Chinese enterprises actively respond to Sino US trade frictions

At the concluding press conference for the 124th Canton Fair, Xu Bing, spokesperson and Deputy Secretary General of Canton Fair, Deputy Director General of China Foreign Trade Centre, introduced that the current US China trade frictions have had certain impact on bilateral economic and trade relations and brought great uncertainties to the normal cooperation of Chinese and American companies. Statistics of this session shows that American buyers totaled 10739, a decrease of 4.07%; transaction with the US stood at 2.79 billion USD, a relatively big drop of 30.3% over the last year.

Xu said that facing the influence of US China trade frictions, we at the Canton Fair have focused on specialization, upgraded exhibition sections, exhibitors and exhibit structure, enhanced global marketing, consolidated our traditional markets while improved invitation in “said that facing the influence and kept the diversified origin and the international representation of buyers and quality of buyers.

Many exhibitors have boosted their confidence and met the challenges; products with self-owned brands, high added value and hard to replace have enjoyed surging export transaction against the backdrop. An air conditioner companies in Guangdong improved their technology, product, sales and brand, coordinated strategies of “go global, go smart and go high-end” and managed to increase its market sales in US by 11.51% y-o-y. An outdoor leisure furniture company in Zhejiang created a complete industrial chain, stepped up its R&D and launched in this Canton Fair its world’s first “smart” umbrella of its own brand, which received multiple deals from American buyers; its umbrella tent of self-owned brand also occupies around 64% of market share in US. Exhibitors have worked hard on developing emerging markets while maintaining their traditional markets. One electrical appliance company in Zhuhai expanded cooperation with “Belt & Road” companies through Canton Fair, and enhanced export to countries along the route by 10%. One Zhejiang company has its over 60% exports to B&R countries and these contributed to a 10% increase of its export business for the first half of this year.

According to our survey, exhibitors reflected that they need to enhance their internal strength by increasing R&D, enhancing transformation and upgrading and self-owned brand, and diversifying market destinations to improve competitiveness, take the initiative and realize stable growth of export.

Canton Fair Press Center