Global supply chain steadies with help from trade events
The launch of the 130th session of the China Import and Export Fair and the upcoming fourth China International Import Expo will not only help reinforce the global supply chain, but also create a concrete path to convert exhibits into commercial goods and exhibitors into investors in the country, business leaders say.
With business opportunities soaring, the China Import and Export Fair (Canton Fair), through its online and offline showcases, provided a much-needed platform for companies to place new orders across global industrial and supply chains, said Woo Tae Hee, vice-chairman of the Seoulbased Korea Chamber of Commerce and Industry.
Lu Chunping, sales director of Guangzhou Zhujiang Brewery Co., Ltd., a brewer in Guangdong province and a Canton Fair exhibitor, said the fair, which ended on Oct 19, is a key platform for opening-up, boosting global trade activities and promoting China’s dual-circulation development.
Under the dual circulation paradigm, the domestic market is the mainstay and the domestic and foreign markets reinforce each other.
After taking part in the Canton Fair for 15 years, Lu said the event has become vital for Zhujiang (Pearl River) Beer to expand its footprint in the global market. Its export value and profits grew by 23% and 20% year-onyear, respectively, in 2020.
“The Canton Fair has also helped us gain more direct access to consumer demand around the world,” he said. “We have used its platform to conduct market research to better understand flavor
preferences of overseas consumers and implement precise marketing strategies.”
For example, consumers in Southeast Asia, Africa and the South Pacific region enjoy beer products with high alcohol content, while buyers in Western Europe prefer beer with a bitter taste, he said.
Pearl River Beer exports more than 10 varieties of beer, with diversified products to meet the needs of overseas consumers.
The event also benefits international businesses. Nick Koay, chairman of the Greater Bay Area of the Malaysian Chamber of Commerce and Industry in China, said he has taken part in the Canton Fair for 15 years. The products of his factory in Zhuhai today are sold to about 30 countries and regions, and 95% of his regular customers are from the fair.
Backed by its complete supply and industry chains, China has been able to ensure production amid the pandemic, which many other economies
have been unable to do, said Wang Jian, a professor who specializes in international trade at the University of International Business and Economics in Beijing.
Wang said the fourth China International Import Expo, which is to be held in Shanghai from Nov 5 to Nov 10, will advance the common growth of industry, supply and innovation chains. It will also attract more advanced technologies and foreign direct investment into China.
“For the fourth consecutive year we will display our latest sustainable and innovative solutions at the CIIE,” said Yoichi Miyazaki, chairman and chief executive of Toshiba (China) Co., Ltd.
“As we head toward the 50th anniversary of Toshiba’s business in China next year, our participation at the CIIE once again confirms our confidence in the Chinese market.”
Steven Lien, president of Honeywell China, said its CIIE booth area this year will be more than double the size
of last year’s setup. Lien said the expanded booth size will fully demonstrate the U.S. conglomerate’s commitment to the expo as Honeywell takes part in the event for the fourth consecutive year. The company will continue to increase its investment in both innovation and manufacturing areas in China in the coming years.
Apart from the six-day annual exhibition, foreign companies can also enjoy extended services of the CIIE, such as year-long trade platforms. Shanghai has built a total of 56 CIIE “6 + 365” trading service platforms since the first exhibition, the Shanghai Municipal Commission of Commerce said.
Nearly 180,000 types of exhibits had been introduced by the end of July, involving 1,390 exhibitors. A total of 146.47 billion yuan ($22.9 billion) worth of goods have been imported, according to government figures.