Published by ChinaMNC ยท Zongyang
China's Premier Highlights Three Partner Upgrades for Foreign Firms at Canton Fair 70th Anniversary
At the 'Canton Fair World 70 Years' symposium in Guangzhou, Premier Li Qiang outlined three trends for foreign companies: upgrading from trade to innovation, investment, and supply chain partnerships. He also announced plans to make the Canton Fair smarter, greener, and more humanistic. Foreign founders operating in China can leverage these developments.
China's Premier Highlights Three Partner Upgrades for Foreign Firms at Canton Fair 70th Anniversary
On October 14, Premier Li Qiang attended the "Canton Fair World 70 Years" symposium in Guangzhou, where he met with overseas buyers and exhibitors and outlined key trends for foreign businesses operating in China. For foreign founders registering or running a company in China, the Premier's remarks signal evolving opportunities and policy directions that could affect their China strategy.
Canton Fair: A Window to China's Opening-Up
Premier Li noted that over the past 70 years, the Canton Fair has grown alongside China's opening-up and development. It has become not only a flagship symbol of China's openness but also a key window for the world to observe China. The Fair is one of the few global trade platforms that offers a comprehensive, efficient, and one-stop experience, gathering the latest products and technologies. It serves as a major stage for traditional goods trade and a bellwether for new trade development. Upholding its mission of "Canton Fair, Benefit the World," it acts as a bond for economic and trade cooperation and a bridge for mutual understanding and friendship.
Three Trends for Foreign Enterprises
Li emphasized that in recent years, businesses from various countries participating in the Canton Fair have diversified their activities and are gradually upgrading to all-round partnerships. Three trends are particularly evident, which can help companies better utilize the Fair and seize China's development opportunities.
- From trade partners to innovation partners: This allows better sharing of technological progress dividends. China will continue to foster an open innovation ecosystem, strengthen foreign-related intellectual property protection, and actively address corporate concerns.
- From trade partners to investment partners: This can unlock more incremental market space. China will continue to optimize the foreign investment environment, expand market access, and support localized production by foreign enterprises.
- From trade partners to supply chain partners: This effectively enhances risk resistance and impact resilience. China will accelerate the construction of a modern industrial system and advance the planning and construction of new power grids, computing networks, and next-generation communication networks. Foreign companies are welcome to invest more in China, deepen their presence, strengthen mutually beneficial and pragmatic supply chain cooperation, and promote an open and inclusive global supply chain. Chinese and foreign enterprises are encouraged to actively facilitate global supply-demand matching, lead international innovation cooperation, and tell stories of mutual benefit.
Building a Smarter, Greener, and More Humanistic Canton Fair
At the new starting point of the 70th anniversary, Premier Li said the Canton Fair's "golden brand" must be polished brighter. He outlined three development directions:
- Smart Canton Fair: Develop more new scenarios and tracks to increase the Fair's digital and intelligent content.
- Green Canton Fair: Introduce more green products and exhibition areas, promote green trade, and contribute to global green transformation.
- Humanistic Canton Fair: Highlight the cultural and human elements of the exhibition, promote exchanges and mutual learning among civilizations, and deepen mutual understanding and friendship.
Voices from the Business Community
About 70 business representatives from nearly 30 countries and regions attended the symposium. Enterprise representatives said that over 70 years, companies from various countries have grown together with the Canton Fair. Amid deep restructuring of global supply chains, China's manufacturing competitiveness is increasingly strengthening and making important contributions to world economic development. The Canton Fair is the most trusted global business platform. The Chinese government continues to implement precise policies and optimize the business environment, helping companies achieve leapfrog development. Foreign representatives expressed confidence in China's development prospects and willingness to work with China to share innovation, promote growth, and achieve mutual benefit.
Before the symposium, Premier Li visited the "Canton Fair World 70 Years" theme exhibition, awarded commemorative badges and certificates to representatives of "old Canton Fair" participants, and took a group photo. Huang Kunming and Wu Zhenglong also attended the events.
Practical Implications for Foreign Founders
For foreign founders registering or operating a company in China, these developments suggest several practical steps:
- Leverage the Canton Fair as a platform: Use the Fair to identify partners, showcase products, and explore new business models. The Fair's focus on innovation, green trade, and digitalization aligns with global trends, offering opportunities for foreign firms to position themselves in these areas.
- Consider investment and supply chain partnerships: The Chinese government's commitment to optimizing the foreign investment environment, expanding market access, and supporting localized production means foreign founders may find it easier to establish a local presence. Supply chain cooperation is also encouraged, which can enhance resilience.
- Stay informed on IP protection and innovation policies: China's emphasis on strengthening foreign-related IP protection and fostering an open innovation ecosystem is relevant for technology-driven foreign companies. Understanding these policies can help mitigate risks and capitalize on innovation opportunities.
- Engage with the business community: The positive sentiment from foreign representatives at the symposium reflects growing confidence in China's market. Networking with peers and participating in events like the Canton Fair can provide valuable insights and connections.
As China continues to evolve its trade and investment landscape, foreign founders should monitor policy updates and consider how to integrate these trends into their China strategy. The Canton Fair's 70-year legacy underscores the importance of long-term commitment and adaptation.
This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.
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