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Italian Companies Express Confidence in China’s Market Growth at Third China International Consumer Products Expo

BusinessItalian Companies Express Confidence in China's Market Growth at Third China International Consumer Products Expo

During the ongoing Third China International Consumer Products Expo in Haikou, capital of Hainan province, top executives of Italian companies expressed their confidence in China’s market growth and innovation potential, stating that they will continue to increase investments in the country. As the guest country of honor this year, Italy has 147 of its brands participating in the expo, more than double last year’s figure, which reflects Italy’s strategic interest in China’s market.

Maserati, the Italian luxury carmaker, highlighted the pioneering role of Hainan in promoting consumption across China and the world, and announced that all its models will come in a full-electric version by 2025, with the entire range running on electricity alone by 2030. The company’s announcement is a response to Hainan’s move in August 2020 to become the first province in China to set a phase-out date for pure internal combustion engine vehicles, in line with China’s broader push towards electrification.

Another Italian company, Rhea Vendors Group, a high-end coffee machine maker, entered China in early 2020 and has seen strong business opportunities at the expo. The company’s sales have surged more than 200 percent in the first quarter of 2021 compared to the whole of last year, and it plans to expand further into more cities, cooperate with more Chinese partners, and launch more tailor-made products.

According to the Ministry of Commerce, China’s consumer market remains strong and resilient, with great potential and abundant vitality, and its long-term fundamentals remain unchanged. The implementation and effectiveness of various policies and measures to expand domestic demand and consumption will continue to drive the growth and recovery of the consumer market this year. The Third China International Consumer Products Expo has truly become a celebration of global consumption, demonstrating China’s willingness to share its market opportunities with the world and contribute to global economic recovery.

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