What’s new: The Canton Fair, China’s biggest twice-yearly trade exposition, will resume in-person this spring after three years of virtual activities as the country’s pandemic control measures prevented foreign buyers from attending.
The organizer didn’t disclose the number of registrations for the expo, which will open April 15, but said tens of thousands of buyers from 203 countries and regions registered, and the number is rising every day. Before the pandemic, the fair usually attracted more than 200,000 buyers from all over the world.
In 2021, the fair was open for the first time to eligible domestic buyers. This year, it will continue to be fully open to domestic buyers, Chu Shijia, secretary general of the Canton Fair and the head of China Foreign Trade Center, said Tuesday at a press conference.
Nearly 100 top domestic e-commerce retailers such as JD.com, Suning.com and Vipshop have confirmed plans to attend, Chu said. The inclusion of domestic buyers will help the fair play a role as a platform connecting domestic and foreign trade, promote the dual circulation economic model and accelerate the construction of a new development pattern, Chu said.
The background: The China Import and Export Fair, held every spring and fall in the southern city of Guangzhou, which was once known in English as Canton, is widely seen as a barometer of China’s foreign trade. Normally, the fair serves as a venue for domestic companies to showcase their products to foreign buyers.
China’s exports and imports continued to decline in the first two months of the year, clouding the outlook for the economy as it begins recovering from Covid restrictions and waves of infection.
Exports fell 6.8% in January and February from the same period last year, official data showed Tuesday, improving from December’s decline of 9.9% and beating the 9% drop predicted by economists.
The outlook for global trade this year remains weak. Commerce Minister Wang Wentao recently said many companies reported declining orders, while the value of orders is shrinking and long-term contracts are getting shorter.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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