GUANGZHOU, China, April 5, 2022 /PRNewswire/ -- Recently, news from its official website heralds the opening of 131st Canton Fair.
One can analyze the heatmap and see that Consumer Electronics and Information Products is perennially the most-visited area of the Fair. To mitigate the impact of COVID-19 on China's foreign trade and the world economy, the Canton Fair has paused the on-site business and innovated an online trading platform, starting from the 127th session, which has led to an upsurge of consumer electronics exports.
China is the world's leading manufacturer and exporter of electronics and information products, holding a foremost position in enterprise quantity, employment scale and business revenue. Yet, long has China been subdued to the assembly role, where foreign multinationals dominate the industrial and value chain and foreign trade. Worse still, consumer electronics always face fierce market competition due to rising homogeneity and industry concentration.
Since the reform and opening up in the late 1970s, Chinese brands have tapped into independent innovation to turn the situation around. According to a survey, the median R&D investment of Chinese consumer electronics and electrical companies was RMB102 million in 2021, indicating that half of them have invested over RMB100 million in R&D. China also has the most patent applications in the consumer electronics and electrical industry.
The Internet of Things (IoT) steals over the consumer market, making smart consumer electronics and IoT products the "new blood" of China's consumer electronics and electrical industry. You can find cross-industry creation of intelligent living scenarios in living rooms, balconies, kitchens, and bathrooms, meaning a richer experience and increased interactivity for global users. According to Maggie Pu, Deputy Director General of Foreign Affairs Office of Canton Fair, the number of intelligent and personalized consumer electronics at the Canton Fair is increasing year by year. China's consumer electronics brands now have to win the global competition through technological innovation instead of price efficiency, as has been the case during the past decades.
China is also a huge consumer market for consumer electronics and information products. China contributes more than 50% of the world's production of complete appliances such as phones, computers, and LCD TVs, and key components such as LCDs and integrated circuits. Chinese entities, backed by a huge home market, are enhancing their presence in the international market through technological innovation and more energy-efficient and eco-friendly products.
Visit https://www.cantonfair.org.cn/en-US/register/index#/foreign-email for more opportunities.
