Page 64 - Plastics News - January 2024

IN THE NEWS

Chinaplas Returns to Shanghai after Six-year Hiatus
modules — also referred to as the
Three New Products of China's for-
eign trade — recorded a combined
export growth of 61.6%, driving
growth in overall exports 1.8%. Chi-
na supplies 50% of global wind power
generation equipment and 80% of so-
lar modules.
China attracts FDI; Chinaplas
courts visitors
Overseas companies continue to ex-
pand their business and investment
in China. From January to August
2023, China attracted a total of $116
billion in foreign direct investment
ore than 4,000 exhibitors are than 4,000 exhibitors from around the (FDI), with 33,154 newly established
Mexpected to attend, taking ad- world have confirmed their presence. foreign-invested enterprises, repre-
vantage of a rebounding domestic and Trade agreement elevates market senting 33% year-on-year growth.
regional economy, according to Chi- potential The plastics industry is benefiting
na-based market watchers. from investment in various end-use
The Regional Comprehensive Eco- industries that are sourcing innovative
China's economy is showing signs of nomic Partnership (RCEP) officially plastic materials and adopting cutting-
recovery while Asia overall is acting as came into effect in June 2023 with 15 edge machinery technology to seize
the locomotive of the global econo- Asia Pacific countries being signato- the opportunities brought by the new
my. As the economy continues to re- ries. China is the largest trading part- global economic and trade landscape,
bound, the exhibition industry, which ner for most RCEP members, which said Chinaplas organizers.
is regarded as an economic barome- include Japan, Korea, and Australia.
ter, is experiencing a strong recovery. A number of business associations and
Following its impressive performance In the first half of 2023, the total im- companies from various countries and
in Guangzhou in 2023, Chinaplas 2024 port and export volume between Chi- regions have expressed their anticipa-
will be held from April 23 to 26, oc- na and other RCEP members reached tion and support for Chinaplas 2024,
cupying all 15 exhibition halls of the $835 billion, contributing over 20% and have started forming delegations
National Exhibition and Convention to China's international trade growth. to join this annual mega-event, added
Center (NECC) in Hongqiao, Shang- In addition, as China’s Belt and Road the show organizers.
hai. The total exhibition area of more Initiative celebrates its 10th anniver- Seizing new opportunities in Chi-
than 380,000 square meters (more sary, there is a pressing demand for na
than four million square feet) is 11% infrastructure and manufacturing in-
larger than the previous Chinaplas it- dustry capacity. In addition to a rebound in foreign
eration in Shanghai in 2018. Taking the automobile manufactur- trade, domestic demand is also see-
Chinaplas organizer Adsale said 4000- ing industry as an example, Chinese ing a strong recovery. In recent years,
China's manufacturing industry has
plus exhibitors have already com- automakers are speeding up their been striving for high-quality develop-
mitted to a presence at the Shanghai overseas market expansion. In the ment and value-added smart manu-
show, spread across a floor area of first eight months of 2023, more than facturing. The Ministry of Industry
four million square feet. Image cour- 2.9 million vehicles were exported, and Information Technology has re-
tesy of Adsale. The exhibition is mak- a year-on-year increase of 61.9%. In leased robust growth plans for 10 key
ing a strong comeback in Shanghai af- the first half of 2023, electric vehicles industries, including chemicals, build-
ter a six-year absence: Already, more (EVs), lithium-ion batteries, and solar ing materials, automobiles, light indus-

64 PLASTICS NEWSASTICS NEWS January 2024
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