Chinese Premier Wen Jiabao announced in Guangzhou on Sunday that the 50-year-old Chinese Export Commodities Fair will be known as the Chinese Import and Export Commodities Fair from its next run.

Established in 1957, the event, also known as the Canton Fair, is a biannual event held in spring and autumn. Wen said the new name will apply from its 101st session in 2008.

The name-change aims to facilitate the expansion of China's import industry, and at the same time pushing for the balanced development of China's foreign trade, Wen said.

He added that China will resolutely abide by its opening-up policy by encouraging Chinese companies to invest abroad and welcoming foreign companies to invest in China.

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

Wen described the Canton Fair as a showcase of China's reform and opening up drive and emphasized that the country cannot develop without the cooperation of the rest of the world.

He added that the fair is a key element of China's opening up drive and is an important part of China's overall "win-win" strategy.

He pointed out that the country abides by World Trade Organization (WTO) regulations and actively participates in building a global multilateral trade mechanism.

The 15-day fair was officially opened on Sunday morning with its 31,408 standard booths, 1,350 more than during the spring session. More than 14,000 businesses are participating this season, a record for the fair.?

The exhibition hall on Liuhua Road will feature 452 booths offering medicines and 6,518 booths selling textiles. At the Bazhou Exhibition hall, industrial commodities, including household appliances, electronic products and cars will be displayed at 8,229 booths.

(Xinhua News Agency October 16, 2006)