails consumption are the two main drivers from the consumption perspective," he said.China has reiterated the country's commitment to opening-up in recent weeks at different events, expressing willingness to share the dividends of an ultra-large consumer market and its consistent resolve to boost common development for all.Ben Simpfendorfer, a partner at leading international management consulting firm Oliver Wyman said the striking growth the Chinese economy has registered this year, led by the strong performance of the manufacturing sector, indicates its robust growth momentum will persist in the future.The tantalizing aroma of fresh coffee fills the air as staff from Italian coffee giant Illycaffe arrange their booth for the upcoming third China International Consumer Products Expo (CICPE), slated to open on April 10 in southern China's island province of Hainan.Over 3,100 brands from 65 countries and regions will partake in the third CICPE, the first large-scale international expo after China optimized its COVID response. The exhibition area is set to increase by 20 percent over the previous edition, reaching 120,000 square meters.China's economic performance has gotten off to a strong start, showing robust growth momentum and raising investors' confidence. This crucial factor also lured Illycaffe to join the third CICPE."China is very important for every brand in Italy," said Violante Avogadro, chief communication officer of Illycaffe. "We are known by a small portion of Chinese by now, and we have a strong potential of growth. So we really want to be more developed in China and to expand our business there."FASTER-THAN-EXPECTED RECOVERYZhang Weiwei, general manager of a travel agency in Hainan, just returned from a tight business trip in Thailand."My schedule has been packed since the Spring Festival. Now we're getting even busier after China resumed more outbound group tours," said Zhang.Behind Zhang's overfilled workload is a result of a robust, faster-than-expected economic recovery, with consumption as the spearhead.Data from the National Bureau of Statistics shows that China's retail sales increased 3.5 percent year on year in the January-February period, reversing declines seen in the previous three months.According to statistics from online travel agency Trip.com Group, in the first quarter, domestic air passenger traffic had recovered to about 80 percent that of the pre-pandemic level in 2019, while outbound travel is also picking up speed.Sun Jie, CEO of Trip.com Group, said the overall recovery of the tourism industry exceeded expectations, and there are now huge opportunities for both inbound and outbound tourism.The quick rebound illustrates the resilience of the Chinese economy and supports forecasts of further recovery.Eying huge market opportunities, companies from home and abroad are gearing up to further tap the potential of one of the world's most promising consumer markets at the upcoming CICPE.Having entered the Chinese market for 30 years and as a third-time CICPE exhibitor, Thai energy drink giant Red Bull has a profound understanding of the enormous vitality and infinite opportunities the Chinese market has to offer. Its investment confidence in the Chinese market has never wavered."The continuous deepening of China's opening-up has provided foreign-funded enterprises with a more market-oriented, legal and international business environment, stimulated market vitality to a greater extent, and strengthened the confidence and determination of foreign enterprises to keep expanding presence in China," said Saravoot Yoovidhya, CEO of TCP Group -- the owner, manufacturer, and distributor of Red Bull.PIVOTAL CONFIDENCE BOOSTERToday's China has become the world's second-largest economy and a major magnet for global investors.The expo is expected to have a larger exhibition area, more participating exhibitors and buyers, and optimize consumption supply while improving consumer confidence. It will also introduce the business environment and cooperation opportunities of Hainan Free Trade Port, help advance high-standard opening-up, and share China's massive market opportunities with the world, said Vice Minister of Commerce Sheng Qiuping at a press conference.Experts believe that with China's economic fundamentals heading in the right direction, the country will overcome challenges and further propel the recovery of the global economy.China has set a GDP growth target of around 5 percent for 2023. The International Monetary Fund has raised its projection for China's economic growth in 2023 to 5.2 percent."Regardless of the details of the numbers, I think it's very positive for the next five years," noted Michele Geraci, former undersecretary of state at the Italian Ministry of Economic Development at the recent Boao Forum for Asia Annual Conference 2023.He noted that China's economic recovery and growth comes from the "revenge growth" after a few years of being constrained. "Domestic tourism and retails consumption are the two main drivers from the consumption perspective," he said.China has reiterated the country's commitment to opening-up in recent weeks at different events, expressing willingness to share the dividends of an ultra-large consumer market and its consistent resolve to boost common development for all.Ben Simpfendorfer, a partner at leading international management consulting firm Oliver Wyman said the striking growth the Chinese economy has registered this year, led by the strong performance of the manufacturing sector, indicates its robust growth momentum will persist in the future.
