As China's economy turns into a new normal, the Canton Fair is quickening its steps for innovation in an effort to build a professional, international and digitized trade fair, and to defend its reputation as the first trade fair of China.
In recent years, the biannual event is no longer the only foreign trade outlet in China, yet it still plays an important role in the country’s foreign trade. An official survey conducted by fair officials shows the value of deals made with the fair’s buyers constitutes almost half of exhibitors’ total annual volume of exports. The survey also shows almost 70 percent of the deals made between the exhibitors and purchasers is completed after the fair closes. Based on such survey findings, the Canton Fair has incorporated functions like business networking, product display and negotiation, information sharing and product promotion.
For building an internationalized trade expo, the fair’s organizer has invited more foreign companies to exhibit at the event, especially companies along the Belt and Road area and in Europe and the United States. By attracting products rarely seen in China, the fair is expanding the variety of items on exhibit.
The organizer also is actively connecting the fair with the internet. In 2015, the organizer built a platform to combine its website, mobile application and call center in order to push fair information to targeted clients that need it most. Officials also use big data technology to estimate the trend of foreign trade and to offer improved services for exhibitors and buyers in every phase of the trading process.
(By Lynus Tan, Louis Berney)