China's largest trade exhibition, the 101st session of the Canton fair, which for the first time features imported commodities, opened in south China's Guangdong Province on Sunday.The massive trade exhibition, known for the past 50 years as the Chinese Export Commodities Fair, has added the word import to its name and is now formally known as the Chinese Import and Export Commodities Fair.
The fair came about one month after Chinese Premier Wen Jiabao pledged in his government work report made in early March that China will continue adjusting its foreign trade structure and actively promote imports.
The import section this year features the products of 314 foreign companies from 36 countries and regions. They're offering a wide range of products from machinery, automobiles, IT products, household electric appliances, building materials, jewelry and food and agricultural products.
At least 6,000 Chinese corporate buyers have been invited to the fair, which runs from April 15 to April 30.
"By adding booths for foreign commodities, the Fair will transform itself from an exclusive occasion for exports to a platform for promoting both imports and exports," said Gao Hucheng, vice minister of Commerce, at the fair.
Gao said China encourages imports of advanced technology and energy-saving equipment and technology. It also encourages competent foreign enterprises to participate in the imports of major facilities and equipment in China, and welcomes competitive foreign firms and products to enter the Chinese market.
Lam Tin-fuk, executive director of the Hong Kong Trade Development Council, said he has led 40 Hong Kong firms to attend the fair, adding "Introduction of the import section shows that China's foreign trade has shifted from mere export to balanced development of both import and export.
"Having face to face conversation with potential Chinese buyers helps me understand what they want, which is very useful for our products to enter the Chinese market," said Paul Kidwell, general manager of the UK Bathroom Corporation Ltd.
At the fair, cars by Volkswagen, Audi, Ferrari and other trendy foreign cars took center stage in the 10,000-square-kilometer exhibition hall, drawing large crowds of visitors.
Along the exhibits of the world's largest corporations are displays of silverware and garments from Nepal and arts and crafts from Mali, India and Haiti.
Sebastian Kopulande, chairperson of the Zambia-China Business Association, says the fair "is an opportunity for Zambian manufacturers to expand their business", adding that 37 companies from his country are attending.
Chinese exporters still dominate the fair with 14,430 exhibitors participating, 429 more than in the last fair.
Last year, more than 190,000 buyers from around the world signed deals worth 34 billion U.S. dollars, said Xu Bing, deputy secretary general of the fair.
The fair, which is also known as the Canton Fair, is a biannual event that has been held in the spring and autumn since 1957.
By introducing imports to the fair, China aims to increase products sold to the country and lower its trade surplus, said Xu.
In 2006, China recorded sizzling economic growth of just under 11 per cent, largely powered by strong exports which rose by 27 percent to 969 billion U.S. dollars. The soaring exports expanded China's trade surplus to a record 178 billion dollars, up 74 percent from the previous record of 102 billion dollars set in 2005.
China has lowered export tax rebates since last September to help lower its trade surplus, which stood at 46.44 billion U.S. dollars in the first quarter of this year. The trade surplus in March dropped to 6.87 billion U.S. dollars, dipping below the 10 billion U.S. dollar mark for the first time since March 2006.
At a press conference ahead of Sunday's opening ceremony, Xu Bing said the centennial fair will make further efforts to boost intellectual property rights protection.
He said any exhibitor found to have infringed on any designs or brands will be banned from participating in the next four events. Those convicted for violating intellectual property rights will be banned from participating in the next six events.
The move was made in response to the United States' WTO complaints last week over copyright piracy in China.
Last autumn's session of the fair attracted 192,691 buyers from212 countries and regions, including 106,716 from around Asia, followed by Europe, America and Africa.
A buyer views the hose clamps made by a Taiwan enterprise in the international pavilion of the 101st session of China Import and Export Fair in Guangzhou, capital of south China's Guangdong Province, April 15, 2007. The biannual fair, commonly known as Canton Fair, kicked off on Sunday and for the first time offered booths for overseas commodities. About 300 enterprises from 37 countries and regions worldwide attended this year's fair. (Xinhua Photo)
Buyers and guests attend the openning ceremony of the international pavilion during the 101st session of China Import and Export Fair in Guangzhou, capital of south China's Guangdong Province, April 15, 2007. The biannual fair, commonly known as Canton Fair, kicked off on Sunday and for the first time offered booths for overseas commodities. About 300 enterprises from 37 countries and regions worldwide attended this year's fair. (Xinhua Photo)