Event expanding trade relations with Belt and Road countries

Over the years, the Canton Fair has provided a vital platform for Gansu province to expand economic and trade cooperation with countries and regions involved in the Belt and Road Initiative, to alleviate poverty and boost an export-oriented economy.

The Belt and Road Initiative is a major move by China to expand its opening-up to the outside world.

It is a great practice to build a community with a shared future for mankind.

The Canton Fair, which attaches great importance to the initiative, has strived to attract purchasers. At the Canton Fair each year, the proportion of buyers from BRI countries is about 45 percent.

Gansu has a long and close relationship with the Belt and Road. It served as a major logistics channel for trade between China and the West along the ancient Silk Road, which stretched 1,600 kilometers in the region.

Entering a new era, the advancement of the BRI has ushered in a rare opportunity for Gansu to expand opening-up and accelerate high-quality development.

In 2020, Gansu’s imports and exports to BRI countries reached 16.52 billion yuan ($2.53 billion). It accounted for 44.3 percent of the province’s total foreign trade value.

The Canton Fair and Gansu have worked together to promote economic and trade cooperation under the BRI.

At the fair, foreign trade companies in Gansu assume the BRI countries as their target markets.

Gansu Yasheng International Trade, an agricultural sales company integrating planting, processing and sales, made good use of digital trade channels at the 128th Canton Fair.

They exported products such as sunflower, pepper, and red kidney beans to Pakistan, Bulgaria, Russia and other countries involved in the BRI.

To better adapt to markets with high-quality standards and low-distribution margins, the company has introduced new technologies, upgraded equipment and promoted testing speed and quality.

Through the Canton Fair, the company not only expanded its exports to the Belt and Road markets, but tried to import high-quality foreign agricultural products into the country to benefit the dining tables of Chinese consumers.

Chinese foreign trade companies must seek development in a more unstable and uncertain world. Especially with the outbreak of the COVID-19 pandemic, some foreign trade companies faced severe challenges in their production and operations.

After learning from the crisis, they have taken the initiative to change and seek to integrate into the domestic and international dual cycle.

The Department of Commerce of Gansu Province views the Canton Fair as a key platform to help foreign trade survive the difficulties. The department has conducted investigations on foreign trade companies and found that 53.3 percent of them have target markets and customer bases.

Those with domestic independent brands accounted for 51.4 percent. The department helped foreign trade companies that possessed a strong willingness, potential domestic consumer markets and clear target customers to achieve their goal of switching to domestic sales as quickly as possible.

With the help of the Canton Fair, Hailin Bearings, a Gansu-based company that mainly exports mechanical and electrical products, established a domestic sales department that strengthened its network and marketing. Domestic sales have increased significantly —in 2020 they increased 25 percent.

The Canton Fair has also played a key role in promoting the country’s poverty alleviation.

The fair provides enterprises in poverty-stricken areas with support in terms of making applications and favorable policies.

For example, enterprises in poverty-stricken areas are exempt from participation fees and exclusive labels are awarded to enterprises in poverty-stricken areas to attract customers.

At the Canton Fair, the Department of Commerce of Gansu Province assisted 42 companies in preparing pictures, videos, 3D and virtual-reality technologies. It also set up a live broadcast room, invited professional hosts and interpreters for enterprises in poverty-stricken areas to display their products and conduct online marketing.

Guanghe Jiming Shoes, which participated in the Canton Fair, hired people from poor households and provided professional training for them.