At the fourth session of the Twelfth Guangzhou People's Congress, during group discussions, Ping Xinguang, Director of the Guangzhou Economic and Trade Commission, stated that an international settlement center will be built specifically for the Guangzhou Chinese Export Commodities Fair.

Mr. Ping noted that due to the lack of a settlement center, trade settlements took place outside Guangzhou, resulting in a serious loss of tax income for the city. He went on to say that 'Revenue occurs in Guangzhou only when the settlements take place here. Thus Guangzhou needs to build a series of exchange centers. In my opinion, some unimportant markets may be closed down to free the land for the construction of exchange centers.'

Mr. Ping also stated that a vigorous promotion of the logistic economy is one of the main means by which Guangzhou's economic transition can be achieved. Every year, when the Chinese Export Commodities Fair is held, the main impression is one of traffic jams, full hotels and high room rates.

Mr. Ping concluded by saying that one of the main reasons for Guangzhou not achieving its maximum economic efficiency is the fact that the majority of trade deals are not completed in Guangzhou; and, that settlements that take place outside Guangzhou or even outside China, lead to significant tax losses.

Editor: Yan