A man introduces goods at the CIIE-themed market in Shanghai on July 28, 2021. [Photo/IC]

China International Import Expo not only provides a great opportunity for foreign brands to enter the Chinese market, but also offers a concrete path to convert exhibits into commodities and exhibitors into investors, The Paper reported.

Apart from the 6-day annual exhibition, foreign companies enjoy extended services of the CIIE, such as yearlong trade platforms. Shanghai has built a total of 56 CIIE "6 + 365" trading service platforms since the first exhibition, said the report, citing Zhou Lan, deputy director of the Shanghai Municipal Commission of Commerce. Nearly 180,000 kinds of exhibits have been introduced, involving 1,390 exhibitors, and a total of 146.47 billion yuan ($22.66 billion) worth of goods have been imported, said Zhou.

CIIE-themed bazaar, which opened at East Nanjing Road in Shanghai in April, serves as a long-term platform for foreign brands to contact with Chinese buyers and consumers. The 550-square-meter venue covers more than 10 categories of goods such as clothing, luggage, food, beverage, beauty, personal care, and handicrafts from 19 countries, including Argentina, Belgium, Mexico, Sri Lanka and Turkey.

Since its opening, the average daily sales of the market have exceeded 150,000 yuan, and an average of over 10,000 consumers visit it daily. During peak hours such as holidays, sellers have to replenish stocks 3 or 4 times a day, said Xue Yingjie, general manager of Greenland Global Commodity Trading Center Group.

The soaring sales have also attracted some exhibitors to bring part of the industry chain to China. For example, the leather goods of the Argentina pavilion turned to be very popular, and exhibitors discussed putting the last processing procedure into China, after they discovered they could face capacity restraints in transportation and production during the peak sales season.

CIIE's spillover effect also was reflected in first-store economy, the report said. The French light luxury jewelry brand Djula attended its first exhibition at the 3rd CIIE. One month later, the brand opened its first Chinese flagship store in Shanghai. Tang Meiyi, general manager of the brand in China, said the CIIE offers an excellent opportunity for the Chinese market to recognize and accept new brands.

Besides, various preferential policies, such as tax relief and logistics convenience, have attracted more exhibitors to attend the exhibition. For instance, during last year's CIIE, 5 pieces of imported antiques and works of art, which had a total value of $340,000, enjoyed a tax exemption about 320,000 yuan after transaction.

Covering 1,080 square meters this year, the antiques and arts section will attract a total of 33 overseas institutions, bringing a grand exhibition of artworks, according to the report, citing Jiang Mingwei, general manager of Shanghai FTZ International Culture Investment and Development Co Ltd.

The 4th China International Import Expo is scheduled to be held in Shanghai from Nov 5-10 this year. Up to now, some 284 world's top 500 and industry leading companies have signed up to participate in the exhibition.