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Premier Li Qiang Highlights Upgrades for Foreign Businesses at 70th Canton Fair
At the 'Canton Fair World 70 Years' symposium in Guangzhou, Premier Li Qiang outlined three trends for foreign companies to leverage the Canton Fair platform and China's development opportunities, including innovation, investment, and supply chain partnerships.
Premier Li Qiang Attends Canton Fair 70th Anniversary Symposium
On the morning of October 14, Premier Li Qiang of the State Council attended the "Canton Fair World 70 Years" symposium in Guangzhou. The event, reported by Xinhua News Agency, brought together approximately 70 business representatives from nearly 30 countries and regions to discuss the fair's role in global trade and China's economic development.
Key Takeaways for Foreign Founders
For foreign entrepreneurs considering registering or operating a company in China, Premier Li's remarks provide valuable insights into how to better utilize the Canton Fair platform and seize opportunities in the Chinese market. The following trends and policy directions are particularly relevant.
Three Trends in Enterprise Collaboration
Premier Li noted that over the years, businesses from various countries participating in the Canton Fair have expanded their activities and are gradually upgrading to comprehensive partnerships. Three trends are especially prominent, which can help enterprises further leverage the fair and better grasp China's development opportunities.
- From trade partners to innovation partners: This upgrade allows better sharing of technological progress dividends. China will continue to cultivate an open innovation ecosystem, strengthen foreign-related intellectual property protection, and actively address enterprise concerns. For foreign founders, this signals opportunities to engage in innovation cooperation and protect IP rights in China.
- From trade partners to investment partners: This can expand more incremental market space. China will continue to optimize the foreign investment environment, expand market access, and support localized production by foreign enterprises. Foreign founders should note the commitment to facilitating investment and local manufacturing.
- From trade partners to supply chain partners: This can effectively enhance risk prevention and resilience. China will accelerate the construction of a modern industrial system and advance the planning and construction of new-type power grids, computing networks, and next-generation communication networks. Foreign companies are encouraged to invest more in China, deepen their presence, and strengthen mutually beneficial supply chain cooperation.
Upgrading the Canton Fair Platform
Premier Li emphasized that at the new starting point of the 70th anniversary, the Canton Fair's "golden signboard" must be polished even brighter. Three key initiatives were highlighted:
- 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 to promote green trade and contribute to global green transformation.
- Humanistic Canton Fair: Highlight the cultural aspects of the exhibition to promote exchanges and mutual learning among civilizations, deepening mutual understanding and friendship.
Business Perspectives
During the symposium, business representatives shared their views. They noted that over 70 years, enterprises from various countries have grown alongside the Canton Fair. Amid deep restructuring of global supply chains, China's manufacturing competitiveness is increasingly strengthening, making important contributions to world economic development. The Canton Fair was described as the most trustworthy global business platform. Foreign representatives expressed confidence in China's development prospects and willingness to work with China to share innovation, promote growth, and achieve mutual benefit.
Practical Guidance for Foreign Founders
Based on the source information, foreign founders can consider the following practical steps:
- Leverage the Canton Fair for Partnerships: Use the fair to identify potential innovation, investment, or supply chain partners. The three trends suggest a shift toward deeper collaboration beyond simple trade.
- Engage in Innovation: With China's focus on open innovation and IP protection, consider establishing R&D activities or technology partnerships to tap into local innovation ecosystems.
- Explore Investment Opportunities: China's commitment to optimizing the foreign investment environment and expanding market access means foreign founders should evaluate setting up local production or expanding operations.
- Strengthen Supply Chain Resilience: As China builds modern infrastructure, foreign companies can integrate into local supply chains to enhance risk resilience and access new markets.
- Align with Green and Digital Initiatives: The push for smart and green Canton Fair reflects broader trends; foreign founders should consider incorporating green technologies and digital solutions into their China strategies.
Before the symposium, Premier Li visited the "Canton Fair World 70 Years" thematic exhibition and presented commemorative badges and certificates to representatives of long-time participants. The event was also attended by Huang Kunming and Wu Zhenglong.
This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.