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Canton Fair sees surge in buyers, deals

By Liu Yukun and Jing Shuiyu | | Updated: 2017-11-10 10:12

The 122nd Canton Fair recorded the highest number of buyers and deals in the past four years, said the Ministry of Commerce on Thursday.

The biannual event, formally known as the China Import and Export Fair, is often seen as a barometer of China's foreign trade.

Gao Feng, the spokesman of the commerce ministry, said: "The surge of both buyers and export turnover indicated that the global market was turning positive, and were powered by the country's industrial innovation and supply-side reform."

According to Gao, the just-concluded fair attracted 192,000 overseas buyers. Among all buyers, new attendants accounted for 39.6 percent.

Trade with Japan, the US and Europe grew by 10 percent, 5.5 percent, and 2.5 percent, respectively in traditional markets. In emerging markets, trade with countries and regions participating in the Belt and Road Initiative accounted for 44 percent, increasing by 3.5 from the last year.

Export turnover reached $30.2 billion, up 8.2 percent year-on-year. Among those, 60 percent of the industries' exports rose from 2016.

Deals surged in areas of potteries, hardwires, construction, customs and toys, up 34.2 percent, 23.1 percent, 20.3 percent, 15.1 percent, and 14.6 percent respectively.

The fair also saw more industrial innovation in product development, technique, brand and business models. New products and brands accounted for 20 percent of the exhibition, with transaction volume surging 35.8 percent year-on-year, 1.2 times higher than others on average.

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