The 133rd China Import and Export Fair saw a big offline rebound after being held largely online since 2020 due to COVID-19 pandemic, and is expected to contribute significantly to the recovery of the Chinese economy and the global economy.
Also known as Canton Fair, the country's largest trade event is held every spring and autumn, attracting buyers from all over the world. It is considered a major gauge of China's foreign trade, and is also a testament to China's opening-up policy.
The 133rd session is held offline for the first time since the onset of the COVID-19 pandemic. It is the largest in history, both in terms of overall exhibition area and number of exhibitors. It is also for the first time that foreign companies are allowed to showcase products in all three phases.
The Canton Fair is exhibited in three phases by different products. After a successful phase one from April 15 to April 19, the second phase opened on Sunday and will go through April 27. The third phase will run from May 1 to May 5.
The exhibition area has reached record-breaking 1.5 million square meters, with the newly built venue Area D is being used for the first time. There are nearly 35,000 offline exhibitors, and buyers from 226 countries and regions. A total of 3 million new products are displayed for global and domestic buyers.
The Canton Fair has a pulling effect on local economy with a ratio of 1:13.6, meaning that every yuan in transactions generates 13.6 yuan of economic benefits for the region. The number of accommodation reservations in the host city of Guangzhou increased 200 percent from a year earlier in the first phase. The flow of inbound and outbound passengers in Guangzhou continues to rise, with an average of nearly 100 international passenger flights per day.
The Canton Fair also helps Chinese companies to further explore international markets and boost the country's foreign trade. The economic recovery and growth of China will in turn facilitate a quicker global revival, said Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Commission in Beijing.
China has seen a better-than-expected economic rebound in the first quarter of 2023, with quarterly GDP growing by 4.5 percent year on year, higher than the expectation of 4 percent in a poll by Reuters. The growth pointed to a steady economic rebound, according to the National Bureau of Statistics.
The Canton Fair is well positioned to serve as an accurate matchmaking platform for suppliers and buyers across sectors, and this can help boost global trade in goods, according to Xu. The import-oriented exhibition will be held in all three phases for the first time, with an exhibition area of 30,000 m², 50 percent larger than before the COVID-19 pandemic.
A total of 508 overseas businesses from 40 countries and regions are in attendance with 12 specialized exhibition areas. Among them, 73 percent of exhibitors are from countries and regions along the Belt and Road.