China International Import Expo 2023 Closes with Record Deals Worth $78.41 Billion
This article provides a comprehensive overview of the 6th China International Import Expo, highlighting its success, the enthusiastic participation of luxury brands, and the supportive stance of the Chinese government towards international trade
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Record-Breaking Deals at CIIE:
The 6th China International Import Expo (CIIE), a pivotal event in the global trade calendar, concluded today, marking a spectacular close to six days of dynamic exhibits, insightful panel discussions, and high-level meetings. This year’s expo, a beacon of international trade and cooperation, witnessed a staggering $78.41 billion in tentative deals, a robust 6.7% increase from the previous year. This upsurge underscores the unwavering interest of Chinese consumers and businesses in foreign goods, services, and technology, even amidst challenging economic conditions.
Chinese Distributors are Hungry for oversea brands
Unprecedented Engagement: Chen Xiao, CEO of Shanghai Yacheng Culture, a leading business firm, shared his observations with the South China Morning Post:
“The foot traffic and buying interest at this year’s CIIE were unparalleled. China’s progressive reopening has unleashed a strong demand for international products, resonating with both corporate entities and individual consumers.” source
Luxury Brands and Distributors in China
The expo, inaugurated by President Xi Jinping in 2018 amid the US-China trade tensions, has since evolved into a platform celebrating China’s role as a major global consumer. The 2023 edition, the largest to date, showcased over 3,400 exhibitors and drew nearly 400,000 accredited visitors. Luxury brands seized this opportunity to enrich their brand narratives, with a focus on cultural exchange. Cartier, for instance, showcased its deep affinity for Chinese culture through the screening of its brand film ‘L’Odyssée de Cartier,’ while Bulgari captivated audiences with its ‘East Meets West’ interactive art installations. source
Chinese Leadership’s Support and Future Prospects: This year’s CIIE was further distinguished by the presence of a high-ranking Chinese political leader, a first since 2019. Premier Li Qiang, in his address to over 1,000 government officials and business leaders, committed to easing policies and expanding opportunities for foreign enterprises. Emphasizing China’s vast market potential, Li highlighted the significant purchasing power of the country’s 400 million middle-income consumers, presenting a lucrative prospect for international businesses.