China International SME Fair: High-tech breakthroughs take center stage in Guangzhou

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The 15th China International Small and Medium Enterprises' Fair kicked off Wednesday in South China's Guangzhou. The fair has long been seen as a barometer for economic vitality and participants at the event told CGTN's Sun Ye where they think future growth is heading.

More than 3,000 companies from across the world are here for the annual gathering. The UAE delegation, guests of honor at the event, included a diverse mix of companies, ranging from food processing to data mining firms. All are eyeing what they call the "tremendous opportunities" that China has to offer.

ABDULLA AHMED AL SALEH UNDER-SECRETARY FOR FOREIGN TRADE, MINISTRY OF ECONOMY, UAE "UAE is diversifying. We see huge potential for cooperation with China. From the internet of things, blockchain to AI, we hope to experience it here."

Although it's their first trip to the country, the big-data-minded Stairway Consultancy group has already decided to make China its biggest overseas foothold.

YOUSUF AL SEREIDI, MANAGING PARTNER STAIRWAY CONSULTANCY "China has a huge market, it's a leader in Artificial Intelligence, it has funding. Business here will take my company to a next level."

And domestic companies say they're going all-in for the next it thing. These chips and antennae are just a fraction of the size of their more commonly seen counterparts. In some cases, one fortieth the size of traditional chips.

LI JUN, CEO DANDITEC "By 2028，this could be a market in need of 3 billion sets of such small positioning chips. We are far from that figure now. And a lot of people have shown interest. Right now we're looking for funding to help us get there."

Small-to-medium-sized enterprises, or SMEs, like Li's are responsible for 70 percent of all technological breakthroughs in China, according to the latest figures.

WANG JIANGPING, VICE MINISTER MINISTRY OF INDUSTRY AND INFORMATION TECHNOLOGY "SMEs are growing steadily. We continue to see high entrepreneurial spirits, with more than 52 thousand new companies set up every day. We also expect those in the high tech sector to see the biggest growth in the near future."

Wang also told CGTN that as many SMEs are looking to secure investment, more targeted policies may soon be coming down the pipes. SY, CGTN, GUANGZHOU.