One month after the second China International Import Expo (CIIE), the jeweled shoes designed by Jimmy Choo Yeang Keat OBE that attracted attention at the expo have entered the brand's first jewelry shoe concept store in the world on the Bund in Shanghai.
"At the CIIE, we made a lot of friends and received many invitations to open a brick-and-mortar store. But we decided to open the first store in Shanghai as this is where east meets west," said Reggie Hung, chief designer of the luxury brand Genavant.
The CIIE not only helps foreign exhibitors better understand the Chinese market but is also changing people's buying habits. After the second CIIE, over 8,000 kinds of imported commodities from more than 80 countries and regions are on display at the Hongqiao Import Commodities Exhibition and Trading Center.
"With more frequent customers, our sales volume and customer flow have doubled. Our next step is to promote the platform to other cities in the Yangtze River Delta region and speed up the entry of imported goods into residents' homes," said Zhu Yinghua, with Shanghai Hongqiao Central Business District Administrative Committee.
A total of $71.13 billion worth of tentative deals were reached for one-year purchases of goods and services at the second CIIE, up 23 percent year on year. As the second CIIE concluded in November, more overseas companies are now benefitting from China's large market.
At a production base in Jiangxi-Shanghai Economic and Technological Development Zone in east China's Jiangxi Province, two workshops and seven production lines are carrying out premix production of feed additives in an orderly way.
Methionine on the feed production line was from France's Adisseo Group, yeast from France's Lesaffre Group, and lysine from CJ Group of the Republic of Korea, said Zhou Wenqin, general manager of Jiangxi Zhengbang Biotechnology Co., Ltd., adding that the materials on the production line were the results of purchases at the CIIE.
Established 20 years ago, Zheng Bang Group is a leading enterprise in animal husbandry and plant protection. It is expected that the group will achieve a total output value of 88 billion yuan in 2019 and a target of 100 billion yuan in 2020.
"The CIIE enables enterprises to communicate with each other face to face, which is so much more convenient than phone calls or emails," said Huang Guoqiang, manager of the group's purchasing department, who participated in the CIIE as a domestic purchaser for two consecutive years.
The enterprise signed a 50-million-dollar purchase contract with Adisseo Group at the first CIIE, and expanded contracts with France's Lesaffre Group and ROK's CJ Group at the second CIIE, with the purchase of 70 million dollars of new programs.
"The CIIE has become an important platform for inland provinces such as Jiangxi to further open up and improve their economic development quality," said Liang Yonghong, deputy head of the foreign trade development bureau of the province's commerce department, adding that the introduction of high-end equipment, high-quality products and services will enhance the development level of their local economy.
The CIIE not only provides a platform for companies to seek the great potential of the Chinese market but also helps them better understand the needs of Chinese consumers.
"We have already signed up for the third CIIE," said Tetsuro Homma, CEO of China & Northeast Asia Company, Panasonic Corporation, adding that the company is pleased with the turnouts of the CIIE.
To further strengthen business in China, this April, Panasonic established the China & Northeast Asia Company in Beijing.
"It's clear that we would not be able to respond to the rapid changes in the Chinese market if we only rely on the operational judgment made in Japan. Local business is run locally. The decisions, from development to production and sales in the Chinese market, are all made in China," Homma said.
The huge business opportunities in the Chinese market have not only attracted companies such as Panasonic to increase its investment in China but has also allowed them to launch star products in the Chinese market.
Panasonic launched an OLED TV at the CIIE, which looked like a piece of transparent glass but could actually be turned into a TV. "This represents our confidence and optimism in the Chinese market," Homma said.