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The Canton Fair Opened to boost the Balance of China's Foreign Trade


The 123rd China Import and Export Commodities Fair (Canton Fair) was formally opened on April 15, 2018 in Pazhou Convention and Exhibition Center in Guangzhou, which released the signal for China to expand imports and seek a balanced development of foreign trade. This Canton Fair is divided into three sections. In the first and third sections the import exhibition area is set up, which extends the practice of the past years. "The import exhibition has a total of 617 enterprises from 34 countries and regions to participate in the exhibition, with 12 country and regional pavilions, among which the pavilions of Ukraine, Thailand and Nepal made their debuts." Xu Bing, a spokesman for the Canton Fair, said.

 

The setting up of the import exhibition area of the Canton Fair can be traced as early as to the 101st session. It aims to expand imports and further open up the Chinese market to the world. So far, nearly 10,000 enterprises from more than 100 countries and regions have participated in the exhibition. In order to improve the quality of the import exhibition, this Canton Fair promotes the import with the form of activities such as inviting foreign high quality enterprises and characteristic products to participate in the exhibition and tailor-made trade matching. "We launched the international daily chemical health industry cluster for the first time and the enterprises of the high-end organic daily chemical brands from the countries such as the United States, France and Germany participated in the exhibition”, Xu Bing said.

 

The Canton Fair, which has been in operation for 61 years, has established trade relations with 213 countries and regions in the world. According to incomplete statistics, 116 dignitaries from 82 countries and regions visited the Fair.

 

Xu Bing said, "the Canton Fair has provided great convenience for overseas enterprises to open up China's huge consumer market and sell the world and promoted a more balanced development of China's foreign trade." According to the introduction, this Canton Fair optimizes the structure of exhibiting enterprises and the product structure. The replacement rate of the exhibiting enterprises is up to 5%, more brand enterprises representing the China-made advanced level participate in the exhibition and the number of the brand enterprises in the export exhibition area reached 2,149. The products of independent intellectual property rights, independent brands, high-tech content and low carbon and environmental protection are constantly increasing and the new image of China-made and Chinese brand is more and more prominent.

 

Xu Bing analyses that the current world economy continues to recover moderately, China's economy continues to be stable and improved, the import and export continue to be back to stable and good and the import and export throughout last year and the first quarter of this year have achieved faster growth. But at the same time, the development of China’s foreign trade is still facing many uncertain factors this year. First, the world economy is still facing many complicated challenges. The trade protectionism and unilateralism are still warming up. Second, the international industry competition is more intense. The global industrial structure is undergoing a profound adjustment. The developed countries are vigorously promoting the return of the manufacturing industry, the manufacturing industry of the new economies is rising and the industries such as the labor intensive industry are accelerated to transfer outwardly. The order of international trade presents a new feature of fragmentation and customization, which challenges the traditional trade mode such as concluding transactions against samples.

 

According to the introduction, there are altogether 60,475 booths in this Canton Fair with more than 25,000 domestic and foreign exhibiting enterprises. Benefiting from the recovery of the world economy and the stable and better Chinese economy, buyers from more than 210 countries and regions are expected to attend the Fair and the number of participants will remain stable.