China International Sourcing Fair opens in Shanghai

The first China International Sourcing Fair (ISF) opened on Monday in Shanghai, which attracted 260 buyers and 3,500 domestic suppliers. Commerce Minister Bo Xilai announced the inauguration of the ISF.

About 238 foreign buyers, including 53 firms among Fortune Top 500 Enterprises, attended the fair. According to the statistics, the purchasing list given by foreign buyers includes more than 2,000 commodities in 10 categories, with a value of about US$20 billion.

With an aim to solve the substantial trade surplus of China, ISF established "China Sourcing Area" for Chinese companies to purchase overseas goods. 22 Chinese buyers, including central enterprises, will purchase 100 commodities covering 16 categories worth of US$80 billion.

The China ISF is held annually in September since it was firstly held by Shanghai municipal government in 2002. The State Council approved to upgrade it to a national level fair in 2006. It is now organized by the Ministry of Commerce and Shanghai Municipal People's Government.