Published: 11:27, April 23, 2024
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Second phase of Canton Fair to open
By Qiu Quanlin in Guangzhou
This photo taken on April 15, 2024 shows a scene of the 135th session of the China Import and Export Fair in Guangzhou, south China's Guangdong Province. (PHOTO / XINHUA)

The second phase of the 135th China Import and Export Fair, widely known as the Canton Fair, will open on Tuesday following a significant increase in overseas buyers at its first phase.

By displaying more products featuring cutting-edge technologies, the fair will continue to attract more overseas buyers and see more deals clinched, organizers said.

"In the current era of increased uncertainty in foreign demand and weak economic recovery, the fair will continue to display China's high-end manufacturing with advanced technologies, demonstrating the country's determination and confidence to continuously expand its opening-up in trade and business opportunities," said Chu Shijia, director of the China Foreign Trade Center, one of the fair's organizers.

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A large number of high-end, intelligent and green products such as intelligent bionic hands, new medical equipment, deformable televisions, cleaning robots and new energy vehicles were favored by overseas buyers in the fair's first phase, organizers said.

Chinese enterprises have also been accelerating their research and development of new products, technologies, materials and processes, they said.

"The comparative advantage of Chinese products being exported has shifted from labor-intensive industries to high-tech items and services," said Peng Peng, executive chairman of the Guangdong Society of Economic Reform.

As a "world factory", China's new energy vehicles, lithium batteries and solar products, known as the "new three items", and other products have not only met domestic market demand, but greatly filled gaps in overseas markets, Peng said.

The combined value of China's exports of the "new three items" surpassed 1 trillion yuan ($146 billion) last year, up nearly 30 percent year-on-year, while industrial robot exports rose by 86.4 percent, data from the General Administration of Customs showed.

"High-tech products such as smart living, the 'new three items' and industrial automation have greatly changed the quality and market space of China's exported goods, and have helped attract more overseas buyers," Peng said.

The first phase of the Canton Fair, a barometer of China's foreign trade, concluded on Friday after attracting 125,000 overseas buyers from 212 countries and regions, an increase of 23.2 percent compared with the first phase of the previous fair in October, organizers said.

Countries and regions involved in the Belt and Road Initiative accounted for 68.3 percent of overseas buyers, while those from the Regional Comprehensive Economic Partnership accounted for 23 percent.

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The number of Chinese high-tech enterprises engaged in smart living, the "new three items" and industrial automation exhibiting their products in the fair's first phase was up by 24.4 percent compared with the first phase of October's fair.

With the theme "Quality Home Life", the second phase of the fair, covering an exhibition area of 515,000 square meters, will focus on three sections exhibiting household items, gifts and decorations, and building materials and furniture.

Of the 9,820 Chinese exhibitors, more than 1,400 are specialized companies that produce unique products, manufacturing industry champions and national high-tech enterprises.

At the fair's import exhibition area, 144 companies from countries and regions involved in the BRI will display their latest products and services, organizers said.