The 50-year-old China Export Commodities Fair, having been showcasing only Chinese products so far, will change its name and become China Import and Export Commodities Fair beginning next session.

Adding import business to the fair reflects an adjustment in China''''s mode of economic development, which has stressed the expansion of exports for more than two decades, according to experts.

"The fair will also become a major platform for imports into China to balance with exports," said Zhang Yansheng, director of the Institute for International Economic Research of the National Development and Reform Commission.

Zhang noted that the name change is symbolic that the Chinese economy is undergoing a transformation from export-oriented to a new mode in which import and export have equal importance.

Meanwhile, other experts believe the name change is also a manifestation of the "comprehensive, coordinated and sustainable development" concept stressed by the Chinese government.

The export-oriented economic policy since the 1980s has resulted in huge trade surplus and foreign exchange reserve.

In the first nine months China has seen a trading surplus of 109.85 billion U.S. dollars, exceeding the amount of the whole year in 2005.

By the end of this September, China''''s foreign exchange reserve was 987.93 billion U.S. dollars, surpassing that of Japan to become the largest in the world.

Mei Xinyu, researcher with the Chinese Academy of International Trade and Economic Cooperation, believes that these problems may lead to unbalance of macro economics. "It is a timely move (changing the fair''''s name) to reflect the policy adjustment," he said.

The fair, also known as Canton Fair, was initiated in 1957 when New China was in need of foreign currency to buy industrial equipment and materials from foreign countries.

A biannual event held in spring and autumn in Guangzhou, the fair has accommodated more than 3.8 million business people and booked a total export turnover of 538.8 billion U.S. dollars.

This time the change was made against the backdrop of economic globalization. Currently China trades with over 220 countries and regions. "China is now pursuing a win-win mode with its trading partners," said Zhang Xiaode, professor with the National School of Administration.

By 2008, a complex of exhibition halls totaling 800,000 square meters will be completed, and businesses will have more space to display their products.
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