Pioneer regions keep sector alive

Since the first quarter of this year, when the COVID-19 virus spread across the world, China’s foreign trade sector has faced difficulties due to a shrinking global market and restrictions to the flow of cargo and people-to-people exchanges.

Added to this was the cancellation of trade shows, which are a major channel for sellers to meet buyers and reach deals.

Foreign trade businesses in Jiangsu province were among the pioneers to overcome the challenges by using various online platforms to attract buyers, forge partnerships and make transactions.

Assisted by the Jiangsu Department of Commerce, more than 10,000 enterprises in the province have attended more than 20 online international trade shows. The online Canton Fair — which held its summer session in June and is holding its current session between Oct 15-24 — is the most important among all shows, according to officials from the province.

An official from the JDC said the reason why Jiangsu’s businesses value the Canton Fair is that “the event has made the best use of the internet, big data and other information technologies to help companies expand markets and transform operational models to adapt to new trends”.

The official said JDC will further cooperate with various online show organizers to help more businesses go global.

Zhejiang, a province neighboring Jiangsu, is making similar efforts to help local companies in foreign trade.

The province has organized more than 300 online trade shows, covering 73 industries. Businesses from 64 countries and regions in the world participated in these events, with intended deals totaling $3.8 billion.

In addition, Zhejiang’s foreign trade authorities have established a comprehensive online foreign trade service system to cover areas such as business operation, customs and bonded zones.

In Tianjin, North China, the authorities have highlighted the development of an online platform to aid international logistics. Through the system, the port city has organized matchmaking events between local foreign trade enterprises and international shipping companies.

In Hunan, Central China, local authorities are helping foreign trade businesses to use digital tools to promote their operations.

For instance, the Hunan Department of Commerce offered financial support for enterprises to use virtual-reality technologies to display their products and services at the ongoing cloud Canton Fair.