Canton Fair provides fresh perspective on resilience of China’s foreign trade

(Illustration: Liu Xiangya/GT)

Amid growing protectionism on the global stage and its impact on international trade, the impressive attendance at the 137th Canton Fair underscores China's enduring allure in the international marketplace. The event, which concluded on Sunday, saw an unprecedented attendance of 224,372 overseas buyers from 219 countries and regions, according to media reports, setting a new record for this segment. This turnout invites a closer look at the resilience and adaptability of China's foreign trade in the face of increasing global economic uncertainty.

The Canton Fair, often heralded as the barometer of China's foreign trade, serves as a lens through which global consumption trends can be discerned. This year's fair showcased a range of products that emphasize high quality, technological innovation, and green solutions. One example, as reported by the Shanghai Securities News, involves an intelligent lawnmower developed by a Chinese electric tool company.

This innovative device is equipped with an algorithm for efficient path planning and features laser radar and collision detection for enhanced safety, allowing it to preemptively identify and skillfully navigate around obstacles with remarkable precision. This development drew the interest of buyers from Europe and the US at the fair.

In the ever-evolving landscape of global trade and manufacturing, the Canton Fair stands as a testament to Chinese manufacturers' relentless pursuit of innovation and technological advancement. This event is able to attract a large number of international buyers because it showcases a range of new products and cutting-edge industry technologies. It's a reflection of China's journey from being the world's factory to becoming a hub of smart manufacturing, marking a significant leap from "Made in China" to "Created in China."

The transformation is evident in the data emerging from China's foreign trade in 2024. The country has witnessed an optimization and upgrade in the structure of its export products. Exports of mechanical and electrical products increased by 8.7 percent, raising their share of total exports by 0.9 percentage points to 59.4 percent. Furthermore, exports of high-end equipment grew by more than 40 percent. This signals that China is moving up the value chain, with an increasing number of high-tech products making their way to international markets.

China's manufacturing sector is undergoing a transformative upgrade, fueling the country's foreign trade resilience. With the advent of advanced technologies, traditional industries are evolving into smarter, more sustainable operations. Remarkably, China hosts 79 out of the 189 globally recognized "lighthouse factories," nearly half of which originate from these conventional sectors. This significant representation underscores China's swift transition toward an innovation-led manufacturing landscape.

In recent times, the surge in unilateralism and protectionism, marked by the wielding of "tariff sticks" by certain nations, has jolted the stability of global supply chains, casting a shadow of uncertainty over the world economy and international trade. This has inevitably posed challenges to China's foreign trade. However, the continuous upgrading of China's manufacturing industry, driven by relentless innovation, has enhanced the market competitiveness of made-in-China products. The increasing number of overseas buyers at the Canton Fair reflects the growing interest in made-in-China products, which in turn is improving the resilience and potential of China's foreign trade, even in the face of a complex and severe external environment.

The innovative strength of Chinese products, driven by advancements in intelligence and digitalization, is increasingly capturing the attention of international buyers. From everyday items like lawnmowers and coffee machines to high-tech offerings such as chips and industrial robots, products made in China are not just being exported worldwide - they are also integrating into the global industrial ecosystem. This integration is elevating the living standards of consumers abroad and enhancing the capabilities of international manufacturing sectors.

In the first quarter, China's total trade exceeded 10 trillion yuan ($1.37 trillion) for the eighth consecutive quarter, a new record high for the period. The resilience of China's foreign trade is supported by numerous factors, including the continuous development and constant upgrading of the entire Chinese manufacturing industry, which injects stability into China's foreign trade, especially in the face of rising international protectionism.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn