Seize the new opportunity of consumption upgrading, and China’s consumer market will continue to upgrade and expand.

　　At the 4th China International Import Expo (China International Import Expo(CIIE) for short), the China market, with a population of over 1.4 billion and a middle-income group of over 400 million, attracted the attention of many trading partners and multinational enterprises. The reporter of Economic Information Daily learned in China International Import Expo(CIIE) that China will make efforts in many aspects to promote consumption upgrading, build a strong domestic market, open up the domestic and international markets at a high level, and share the development opportunities of China with the world.

　　Data show that the total retail sales of social consumer goods in China increased from 20.6 trillion yuan in 2012 to 39.2 trillion yuan in 2020, nearly doubling in eight years. China has become the second largest consumer market in the world, with continuous optimization of consumption structure, rapid growth of sales of upgraded goods, continuous expansion of green, healthy and sustainable consumption and rapid development of service consumption. In the first nine months of this year, China’s Engel coefficient was 29.8%, down 0.7 percentage points compared with the same period last year; Service consumption accounted for 52.3% of residents’ consumption expenditure, up by 2.4 percentage points.

　　At the 4th Hongqiao International Economic Forum "Sub-forum on New Consumption Trends under the New Development Pattern of Double Circulation", Wang Shouwen, Vice Minister of Commerce and Deputy Representative of International Trade Negotiations, said that China has a large market with a population of 1.4 billion and the largest middle-income group in the world. The consumption structure of residents is in the stage of continuous upgrading, with obvious multi-level and diversified demand characteristics, and the consumption market has great potential, strong resilience and sufficient vitality, and has broad development space.

　　Wang Shouwen emphasized that China will unswervingly deepen reform and open wider to the outside world, more efficiently connect the internal and external markets and share essential resources, and promote the steady recovery and sustainable development of consumption, which will not only meet the growing needs of China people for a better life, but also inject more positive energy into the international community. "At present, China is speeding up the construction of a new development pattern with the domestic big cycle as the main body and the domestic and international double cycles promoting each other. Consumption is an important engine of economic development, an important support for promoting high-quality development and achieving high-quality life, and plays an important role in building a new development pattern. " He said.

　　At the opening ceremony of the fourth China International Import Expo(CIIE), China announced that it would pay more attention to expanding imports and promoting balanced trade development; Add import trade to promote innovation demonstration zones, optimize the list of cross-border e-commerce retail imported goods, promote the landing processing of imported goods in border trade, and increase imports from neighboring countries; Promote the integration of domestic and foreign trade, accelerate the construction of an international consumption center city, develop "Silk Road E-commerce", build a modern logistics system, and enhance cross-border logistics capabilities.

　　The continuous release of market potential and the favorable opening-up have further ignited the enthusiasm of foreign-funded enterprises for China’s consumer market. In the food and agricultural products exhibition area, the reporter saw durian in Malaysia, fragrant rice in Thailand, coffee in Colombia, wine in Argentina and beef in Uruguay … … Multinational enterprises bring special products and compete to open the China market with the help of China International Import Expo(CIIE) platform.

　　Some countries organized delegations to participate in the exhibition, and the exhibition organizations in Japan, Denmark, Poland, New Zealand and other countries expanded the exhibition area and organized more small and medium-sized enterprises representing their own characteristics to participate in the exhibition. Among them, only the exhibition area in Central and Eastern Europe exceeds 1,500 square meters, and the number of enterprises exceeds 60.

　　Not only special agricultural products and food exhibits have attracted much attention, but also upgraded electronic products, jewelry and beauty cosmetics have become the highlights in China International Import Expo(CIIE). The reporter saw that in front of the Samsung booth, the latest tablets, smart watches and wireless Bluetooth headsets were all unveiled; Shiseido showcased the company’s cutting-edge technology and its major brands, and explored investment opportunities in China’s beauty and health fields; Deluca Jewelry has brought many sets of new jewelry, and regards China International Import Expo(CIIE) as an ideal platform to show brands and products to the China market … …

　　The demand for market upgrading in China has also become the driving force for enterprise innovation. According to Xie Weibo, member of Danone’s global executive committee and president of China and Oceania, consumption in China is escalating, and consumers have great demand for health and natural products. "In order to keep up with the pace of China, Danone has established an open laboratory for life nutrition in China, paying more attention to promoting the development of local science and technology and innovating for the China market." Xie Weibo said.

　　Huang Degui, president of Samsung in China, said that Samsung is very optimistic about the market prospects in China. It is understood that as a company that has participated in China International Import Expo(CIIE) for four consecutive years, Samsung, driven by innovation, continues to show the industry the cutting-edge technologies that will lead the future development, and enrich the expectations of China consumers for a better life through innovative products.

　　Kentaro Fujiwara, CEO of Shiseido China, stressed that Shiseido, as an international beauty group based on the 40th anniversary of China, continues to be optimistic about the development prospects of the China market. "We will take a two-pronged approach to seize development opportunities by adding a series of strategic measures of local R&D and introducing global innovation." He said.

　　Wei Wang, director of the Institute of Market Economy of the State Council Development Research Center, said that in the process of accelerating the construction of a new development pattern, consumption has become the core driving force, key link and important hub of the dual-cycle development, providing huge market opportunities for global multinational companies. At the same time, there are a large number of new consumption demands in China market, which provides rich application scenarios for scientific and technological innovation of global enterprises, and is conducive to promoting the innovation and development of domestic and foreign enterprises and upgrading the industrial structure.