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China to expand Canton Fair's role

(Xinhua)
Updated: 2006-10-16 09:35

The Canton Fair, which will be named as the Chinese Import and Export Commodities Fair from next session, should become a major platform for imports into China, said Chinese Vice Premier Wu Yi in Guangzhou on Sunday.

Businessmen talk at a China booth at the 100th Canton Fair. [newsphoto]

China will build the fair into a world-class exhibition and attract more and more overseas companies and international brands to participate, Wu said at a meeting.

The 50-year-old Chinese Export Commodities Fair, also known as Canton Fair, used to be the only international showcase for Chinese products. Contracts signed at the fair account for a quarter of China's export, according to the Ministry of Commerce.

Adding the word "import" to its name from next session reflects an adjustment in China's economic development mode, which has featured the expansion of exports, said industry insiders.

During the meeting, Wu also called for the intellectual property rights protection in the fair and create a fair environment for participating companies.