The China International Consumer Products Expo, to be held from May 7 to 10 in China's island province of Hainan, will become a new window for the country's high-level opening-up drive, the Ministry of Commerce said Wednesday.

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The free trade port (FTP) in South China's Hainan Province, will revise its tax policies, including simplifying and combining different taxes and offering tax refunds for goods from the Chinese mainland, according to a draft of the Hainan Free Trade Port Law being reviewed by the NPC Standing Committee for the third time on Monday.

Hainan, the tropical resort destination known as China's Hawaii, is on track to become the biggest duty-free market in the world in the next two years, a report released on Friday showed, illustrating how China's policy of building a world-class shopping haven has converted overseas shopping to domestic consumption, strengthening the plan of building Hainan into a free trade port on par with Dubai and Singapore.

Despite downward spiraling bilateral relations between China and Australia that have caused many uncertainties for Australian exporters, they hold hopes that the growing rift will be eased as their commitment to the world's second largest economy remains.

As China is pushing a "dual circulation" development paradigm to deepen its domestic market, French wine and spirits group Pernod Ricard China showcased at the first China International Consumer Products Expo (CICPE) its goal of seizing new opportunities arising from the policy to meet the growing diversified needs of Chinese consumers and fulfill its long-term commitment to the China market.

On May 10, the Yacht Show of the four-day China International Consumer Products Expo concluded at the Haikou National Sailing Base Public Pier. As one of the highlights of the Expo, the Yacht Show attracted nearly 30,000 visitors, with transactions and intended investments amounting to over 500 million yuan.

As China pivots toward domestic consumption-driven growth, the country's Ministry of Commerce and the Hainan provincial government are co-hosting the first China International Consumer Products Expo in Haikou, capital of south China's Hainan Province.

Over 850 Chinese and over 640 foreign companies have confirmed their participation in the exhibition