The 111th China Import and Export Fair, or the Canton Fair, was officially opened on April 15 in Guangzhou International Convention and Exhibition Center.
The spring session will last for three phases until May 5. The number of buyers is expected to exceed 200,000, and the number of deals made should remain at the level of the last session, according to Liu Jianjun, spokesman of the fair.
As a result of the appreciation of RMB, and the rise of labor and raw material price, most exhibitors have increased their product price, but with a lower increase than that of past few years.
A local woolen cushion maker said the raw material price has quadrupled in the past three years, but they have only increase their product price by less than 10 percent this year, instead of 20 – 30 percent last year. "I am afraid the buyers will not buy our products if we increase the price," he said.
An automaker in Liaoning of Northeast China said they were only allowed to raise the price of bearings and other compartments by five percent to balance the impact of inflation.
According to the spokesman, the fluctuation of exchange rate and commodity price, along with the growing of trade protectionism internationally, has created a complicated situation for China’s foreign trade. But in this session, the increased number of famous enterprises and the higher product quality has shown the exhibitors’ greater competence to face international competition.
"The number of foreign buyers in this session will remain the highest in history, which is the most important premise of the steady boost of the Canton Fair too China's foreign trade," Xinhua cited Liu as saying.
(By Lynus Tan and Richard Glauert)