PRN: 110th Canton Fair: A Booming Event Bodes Well for Bilateral Trade
110th Canton Fair: A Booming Event Bodes Well for Bilateral Trade
GUANGZHOU, China, November 22, 2011 /PRNewswire/ --
The recently concluded 110th Canton Fair has set new records for boosting bilateral trade between China and the world. Finishing on November 4, China's top exhibition generated nearly $38 billion worth of business, up 3% from the 109th session held in the spring.
Figures were up across the board for the landmark event. Nearly 210,000 buyers from 210 countries and regions participated, including over 100 from the world's top 250 retailers. A third of buyers were from China's top 10 trading partners -- more contracts were signed by Japanese, Russian, Brazilian and Indian buyers than ever before. Overall the number of contracts signed by African, Asian and Latin American buyers grew by nearly 40%.
An unprecedented number of high-level Chinese and international politicians and business leaders attended the Fair, underlining China's position as a rising economic powerhouse. With the world economy currently in sluggish recovery mode, the event has a vital role in stimulating global business. In his opening speech, Premier Wen Jiabao stressed the need for China to balance imports and exports, while President Hu Jintao praised the Canton Fair for its 55-year role in strengthening international trade ties. He said that China would forge ahead with opening up during its ongoing 12th Five Year Plan.
This year is the 55th anniversary of the Canton Fair and 10-year anniversary of China's accession to the World Trade Organization (WTO). To mark the occasion, VIPs attending the Fair were invited to forums on China's evolving role within the WTO, Subjects such as developing Sino-Japanese economic cooperation, Latin American exports to China, and exchange between Chinese provinces and American states were also discussed.
After unprecedented international promotion, the 110th Canton Fair boasted over 58,000 trade booths. Over 500 exhibitors from nearly 50 countries and regions were present in the Fair's dedicated import area. Visitors, VIPs and businesses enjoyed a very high level of service designed to ease participation and facilitate trade.
"The Canton Fair's expanding imports section will have a major impact on China's imports sector overall," commented China's Commerce Minister Chen Deming, as he inspected the event. "Ongoing success in this area is integral to balancing China's bilateral trade."
110th China Import and Export (Canton) Fair: October 15 -- November 4, 2011