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Canton Fair showcases changes in China’s foreign trade

2019-October-17       Source: Newsgd.com

China has become the world’s biggest trading country since the founding of the People's Republic of China 70 years ago. During this time, its foreign trade volume has increased more than 4,000 times from 1.1 billion USD to 4.6 trillion USD.

[Photo: Chen Suilin/Canton Fair News]

China has become the world’s biggest trading country since the founding of the People's Republic of China 70 years ago. During this time, its foreign trade volume has increased more than 4,000 times from 1.1 billion USD to 4.6 trillion USD.

The Canton Fair, launched in 1957, was widely recognized as the first platform bridging the country with the international market. The trade fair started to attract more overseas buyers since the reform and opening-up in 1978, and its exhibited commodities evolved from agricultural products to industrial products. It was a phase where the “Made in China” brand was shaped.

After China entered the WTO in 2001, the fair enlarged its scale to two phases and then three phases per session and launched the International Pavilion for imports in 2007. The number of buyers doubled while its exporting volume increased from 15 billion USD to 37.9 billion USD. Since 2007, over 13,000 enterprises from over 100 countries and regions have exhibited their products at the fair.

Since 2012, when China started to pursue high-quality development, the fair has become more multi-functional in business partnering, product design and brand promotion. The trade fair also has developed services in IPR protection, green and smart development.

So far, the fair has gone on for 63 years and has become a major platform where enterprises meet with their overseas clients. It has formed trade relations with over 210 countries and regions worldwide and has garnered 8.8 million overseas buyers and attendants. The trade fair has effectively boosted the Belt and Road cooperation as 45 percent of its buyers and 30 percent of its deals came from these countries and regions.

Author: Jasmine Yin

Editors: Wing, Monica, Chris

Editor: Monica Liu

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