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Belt and Road Initiative boosts Canton Fair

2017-October-21       Source: Xinhuanet.com

The China-proposed Belt and Road Initiative has brought more business opportunities to the China Import and Export Fair, commonly known as the Canton Fair.

The China-proposed Belt and Road Initiative has brought more business opportunities to the China Import and Export Fair, commonly known as the Canton Fair.

Trade associations reported rises in the number of buyers from countries along the Belt and Road, contributing to transaction growth at the world's largest comprehensive trade fair.

Boosted by market recovery and the Belt and Road Initiative, nearly 80 percent of exhibitors reported increases in buyers, according to the China Chamber of Commerce of Metals, Minerals & Chemicals Imports & Exports.

Held in Guangzhou, the capital of Guangdong Province, every spring and autumn, Canton Fair is seen as a barometer of China's foreign trade.

Al-hamimi Hasan of Yemen said he saw more buyers at the autumn session than at the spring one this year.

Hasan, who has attended the fair for 14 years, said the product upgrading at the trade fair, particularly with lamps, led to a strong market in the Middle East.

An increase in traders from countries along the Belt and Road mirrored the recovery of China's foreign trade.

The General Administration of Customs said the country's foreign trade volume rose 16.6 percent to 20.29 trillion yuan (3.08 trillion U.S. dollars) in the first three quarters of the year.

Exports increased 12.4 percent to 11.16 trillion yuan, while imports surged 22.3 percent to 9.13 trillion yuan.

The number of buyers from the United Arab Emirates, China's second-largest trading partner in the Middle East, increased 5 percent.

Mohamed Alzaabi, a director with the UAE Ministry of Economy, said the UAE had sent groups to the fair since 2007, and that all members hoped for business cooperation with China.

He said that more than 4,000 Chinese enterprises had operations in the UAE, with bilateral trade reaching 46 billion U.S. dollars in 2016.

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Editor: Nan

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