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Hainan expo highlights China’s commitment to opening-up, contribution to global growth

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China’s commitment to further opening up as well as to the sound development of globalization is the clear message the rest of the world gets from the expo, which lights up a beacon of hope for those who believe in the power of free trade, win-win cooperation and multilateralism, thereby injecting fresh momentum and confidence into the recovery and prosperity of the global economy.

BEIJING, April 15 (Xinhua) — The third China International Consumer Products Expo (CICPE), with an increased scale and rising global influence compared to the previous versions, has underscored China’s commitment to expanding high-standard opening up as the global economy is struggling to emerge from the shadow of COVID-19 and other uncertainties.

On the theme of “Share Open Opportunities, Co-create a Better Life,” the expo covers an area of 120,000 square meters, up 20 percent from last year, with more than 3,300 brands from 65 countries and regions showcased, helping overseas brands tap into the huge Chinese market while providing more exposure for domestic products.

The event epitomizes China’s endeavor to promote high-standard opening up, as the country has pledged to leverage the strengths of its enormous market, attract global resources and production factors, and amplify the interplay between domestic and international markets and resources.

Thanks to China’s efforts to develop the Hainan Free Trade Port with a portfolio of favorable policies, including zero tariffs and easing market and foreign investment access, dozens of multinational corporate participants in the previous Hainan expos have become investors in the island.

Earlier this year, U.S. beauty titan Estee Lauder inaugurated its China travel retail headquarters in Hainan. The company, with high confidence in the Chinese market and a keen awareness of the importance of Hainan’s offshore duty-free market, is looking forward to establishing higher quality cooperation in duty-free shopping, medical care and talent training, and to introducing new and quality products to more consumers, said Fabrizio Freda, CEO of Estee Lauder.

Furthermore, the fair is helping foster an open mindset and promote mutual understanding through dialogue and exchange among global brands. This is of special significance at a time when some countries are turning inward and resorting to protectionism amid economic headwinds.

The expo presents “an amazing opportunity” to “illustrate and tell the story of the amazing beauty of our brands,” said Stefania Lazzaroni, general manager of the Italian foundation of luxury brands Altagamma that led 75 high-end brands such as fashion house Gucci and luxury vehicle manufacturer Lamborghini to Hainan.

It is an excellent occasion for Altagamma and its members to strengthen ties with Chinese investors, and showcase their brand image and culture, she told Xinhua.

The expo booths teeming with exhibitors and eager buyers are not simply signs of accelerated economic recovery and growth, but also a testament to the magnet of China’s vast market boasting a population of over 1.4 billion and a middle-income group of more than 400 million. This stable demand from the world’s largest consumer base serves as a crucial pillar for the global economy.

Between January and February, China’s retail sales of consumer goods climbed 3.5 percent year on year, official data showed. Other key indicators also suggested a broad recovery of the economy, including value-added industrial output in the first two months expanding 2.4 percent year on year, and the manufacturing purchasing managers’ index jumping to 52.6 in January — the highest since 2012.

The robust rebound is poised to reinvigorate world economic growth. Both the World Bank and the International Monetary Fund have projected that China’s economy will grow over 5 percent in 2023. In addition, a recent Goldman Sachs report estimated that the full recovery of China’s domestic demand could raise global GDP by around 1 percent through the end of 2023.

In the view of World Bank Group President David Malpass, China’s economic rebound is an “additive” needed for a year like 2023 when global growth is expected to be weak, and that reflects the “explicit efforts to have a faster opening process for China and to have the supply chains begin to come back together as they feed into global supplies.”

China’s commitment to further opening up as well as to the sound development of globalization is the clear message the rest of the world gets from the expo, which lights up a beacon of hope for those who believe in the power of free trade, win-win cooperation and multilateralism, thereby injecting fresh momentum and confidence into the recovery and prosperity of the global economy.

Source(s): Xinhua

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G7 finance chiefs address global economic uncertainty as U.S. debt crisis looms

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NIIGATA, Japan, May 13 (Xinhua) — Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following U.S. bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the U.S. debt ceiling deadlock, which was made no mention of the statement.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

Source(s): Xinhua

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Over 10 bln USD of investment signed at central China RCEP expo

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CHANGSHA, May 8 (Xinhua) — A total of 113 projects with a combined investment of about 75 billion yuan (10.84 billion U.S. dollars) were signed during a Regional Comprehensive Economic Partnership (RCEP) economic and trade expo held in central China’s Hunan Province.

The event that kicked off on May 4 in the province’s Huaihua City has served as a new platform for exchanges and cooperation between RCEP member countries and China’s provincial-level regions along the New International Land-Sea Trade Corridor, which is a trade and logistics passage jointly built by provincial-level regions in western China and ASEAN members, according to the organizer.

The four-day expo attracted over 600 renowned enterprises and more than 1,000 purchasers from home and abroad, including 112 companies from 14 other RCEP member countries.

With diversified offline and online activities, the expo had more than 2,000 varieties of featured products from RCEP member countries on display in the city’s international convention center.

Huaihua is the province’s only node city along the corridor and a freight assembly center for ASEAN countries.

Source(s): Xinhua

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Maldives records USD millions increase in tax revenue

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Ministry of Finance has revealed that the state has recorded an increase of USD130 million in tax revenue collected so far in 2023.

Thee Weekly Fiscal Developments report shows that the tax revenue increased after the government hiked the Goods and Services Tax (GST) from 6% to 8% and the Tourism Goods and Services Tax (TGST) from 12% to 16% at the start of the year. The report shows that the state received USD629 million in revenue as of April 13. Around USD473 million was collected in tax revenue, which is a significant increase compared to the USD376 million collected in the same period last year. The report also shows that USD273 million was collected in GST and USD104 million was collected in TGST.

Additionally, the state collected USD156 million in non-tax revenue, which is an increase compared to the USD128 million collected in the same period last year. Meanwhile, the expenditure has reached USD824 million, which is also an increase compared to the USD681 million in expenditure recorded in the same period last year. Around USD564 million went to recurrent expenditures, USD253 million went to capital expenditure, and USD188 million went to infrastructure assets.

Source(s): psm news

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