Guangzhou Fair changes name to reflect focus on trade

17 October 2006

Guangzhou, China, 17 October – The Chinese Product Export Fair, better known as the Guangzhou Fair, will change its name in time for its Spring edition to Chinese Product Import and Export Fair, officials have said.

The change in name of Chinese oldest trade fair, according to prime minister Wen Jiabao, aims to reflect the efforts made to achieve balanced trade with China’s trading partners.

Wen was speaking at the opening of the 100th edition of the Guangzhou Fair a week after Beijing announced that the balance of trade for the first nine months of the year totaled US$109.85 billion, passing the record of US$101.9 billion reached in 2005.

The growing trade surplus has led to tension with China’s main trading partners, particularly the United States and the European Union, which have imposed customs taxes on a number of Chinese products.

Zhang Yansheng, president of the Institute of Foreign Economic Studies of the Commission for national Development and Reform, told Chinese news agency Xinhua that the change of name of the Guangzhou Fair was symbolic of the efforts made to transform the internal economic model to one that emphasizes balanced trade and internal consumption.

“For years, the Guangzhou Fair was focused on the export of products made in China but now its is a fair that concentrates as much on exports as on imports,” he said.

The Guangzhou fair, which began in 1957, has been China’s window on the world and way of obtaining foreign cash since then. (macauhub)