BEIJING, April 16. /TASS/. Representatives of numerous companies - participants of the 5th China International Consumer Products Expo (also known as Hainan Expo or CICPE), which is being held on Hainan Island, gave an optimistic assessment of the prospects for the development of global trade, even despite the prohibitive tariffs imposed by US President Donald Trump, the Global Times reported.
The large-scale expo, which kicked off in Haikou (capital of Hainan) on April 13 and will run until April 18, features more than 1.7 thousand enterprises from more than 70 countries and regions. As stated, foreign investors interviewed by journalists confirmed that they will continue to expand business ties with China and take advantage of the strategic advantages and economic preferences of China's southernmost province.
"The unique policy of Hainan Free Trade Port opens up a wide range of opportunities. We have also noticed that different British companies are taking advantage of them, each in their own way," said Jessica Shuck, a representative of the British Embassy in China and head of the British Pavilion at CICPE.
According to the diplomat, more and more commercial organizations from her country are opening representative offices in Hainan or cooperating with Chinese partners in research and development. She expressed confidence that this positive trend will continue, recalling that China is the world's second largest consumer market and the UK's fifth largest trading partner.
"[The Hainan Expo] provides an excellent platform for our two countries to deepen economic ties and explore new opportunities for cooperation," Shuck added.
Government and business meet each other's needs
Ramel Francois Felix, CEO of Les Vignerons du Castelas in France, a first-time attendee at the CICPE, said about 50% of his company's sales volume comes from the Chinese market. "I started my wine business in China in 2012, <...> I am optimistic about Sino-European trade relations and believe that China's market has great potential," he said.
According to Feng Fei, Secretary of the Hainan Party Committee, Hainan has attracted financial resources from 158 countries and regions, and the number of new foreign-invested enterprises in the region is increasing at an average annual rate of 57%. He pointed out that the actual amount of foreign investment in the province's economy has increased by 36% annually.
For his part, Huang Cui, head of the Hainan Provincial Bureau of International Economic Development , recalled that local authorities have made continuous efforts to optimize the business environment of the free trade port and promote its industrial diversification by attracting global investment. He noted that projects focused on modernization and innovation will help the province become "a model of comprehensive reform and opening-up".
According to H.E Zayed Bin Rashid Bin Aweidha Al Qubaisi, CEO of the Emirates-based Abu Dhabi Investment Group, the economic and financial challenges in today's world create a "historic opportunity" for cooperation between China and the UAE. He described Hainan as "one of the key places to expand bilateral trade relations", with great potential for development in agriculture, healthcare and aerospace.
On April 2, Trump announced additional tariffs on goods from 185 countries and territories. The rate for China was set at 125%. Since April 12, Beijing has applied symmetrical measures to American products. Taking into account the 20% previously approved by the White House for the allegedly insufficient efforts of the governments of Canada, China and Mexico in the fight against fentanyl smuggling, the final tariff of the United States on imports from China reaches 145%.