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Chinese Premier Wen Jiabao announces in Guangzhou Sunday that the 50-year-old Chinese Export Commodities Fair will change its name to the Chinese Import and Export Commodities Fair from next session.(Xinhua Photo)

GUANGZHOU, Oct. 15 (Xinhua) -- Chinese Premier Wen Jiabao announced here Sunday that the 50-year-old Chinese Export Commodities Fair will change its name to the Chinese Import and Export Commodities Fair from next session.

The fair, also known as Canton Fair, has been a biannual event held in spring and autumn since 1957. Wen said it will take the new name in the 101 session.

The move aims to expand China's import and pushes for the balanced development of China's foreign trade, said Wen.

He said China will resolutely implement the opening-up policy and encourage Chinese companies to invest abroad and also welcome foreign companies to invest in China.

China will perfect its economic rules and laws concerning foreign business, continue to improve the intellectual property rights protection, and create a fair environment for all the companies, he said.

Wen said that the Canton Fair is a showcase of China's reform and opening up drive and the country can not develop without cooperation with the rest of the world.

He said the fair is in the need of China's opening up drive and is an important part of China's "win-win" strategy.

He pointed out that the country is to be abided by the regulations of the World Trade Organization and be active in participating in building the global multilateral trade mechanism.

China will make efforts to absorb advanced technology and management expertise from foreign countries, and learn from all the achievements of the mankind. Enditem

Related:

China vows to expand Canton Fair's role in import

GUANGZHOU, Oct. 15 (Xinhua) -- The Canton Fair, which will be named as the Chinese Import and Export Commodities Fair from next session, should become a major platform for imports into China, said Chinese Vice Premier Wu Yi here on Sunday.

China will build the fair into a world-class exhibition and attract more and more overseas companies and international brands to participate, Wu said at a meeting.

The 50-year-old Chinese Export Commodities Fair, also known as Canton Fair, used to be the only international showcase for Chinese products. Contracts signed at the fair account for a quarter of China's export, according to the Ministry of Commerce.

Adding the word "import" to its name from next session reflects an adjustment in China's economic development mode, which has featured the expansion of exports, said industry insiders.

During the meeting, Wu also called for the intellectual property rights protection in the fair and create a fair environment for participating companies.

Source:Xinhua News