Canton Fair paves the path for a green global economy

Editor's note: Daryl Guppy, a special commentator for CGTN, is an international financial technical analysis expert. He has provided weekly Shanghai Index analyses for mainland Chinese media for more than a decade. Guppy appears regularly on CNBC Asia and is known as "The Chart Man." He is a former national board member of the Australia-China Business Council. The article reflects the author's opinions and not necessarily the views of CGTN.

The 136th Canton Fair is a testament to the growing confidence in China's economy and its critical role in developing the global green economy. Foreign buyers and Chinese sellers have flocked to China's largest trade exhibition, drawn by innovative technologies and cutting-edge green products showcased at the fair.

The expanding exhibition space reflects a deepening trade relationship, positioning China as a key growth market, with nearly 4,600 exhibitors participating for the first time.

The Canton Fair facilitates trade for those looking to source products from China and discover the latest trends. It provides a platform for the global audience to identify emerging consumer patterns and gather ideas to grow their businesses. The exhibition area is filled with companies eager to expand their footprints in China and seize new opportunities.

In its modern form, the Canton Fair has been held twice a year since 1957, growing from strength to strength.

Guangzhou has long been a global trade hub, with its history as a key trading center stretching back hundreds of years. Europeans initiated their trade with China through the Pearl River Delta, making Guangzhou synonymous with China in European minds. The modern Canton Fair continues this storied tradition.

Even before the Europeans arrived, Guangzhou played a pivotal role in the maritime silk road network, facilitating trade between China, the rest of Asia, and the Roman Empire, where Roman emperors famously wore Chinese silk.

The primary objective of the fair is to serve as a convenient contact point for companies looking to expand trade with China, and to help them find Chinese business partners and suppliers. For Chinese exhibitors, it's an opportunity to reach new buyers and establish partnerships twice a year. The exhibition spans around 1.55 million square meters and hosts 74,000 booths, focusing on advanced manufacturing, interior decoration, and improving lifestyles.

For many foreign companies, China represents their largest trading partner and, for several, it is already the primary source of profits.

A unique feature this year is the significant increase in online participation, with around 48,000 businesses participating virtually, a 60 percent increase from the previous fair held in April. Despite this online presence, the fair's physical exhibition remains crowded, a clear indication of how vital China is to the economic prosperity of foreign companies.

In another sign of China's success in engaging with the Global South, more than 75 percent of buyers are from partner countries of the Belt and Road Initiative.

The 136th Canton Fair in Guangzhou, China's Guangdong Province, being held on October 15, 2024, is a clear affirmation of China's commitment to international trade and the development of the green economy. The reality is that without China's active participation, the prospects for global trade and the prosperity it brings would be bleak.

This year's on-site exhibition hosts over 30,000 companies, with a theme focused on "serving high-quality development and promoting high-level opening-up." More than ever, this year's fair emphasizes the importance of technology in fostering green and sustainable development.

The Canton Fair reinforces the need for interconnected, secure, and reliable global supply chains. It underscores why moves toward protectionism, with economies divided by sanctions and tariffs, are both counterproductive and impractical. The continued growth of the Canton Fair demonstrates just how critical China is to the prosperity of all participating countries. Without free and open trade with China, the development of both the green economy and the global economy will slow considerably.

The Canton Fair stands in stark contrast to protectionist policies and trade barriers. Both buyers and sellers understand that global prosperity hinges on free and open trade with China. This fair exemplifies how trade cooperation fosters the growth of the green economy and highlights China's role as a leading player in global trade. The Canton Fair is a proud inherit.

(If you want to contribute and have specific expertise, please contact us at opinions@cgtn.com. Follow @thouse_opinions on Twitter to discover the latest commentaries in the CGTN Opinion Section.)