EY: Expo shows China's confidence to embrace open market with expanded scope, depth

China is showing the confidence to embrace an open market with expanded scope and depth by hosting the China International Import Expo, according to a report released by Ernst & Young in Shanghai on Wednesday.

For domestic and foreign enterprises, the national strategy of further opening up has created an unprecedented political, economic and business environment favorable for China consumption and global supply, the report said.

In 2017, China’s commodity imports increased by 15.9 percent year-on-year, the largest increase in six years. The report noted that China is soon to overtake the US as the world’s largest retail market, against the backdrop of rapid and significant growth in household income and asset values, as well as support from positive measures implemented by the government to promote consumption-led growth. 

Ernst & Young said that industries including vehicles, financial services, technology, media and telecommunications, life sciences and consumer products were the major fast-evolving sectors as China deepens its reforms and opens up further.

The market has massive potential for a wide range of importers as Chinese families are increasingly looking for higher quality and more customized products, it said.

“Food and agriculture companies have a strong willing to participate in the China International Import Expo, as Chinese consumers have an increasing demand for high-quality products," EY's Jerry Bao told Shanghai Daily.

"Industry players, regardless of where they are from, need to learn from their peers’ success in product, service, market and sales innovation. The shared goal is to develop and win in China’s consumption market which ultimately is big enough for all to thrive," Bao added.