2018-04-15 09:47:03 BdST
China's largest trade fair opens
The Canton Fair, the largest import and export expo of its kind in China, opened in the southern province of Guangdong, with the majority of participants being small and medium-sized firms.
The 119th China Import and Export Fair has an exhibition area of 1.18 million square meters and about 60,000 booths for more than 24,000 companies from home and abroad.
More than 90 percent of the firms are small and medium enterprises.
Fair spokesperson Xu Bing said over the past three years the fair has helped more and more small- and medium-sized Chinese firms to develop their unique, quality products.
He said buyers from more than 210 countries and regions are expected to attend the fair, with the total number of buyers to level with the previous session.
Companies from regions and countries along the "Belt and Road" account for more than 60 percent of all participants in the import section.
The first phase of the fair, which runs from April 15 to April 19, features products including home appliances, electronics and hardware, with major brands such as Haier and Midea showcasing their latest models.
The fair also features an exhibition area for imports, with more than 600 companies from 34 countries and regions to exhibit at around 1,000 booths.
Latest data from the General Administration of Customs (GAC) showed that China registered sound growth in foreign trade for the first quarter, with trade surplus shrinking.
The country's goods exports rose 7.4 percent year on year in the first three months while imports grew 11.7 percent.
Trade surplus stood at 326.18 billion yuan (about 51.85 billion U.S. dollars), a 21.8 percent drop year on year, GAC data showed.
To boost foreign trade for Chinese firms, the fair cut the fee for each booth by 4,000 yuan (615 U.S. dollars) on average, or 18 percent, compared with the 117th Canton Fair.
China's exports saw a turnaround in March, while a decline in imports narrowed, customs data showed on Wednesday, adding to signs of stabilization in the economy.
Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.