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The aerial photo taken on October 19, 2018 shows the National Exhibition and Convention Center (Shanghai), the main venue of China's first international exhibition (CIIE), in Shanghai, in eastern China. (Xinhua / Fan Jun)
by Xinhua writers Fang Ning, Zhou Rui and Wang Pan
GUANGZHOU / SHANGHAI, Nov. 4 (Xinhua) – The Canton Fair, China's oldest and largest trade fair, closed on Sunday its 124th biennial session with a transaction value of $ 29.86 billion, heralding the first import of the country, scheduled Monday. .
Major international names such as Caterpillar are in the process of making adjustments since the Guangzhou Canton Fair which has just completed until the China International Import Expo (CIIE) in Shanghai.
"Instead of buying [from China]now we sell [to China], said Steven Yu, president of Orient Fan Company, a licensed Caterpillar heavy machinery giant dealer.
Yu first arrived at the Canton Fair at the age of 8 with his father, a buyer seeking to source products from Chinese suppliers.
His company is now looking for a distributor to sell Caterpillar fans and heaters in the Chinese market, where he sees an increase in demand as the power of Chinese consumers continues to grow.
FROM AN OPEN WINDOW TO AN OPEN DOOR
Caterpillar occupies an area of 250 square meters in the area of the exhibition of intelligent and high-end manufacturers of the CIIE, exposing a wide range of products ranging from its new solar turbines and gas generators to its intelligent service equipment.
More than 3,000 companies from more than 130 countries and regions are expected to participate in the CIIE, bringing more than 5,000 new products to China, said Deputy Minister of Commerce Fu Ziying.
European supermarket giant Carrefour plans to buy Swiss and New Zealand milk products from CIIE to supply its sales outlets in China.
"The show brings together good suppliers from around the world, saving us the time and energy to place orders here rather than traveling around the world," said Dai Wei, Vice President of Carrefour China. .
China has been the second largest importer of goods for nine consecutive years, accounting for 10.2% of world imports last year. Chinese authorities expect the country to import goods worth US $ 24 trillion over the next 15 years.
As the consumer sector modernizes and modifies China's economic and trade structure, the ITCE is expected to give a new impetus to the transition from China, which has become the global factory of the world's largest consumer, and make the market Chinese more accessible than ever.
During his meeting with the chairman of the British group 48, Stephen Perry, last month in Beijing, President Xi Jinping said that China's considerable progress in economic and social development over the past 40 years has strengthened his determination to reform and open.
"In today's global circumstances, China is even more determined to support trade liberalization and economic globalization," Xi said.
The Canton Fair, held every spring and autumn since 1957, was a bi-annual event to promote exports and was considered a barometer of China's foreign trade.
Although the transaction value of US $ 29.86 billion in this session is 1% lower than last year, it was achieved against the backdrop of growing protectionism, which has dampened global trade. said Canton Fair spokesman Xu Bing.
He said that 636 foreign companies from 34 countries and regions attended the fair. The number of new buyers increased by 2.34% over last year and, in particular, the number of new buyers from countries along Belt and Road streets increased by 4.18%.
Rapid growth, better protection of intellectual property and an improving business environment are cited as reasons for the continued optimism of foreign visitors.
This is only until the 101st spring 2007 session that the name of the fair was officially changed to become the China Import and Export Fair, from the previous name, the fair of Chinese export products.
Liu Fuxue, Deputy Director of the CIIE Office, has twelve years of experience at the Canton Fair.
"The name change of the fair in 2007 was to encourage countries with large trade deficits with China to increase sales in China to reduce the deficit," said Liu.
WINNING COOPERATION WITH ALL NATIONS
Over the years, imports are no longer a "side dish" at the show, as foreign companies have shown growing interest in the Chinese market, he said.
In 2007, the exhibition space for foreign sellers covered 10,400 square meters with 629 stands. The numbers have increased to 20,000 square meters and 998 kiosks in the recently closed session.
"From the creation of import exhibition spaces at trade fairs to the opening of the world's leading international import exhibition, China has shown its determination to deepen its openness and to satisfy the demand of its people for a high quality of life, "said Liu.
Huang Jianzhong, Dean of Shanghai University of International Trade and Economics, said that the CIIE will launch a new, highly efficient opening cycle in China.
"The ICE shows China's determination to shoulder its responsibilities as a great country and to achieve mutual benefits and win-win cooperation with all nations," said Zhao Beiwen, deputy director of the Institute of Technology. The world economy of the Shanghai Academy of Social Sciences.
"We have not caught up to attend this import exhibition, but we will certainly not miss it next year," said TK Ramesh of Micromatic Tools Private Ltd., part of the Ace Micromatic group, the largest conglomerate of machine tools in India.
He added that the Shanghai subsidiary had been transferred to the Waigaoqiao Intelligent Manufacturing Park, in the Shanghai Free Trade Zone, and had allowed the park to facilitate foreign imports through rapid customs clearance under the Shanghai Free Trade Agreement. bonding policy of China.
The industrial park shared its CIIE stand with 30 of the 140 foreign machine tool manufacturing companies. This helps to compensate for Ramesh's remorse for missing the event.
He added that the company plans to set up a technology experiment center in Shanghai to boost sales in China.
China has announced measures to increase foreign equity limits in the banking, securities and insurance sectors. A timetable for the opening of its financial sector was announced at the Boao Forum for Asia in Hainan Province in April.
In October, Micheal Yunker became the first group of foreigners to open private accounts at the Chinese securities dealer Guotai Junan Securities.
"I would immediately enter the A-share market. Previously, foreigners did not have much choice to invest in China.By the new policy, the job and investment opportunities are more large, "said Yunker, in post since 2001 working in the financial sector.
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