The first of these, held in Guangzhou, Guangdong province, in 1957, for instance, reflected China’s pressing demand for foreign trade. Now known as the China Import and Export Fair, or Canton Fair, it is held every year in spring and autumn as a channel to the world for goods made in China. Now, the focus is on Shanghai as host of the first China International Import Expo, which opened yesterday. Reflecting that consumption has overtaken exports and investment as a growth driver – contributing over 60 per cent of the economic growth in the country – it is a channel for the world to come into China. The event, which runs till Saturday, is being held as the country celebrates the 40th anniversary of its reform and opening-up, and reflects China’s transformation from being the world’s factory to being a market for the world. China now has more than 300 million middle class consumers, and that number will double in a decade or two, to twice that of the United States, and three times that of the European Union. Last year, China contributed 30 per cent of the world’s economic growth. That China increases imports to meet people’s demands and… Read full this story
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