135th Canton Fair to boost China's foreign trade

Editor's note: Liu Chunsheng, a special commentator on current affairs for CGTN, is an associate professor at the Central University of Finance and Economics in Beijing. The article reflects the author's opinions and not necessarily the views of CGTN.

Against the current domestic and international economic landscape, the grand opening of the 135th China Import and Export Fair (Canton Fair) has undoubtedly injected new vitality into the recovery and development of China's foreign trade. This international trade event is not only an important platform for Chinese enterprises to showcase their strength and expand their markets, but also a window to observe the trends of China's foreign trade. Especially with the release of economic and import-export data for the first quarter of 2024, the convening of the Canton Fair appears even more significant.

From a domestic economic perspective, China's economy maintained a steady and progressive trend in the first quarter of 2024. Primary industries grew stably, while secondary industries experienced significant growth in added value. Notably, the increase in the growth rate of industrial added value above designated size reflected the robustness of industrial production. The growth of fixed asset investment and total retail sales of consumer goods also reflected the vitality of the domestic market and the release of consumption potential. These positive economic signals provided strong domestic support for the convening of the Canton Fair.

Amidst the increasingly complex international economic environment, China's foreign trade faces both opportunities and challenges. According to data released by the General Administration of Customs, China's total import and export value increased by 5 percent year-on-year in the first quarter of 2024, with both exports and imports showing steady growth. This achievement is attributed to the efforts and innovations of Chinese foreign trade enterprises, as well as the optimization and quality improvement of China's foreign trade structure. The convening of the Canton Fair provides an excellent opportunity for Chinese foreign trade enterprises to showcase their strengths, find partners, and expand into international markets.

One of the highlights of this year's Canton Fair is the optimization and improvement of the participating enterprise structure. The participation of high-quality enterprises such as national-level high-tech enterprises, manufacturing champions, and specialized and innovative "small giants" not only enhances the overall level and influence of the Canton Fair, but also showcases the transformation, upgrading, and innovation achievements of China's manufacturing industry. The new products, green products, and products with independent intellectual property rights exhibited by these enterprises fully demonstrate the innovative capability and market competitiveness of China's manufacturing industry.

Another highlight is the digital and intelligent transformation of the Canton Fair. The enrichment of exhibition themes such as digital technology and intelligent manufacturing, as well as the widespread application of digital technologies, like artificial intelligence and big data analysis in production and operations, have not only enhanced the technological content of the Canton Fair but also provided new momentum for the high-quality development of China's foreign trade. This trend of digital transformation is reflected not only in the exhibition methods of participating enterprises but also in the innovation of service models and trade promotion activities at the Canton Fair.

As an important window for China's foreign trade, the Canton Fair actively contributes to the stability of the industrial chain and supply chain. By showcasing intermediate and capital goods, the Canton Fair provides Chinese enterprises with opportunities to integrate deeply into global industrial chains and promote the optimization and upgrading of industrial and supply chains. This role is particularly important in the current international economic situation, helping Chinese enterprises occupy a more favorable position in global industrial chains.

In addition, the Canton Fair facilitates more exchanges and cooperation opportunities for enterprises through various trade promotion activities and industry exchanges. These activities not only promote trade cooperation and industrial development but also provide more possibilities for Chinese enterprises to expand into international markets. In particular, the deep cooperation with countries along the "Belt and Road" and those participating in the Regional Comprehensive Economic Partnership Agreement has opened up new avenues for the diversified development of China's foreign trade.

The convening of the 135th Canton Fair is not only an important platform for Chinese enterprises to showcase their strength and expand their markets but also a window to observe the trends of China's foreign trade. Through demonstrating advanced manufacturing achievements, introducing new business formats, and strengthening international cooperation, the Canton Fair will continue to make significant contributions to China's economic development. At the same time, the Canton Fair reflects China's determination and confidence in unswervingly expanding high-level opening-up and promoting Chinese-style modernization, injecting new momentum into global openness, cooperation, and mutual benefit.

Looking ahead, the Canton Fair will continue to play its role as a window for China's foreign trade, providing stronger support for Chinese enterprises to go global. At the same time, the Canton Fair will continue to innovate and improve to adapt to changes in the international economic situation and new demands for China's development, injecting new vitality and momentum into the high-quality development of China's foreign trade.

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