100th Canton Trade Fair Opened in Guangzhou
Resource from: CRIENGLISH.com Likes:2944
Oct 19,2006
100th Canton Trade Fair Opened in Guangzhou
The China Export Commodities Fair, once the only major window for Chinese products to the outside world, holds its 100th session today in Guangzhou, capital of south China's Guangdong Province.
The 100th session is the largest in the fair's half-century history, with senior Chinese leaders expected to be present at the grand ceremony marking the important event, according to an earlier report.
Business people queued an hour before doors opened at 9:00 a.m. A traditional lion dance kicked off the fair.
The 15-day fair will have 31,408 standard booths covering 282,000 square meters of floor space, with more than 14,000 businesses participating, hitting a record high.
The exhibition hall on Liuhua Road will feature 452 booths offering medicines and 6,518 booths selling textiles. At the
Bazhou Exhibition hall, industrial commodities, including household appliances, electronic products and cars will be displayed at 8,229 booths.
And for the first time, a special exhibition space will be provided for Chinese brand export products, highlighting the country's increasing awareness of the importance of brand products in competing in international markets.
In April, the 99th China Export Commodities Fair closed with deals hitting a record high 32.2 billion U.S. dollars, up 9.5 percent over the previous session.
The 12-day fair attracted more than 190,000 businessmen from 211 countries and regions.
China held its first Export Commodities Fair in 1957, when Chinese foreign trade amounted to only a little over 1.1 billion US dollars. Since then, China's trade volume has increased over 1,000 times to 1.4 trillion US dollars, making China the third largest trading economy in the world. In the past 50 years, nearly 550 billion US dollars worth of contracts have been signed during the China Export Commodities Fair.
Fifty-year-old Canton Fair Changes Name for Import-Export Balance(Xinhua)
The 50-year-old Chinese Export Commodities Fair, which used to be the only international showcasefor Chinese products, changed its name to the Chinese Import and Export Commodities Fair on Sunday evening.
Adding the word "import" to its name reflects an adjustment in China's economic development mode, which has featured the expansion of exports for more than two decades, according to experts.
"The fair will also become a major platform for imports into China to achieve an equilibrium with exports," said Zhang Yansheng,director of the Institute for International Economic Research of the National Development and Reform Commission.
The export-oriented economic policy since the 1980s has resulted in huge trade surpluses and foreign exchange reserve.
In the first nine months China has registered a trade surplus of 109.85 billion U.S. dollars, exceeding the entire trade surplusin 2005.
By the end of September foreign currency reserves stood at 987.93 billion U.S. dollars. China has surpassed Japan and become the No.1 foreign currency holder.
"It is a timely move (changing the fair's name) to reflect the policy adjustment," said Mei Xinyu, researcher with the Chinese Academy of International Trade and Economic Cooperation.
The fair, also known as Canton Fair, was initiated in 1957 whennew China needed foreign currency to buy industrial equipment and materials from foreign countries.
A biannual event held in spring and autumn in Guangzhou, more than 3.8 million business people have participated in all the fairs and they have booked a total export turnover of 538.8 billion U.S. dollars.
(CRIENGLISH.com)
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