On Sunday in Guangzhou Chinese Premier Wen JiaBao announced that the 50-year-old Chinese Export Commodities Fair will change its name to "The Chinese Import and Export Commodities Fair" at the next meeting.

The fair, also known as Canton Fair, has been a biannual event in spring and autumn since 1957.

Wen said the new name will come into effect at the 101st fair. The move aims to expand China's range of imports and pushes for the balanced development of China's foreign trade, said Wen.

He said China will continue to implement a policy of opening-up, encourage Chinese companies to invest abroad and welcome foreign companies investing in China.

China will perfect economic regulations concerning foreign business, improve protection of intellectual property rights and create a fair trade environment for all companies.

Wen said that the Canton Fair is a showcase for China's reform and opening up drive and the country cannot develop without the assistance of the rest of the world.

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

He stressed that the country will abide by World Trade Organization regulations and help to build the global multilateral trade mechanism.

China will try to absorb more advanced technology and management expertise from other countries, and learn all mankind's achievements.

From<<People's daily online>>