Moves seen helping boost consumption

China's recent introduction of a potent stimulus policy package, including dedicated efforts to shore up consumer spending, will provide massive opportunities for global businesses keen to tap into its super-sized market and facilitate the transition toward a consumption-led growth model, global executives said on Tuesday.

In particular, the China International Import Expo, running from Tuesday to Sunday in Shanghai, will play a key role in scaling up imports of quality goods and services and boosting the country's consumption upgrading, they said during the ongoing trade event.

Noting the great confidence in China's consumption landscape, Jean-Paul Agon, L'Oreal Group chairman, said that the optimism is rooted in China's vision for modernization, especially driven by recent government initiatives.

Both national and local authorities have rolled out policy measures to bolster consumer confidence and unlock the full potential of domestic demand, he said.

Governmental stimulus is key to elevating consumer sentiment, and this significant support will be instrumental in upgrading consumption and driving high-quality development, he added.

China has solidified its position as the world's second-largest consumer market for several consecutive years, and the trend continues to hold strong this year, said Li Gang, director-general of the department of market operation and consumption promotion of the Ministry of Commerce.

Consumption has remained the primary driving force for China's economic development as the growth in consumption contributed 49.9 percent to GDP growth in the first three quarters, said the Bureau of National Statistics.

"The future of consumption in China is full of potential. That is why we at L'Oreal firmly believe that the next China is China, and that investing in China is investing in our future," Agon said.

Notably, the CIIE has emerged as a critical channel for expanding imports of high-quality goods and services to cater to the growing demand of the Chinese people and create more development opportunities for enterprises from all over the world.

This year's expo has set new benchmarks, drawing the participation of 3,496 exhibitors from 152 countries and regions — the highest number represented in the event's history.

As China's consumption-driven economic transformation continues to gain momentum, the CIIE has emerged as an indispensable gateway for international enterprises to showcase their latest innovations.

Healthcare company Abbott has utilized the expo as a significant platform to showcase hundreds of its latest products over the years, with many of them successfully transitioning from exhibition items to commercially available goods.

This year, the company is again leveraging the CIIE stage to debut dozens of new-to-market products, said Fanny Chen, vice-president of Abbott Core Diagnostics, adding that this will allow the company to better understand the evolving needs of Chinese consumers and tailor its products accordingly.

Between January and September, the total number of new consumer products launched nationwide came in at 15.18 million, representing a 13.1 percent year-on-year growth, according to data from the State Administration for Market Regulation.

The sheer size and growth potential of the Chinese market make it a highly attractive and strategic destination for any businesses looking to expand their global footprint, Chen said.

Moreover, the expo will significantly enrich China's supply-side and bring new development frontiers for the country's enterprises, said Wang Wei, senior research fellow at the Institute of Market Economy, which is part of the Development Research Center of the State Council.

The trade event brings together a vast array of premium global brands and service providers that will introduce a wide range of cutting-edge products, technologies and services from around the world, Wang said.