World of trade comes together
Countries and regions along the Belt and Road have emerged as China’s dynamic trade partners as seen from this year’s spring Canton Fair, or 121st China Import and Export Fair, where more than half the foreign buyers and exhibitors came from Belt and Road economies.
Karn Chopra is a buyer from India and this was his first Canton Fair.
Although the young man knows little about the Belt and Road Initiative, he believes that trade between China and India will increase in the future.
“I think China and India are important trading partners”, he said.
The combination of China, the world’s second-largest economy and India’s remarka- ble market potential, means the scope for cooperation is huge.
Some Chinese smartphone venders, such as Xiaomi, have increased investments in the Indian market and last year China-India trade volume reached $70 billion.
The Belt and Road Initiative is a win-win project for China and these countries, and cooperation can emerge in many areas such as infrastructure and trade, a Russian buyer said.
The initiative not only provides business opportunities to foreign companies, but also drives Chinese companies to search for opportunities in these economies.
The number of visitors from the Belt and Road economies has increased significantly, and the orders from these economies will reach a record, most of Chinese exhibitors said.
“The Belt and Road coun- tries will be primary markets for our company in the future,” said a man from Canca Group.
As the Belt and Road Initiative is being implemented, more Chinese products are making their way to economies along the Belt and Road.
“The Belt and Road Initiative is good. It helps export our products to more countries”, said Feng Xiaoli, sales manager of a tech company located in Shenzhen.
Moreover, “because logistics are improving, and customs procedures have become more efficient, our products are arriving quicker, ”Feng said.
According to the Belt and Road Big Data Center of the State Information Center, China’s total value of trade with the Belt and Road economies was about $953.59 billion in 2016, accounting for 25.7 percent of the total amount of China’s foreign trade.
Benefiting from the “Made in China 2025” strategy, Chinese high-quality and hightech products were increasingly popular at the fair.
A Singaporean buyer said China’s high-end products can already compete with global brands.
As China’s largest trade fair, it attracts businessmen from around the world.
Most of the exhibitors from small and medium-sized enterprises said the Canton Fair is an excellent platform for them to showcase their products to the world.
Xu Bing, a Canton Fair spokesman, said the numbers of participators will be the same from last year because emerging economies such as Russia and India are experiencing growth, and the spring is the buying season in Latin America, Africa, the Middle East and South Asia.