Dual circulation strategy fuels China's high-quality development

Editor's note: Belunn Se, a special commentator on current affairs for CGTN, is a senior industry observer based in Shenzhen, China. The article reflects the author's opinions and not necessarily the views of CGTN.

The fifth China International Consumer Products Expo (CICPE) takes place in Haikou, Hainan Province, from April 13 to 18. As the largest premium consumer goods expo in the Asia-Pacific region, CICPE has served as a bridge connecting top domestic and international brands for five consecutive years and promoting deeper integration between China's consumer market and high-end global supply. Amid an increasingly complex and uncertain international trade environment, the expo is a showcase of global consumer trends and a window into China's "dual circulation" development strategy.

CICPE: A key platform for domestic-international circulation

This year's CICPE brings together over 4,100 brands from 71 countries and regions, including 65 Fortune Global 500 companies and leading industry players. Maintaining its focus on premium goods, the expo will feature a brand-new "Consumption Tech Zone," spotlighting cutting-edge innovations such as new energy vehicles, artificial intelligence-powered devices and humanoid robots.

Beyond being a product exhibition and trade venue, CICPE drives shifts in consumer behavior and models. At the same time, as a bellwether for global consumer trends, it facilitates technological exchanges and industrial upgrades, creating new opportunities for both inbound and outbound business expansion.

Over the past five years, CICPE has evolved into the Asia-Pacific region's largest premium consumer goods expo – a global hub for quality products and a barometer for consumption trends. It serves not only as a platform for showcasing and trading goods but also as a powerful vehicle for advancing industrial upgrading and high-quality development.

By supporting domestic sales of foreign-trade goods and promoting the global reach of popular Chinese brands, the expo has helped boost domestic demand while opening new pathways for Chinese companies to "go global."

China embracing openness amid de-globalization and rising protectionism

While preparations for the expo are underway, global trade dynamics have taken another dramatic turn.

The White House's recent proposal for reciprocal tariffs delivers a heavy blow to the global multilateral trade system. By favoring unilateral actions and disregarding core World Trade Organization (WTO) principles – such as most-favored-nation treatment and dispute resolution procedures – it undermines international confidence in global trade.

Such a policy risks sparking retaliatory tariffs, disrupting the global trade order, increasing institutional costs and exacerbating fragmentation within the multilateral system.

Against this backdrop of global uncertainty, China is taking a markedly different approach – one that emphasizes multilateral cooperation and institutional openness. On one hand, China continues to uphold the central role of the WTO and advance negotiations on new issues like investment facilitation. On the other hand, it deepens regional collaboration through frameworks such as the Regional Comprehensive Economic Partnership (RCEP), expands its free trade network, lowers tariff barriers and promotes the growth of green and digital trade.

Supported by the Belt and Road Initiative, China is also enhancing the resilience of its industrial chains and driving the export of technical standards. By doing so, China injects stability and predictability into global governance, fulfilling its role as a responsible major power.

Integrating domestic and foreign trade to unleash consumption potential

Looking back over more than four decades of reform and opening-up, China has achieved remarkable improvements in living standards, laying a solid foundation for the continued expansion of domestic demand.

Within this context, integrating domestic and foreign trade has emerged as a new engine for high-quality growth. The 2024 government work report explicitly supports the integration of internal and external markets. Following that, the General Office of the Communist Party of China Central Committee and the General Office of the State Council released a plan on special initiatives to boost consumption, which includes concrete measures such as converting export-quality goods for domestic sales and promoting "trade-in programs" for consumer products.

By building platforms that connect domestic and international trade, supporting foreign trade enterprises in tapping into the domestic market and encouraging domestic companies to explore overseas opportunities, China is fast-tracking the formation of a new development paradigm where the domestic economy serves as the mainstay while both domestic and international markets reinforce one another. This approach not only strengthens enterprises' ability to withstand external shocks but also improves the efficiency of resource allocation, providing strong support for long-term economic stability and growth.

At a time when globalization faces headwinds and protectionist tendencies are on the rise, China remains committed to high-level openness and dual circulation. As a vital link between China and the world, the CICPE is both a witness to and a driver of this historic transformation.

Looking ahead, China will continue to pursue reform through openness and drive progress through innovation, working with countries around the world to build a mutually beneficial, inclusive and resilient global economy.

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