Canton Fair Observation: Why does China’s foreign trade “benefit” and “enrich neighbors”?

China News Service, Guangzhou, October 18th. Title: Canton Fair Observation: Why does China's foreign trade "benefit" and "enrich neighbors"?

China News Service reporter Cheng Jingwei

The latest news disclosed by the 140th Canton Fair shows that at present, the Canton Fair's global partner network has covered 112 countries or regions, and a total of 238 overseas industrial and commercial institutions, industry associations and leading purchasing companies have signed contracts. The "circle of friends" continues to expand and improve its quality.

Over the past 70 years, the number of buyers attending the Canton Fair has increased from the initial 1,200 to more than 300,000 this year, covering more than 220 countries and regions. Behind this is China's strategic choice to promote development through opening up, and also the practical need for countries to complement each other's economic advantages and empower each other.

From agricultural and sideline products in the 1960s and 1970s, to light industrial mechanical and electrical products in the 1980s and 1990s, and now to embodied intelligence, smart medical care, new energy vehicles, and new energy storage, the changes in the exhibits at the Canton Fair reflect the energy level of China's manufacturing industry.

In recent years, new technologies, new products, and new business formats in China's artificial intelligence, green energy, biomedicine and other fields have continued to emerge and made their debuts at the Canton Fair. "The world's latest customer needs, consumer preferences, industry trends, product standards, and application scenarios are all gathered here." said Zhu Yong, director of the China Foreign Trade Center.

At this year's Canton Fair, exhibition areas related to robots, new energy vehicles and other related exhibitions were extremely popular. Exoskeleton robots developed and manufactured by Chinese companies have enabled disabled buyers from Malaysia, the United Kingdom and other places to stand up from wheelchairs, walk, and even climb stairs step by step. Many people exclaimed: "This is the power of technology!"

The purchasing lists of overseas buyers are also quietly changing. Kenny, a buyer from Spain, has found three products: AI smart coffee machine, AI air fryer and AI hair dryer. "China's continuous introduction of intelligent and innovative products can always bring surprises." Kenny believes that these home appliances can enrich the choices of Spanish consumers.

The Canton Fair has always responded to the international community's expectations for joint development. Zhou Mi, a researcher at the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, said in an interview with a reporter from China News Service that China and its trading partners have established trusting relationships through the Canton Fair. On this basis, the two sides have continued to expand trade scale and enhance trade liquidity; especially in the context of frequent trade protectionism and the restructuring of the global supply chain, such connections have created important conditions for all parties to respond to external shocks.

More and more Chinese companies no longer just send goods to overseas markets, but also bring R&D, brands, channels and services with them to achieve localization and in-depth development. Of the more than 30,000 exhibiting companies at this year's Canton Fair, nearly 20% have made overseas investments, creating more than 200,000 local jobs.

The Canton Fair is an important platform connecting China and the world and a "window" for the world to observe China. People have seen that China is both a "super seller" and a "super buyer", bringing a "neighborly benefit" and "rich neighbor effect" to all parties.

The Canton Fair has already shifted from focusing on exports to focusing on both import and export. This year's Canton Fair will launch an import exhibition area in the second and third phases to build a "fast track" for overseas companies to enter the Chinese market.

China's import scale has ranked second in the world for 17 consecutive years, reaching 18.5 trillion yuan last year, and increased by 22.3% year-on-year in the first three quarters of this year. Zhou Mi believes that China continues to expand market access and reduce tariffs. The growth of imports is not only reflected in the increase in volume, but also accompanied by category expansion and structural optimization, creating good conditions for countries around the world to share China's development opportunities.