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Innovative products gain global orders at Canton Fair

By Yang Yang | chinadaily.com.cn | Updated: 2024-04-23 16:36

Attendees take part in the 135th session of the China Import and Export Fair in Guangzhou, Guangdong province, April 15, 2024. [Photo/Xinhua]

Innovative Chinese products have gained global orders at the China Import and Export Fair, also known as Canton Fair, in Guangzhou, Guangdong province, China News Service reported on Sunday.

Regarded as a barometer and indicator of China's foreign trade, the recently concluded Phase 1 of the 135th Canton Fair showcased new trends and signals of Chinese products on display and the number of purchasers.

Since its inception in 1957, the proportion of high-end products on display has gradually increased at Canton Fair, different from its original focus on small commodities and agricultural products.

People can see new energy vehicles, solar cells, service robots, high-end equipment machinery and smart home appliances at the 135th Canton Fair.

Phase 1 of this fair featured 10,898 exhibiting companies, including over 3,000 high-quality enterprises with national-level high-tech titles, up 33 percent from the previous session. The number of high-tech companies increased 24.4 percent from last session too.

China has seen the emergence of numerous national-level high-tech enterprises during its industrial and technological upgrading process, said Peng Peng, executive chairman of the Guangdong Society of Economic Reform.

In recent years, there has been a focus on exploring high-quality enterprises such as champions of individual manufacturing sectors and those specializing in cutting-edge technologies.

These efforts have inevitably led to the production of high-tech products such as smart living solutions, the "new trio" (electric passenger vehicles, lithium batteries and solar panels), and industrial automation, significantly enhancing the quality and market space of Chinese exports and attracting more overseas buyers.

The Canton Fair has delivered a clear signal to the outside world, showcasing the results of the high-quality development of China's manufacturing industry, said Mao Yanhua, director of the Institute of Regional Openness and Cooperation at Sun Yat-sen University.

During Phase 1 of this Canton Fair, overseas buyers came from 212 countries and regions including the United States, the United Kingdom and Indonesia. The offline participants exceeded 125,000, up 23.2 percent year-on-year.

Once Chinese companies get foreign trade orders at the Canton Fair, they promptly commence production and deliver products to overseas buyers on schedule, reflecting market-driven production behavior.

In the view of Mao Yanhua, recent speculation by some politicians and media in the West about the so-called "excess capacity of China's manufacturing" lacks economic common sense.

In today's era of economic globalization, China's export advantages are a result of global market competition. For instance, China's competitive edge in the new energy industry does not rely on subsidies; rather, it stems from economies of scale, a complete industrial chain and a large number of high-end technical talents.

China's comparative advantage in export has shifted from labor-intensive industries to high-tech industries, according to Peng.

China's products such as new energy vehicles, lithium batteries and photovoltaic products not only meet domestic market demand but also significantly fill the gaps in overseas markets, contributing to the early achievement of global "dual carbon" goals, Peng said.

Mao Yanhua suggested that Chinese companies should continue to stabilize the European and American markets through platforms like the Canton Fair while further expanding into diversified markets.

China should especially tap into the Belt and Road markets and emerging markets to meet local consumer demands, thereby promoting stability in the global industrial and supply chains, Mao said.

Many overseas enterprises have forged connections with China through the Canton Fair and grown alongside China's development, enjoying mutual benefits and win-win outcomes. The number of global partners of the Canton Fair has increased to 198, covering 103 countries and regions.

Phases 2 and 3 of the 135th Canton Fair will continue in Guangzhou, upholding the atmosphere of "buying globally and selling globally".

Amid increasing uncertainties in external demand and sluggish global economic recovery, the holding of the Canton Fair once again demonstrates China's determination and confidence in expanding its opening-up and sharing development opportunities with the world, said Chu Shijia, director of the China Foreign Trade Center.

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