CANTON FAIR TO BOOST GLOBAL TRADE

BEIJING, OCTOBER 16 /SRNA/ – The China Import and Export Fair, known as the Canton Fair and held in Guangzhou, has become an effective platform through which China is expanding its opening-up to the world to high standards and contributing to the development of an open global economy, China Media Group reported.

This year, the Canton Fair has, for the first time, integrated advanced technologies such as artificial intelligence on a large scale.

A total of 22 smart technology application scenarios and 16 AI-powered functions have been introduced.

For example, exhibitors and buyers can exchange digital business cards by scanning QR codes, while artificial intelligence can automatically generate summaries of business negotiations.

The system can also automatically archive customer data and identify orders with high potential.

A survey conducted by CGTN among respondents worldwide found that 85.1 per cent believe the continued holding of the Canton Fair demonstrates China's determination to pursue high-standard opening-up and provides sustained new impetus for inclusive and equitable economic globalization, as well as global development and prosperity.

As many as 84.1 per cent of respondents believe the Canton Fair is evolving from a traditional trade platform into an intelligent exhibition and services platform.

In addition, a dedicated zone for showcasing new products has been introduced at the fair for the first time this year. More than 700 product-launch events are expected to be held, representing a 15 per cent increase in the number of new products to be presented.

The number of new products from emerging industries of the future, including service robotics, smart healthcare, intelligent manufacturing and new energy, is expected to rise by around 20 per cent compared with the previous edition.

Around 83 per cent of respondents said this reflects a shift in China's foreign trade away from expanding business volume and toward improving product quality and structure.

Another 85.6 per cent believe that "intelligent manufacturing in China" is becoming an important driver of the global digital and intelligent economy.

Of particular significance, this year's Canton Fair has introduced nine dedicated zones for trade services for the first time. These cover all 10 major categories of producer services, providing companies with support throughout the entire business cycle as they expand into overseas markets.

Around 84.5 per cent of respondents believe this integrated ecosystem, which connects trade and services, has significantly enhanced the international competitiveness of companies and their products.

The fair has also established a buyers' alliance for the first time, aiming to improve information exchange and resource coordination among its members.

Around 83.9 per cent of respondents said the alliance's structured and institutionalized operations could improve global procurement efficiency and strengthen links between supply and demand.

Meanwhile, 88.8 per cent of those surveyed believe the fair's continuous improvement of its services and products is increasing China's influence over the management of global supply chains.

Amid instability in global markets and constantly changing geopolitical conditions, the Canton Fair continues to bring together buyers and exhibitors from around the world, promoting an open and inclusive approach, China Media Group said, noting that this year marks the fair's 70th anniversary.

The previous edition attracted 314,000 overseas buyers from 220 countries and regions, while the value of intended export deals reached USD 25.7 billion.

The fair's global reach continues to expand. Before this year's edition opened, more than 210,000 buyers from 196 countries and regions had registered in advance.

Around 87.2 per cent of respondents believe the Canton Fair provides the international community with an important opportunity to share in the benefits of China's vast market.

Meanwhile, 77.2 per cent called on countries to work with China to protect the multilateral trading system, ensure the stability and smooth operation of global industrial and supply chains, and further expand mutually beneficial international economic and trade cooperation.

The survey was published on CGTN's English-, Spanish-, French-, Arabic- and Russian-language platforms. A total of 4,498 respondents from outside China took part within 24 hours.