Overseas buyers look at NEVs on show at the 136th session of the China Import and Export Fair in Guangzhou. [Photo/CHINA NEWS SERVICE]

Buyers from emerging markets are steadily taking the lead at the 136th session of the China Import and Export Fair, or the Canton Fair, replacing those from Europe and North America as the primary participants, according to the Ministry of Commerce.

The global trade event, held twice a year in Spring and Autumn, is being held from Tuesday through Nov 4, in Guangzhou, South China's Guangdong province.

A total of 125,000 overseas buyers had registered for the 136th session of the fair by Oct 9. Among them, about 76 percent are from countries and regions involved in the Belt and Road Initiative, while 12.5 percent are from North America and Europe, said the Ministry of Commerce.

The driving forces behind this trend include the diversification of China's export markets, rising business and consumer demand in emerging markets and shifting global trade dynamics, as economies in Southeast Asia, North Africa and South America become increasingly integral to global supply chains.

"These economies often show strong demand for the industrial products and consumer goods available at the Canton Fair," said Chu Shijia, director of the Guangzhou-based China Foreign Trade Center under the Ministry of Commerce, one of the Canton Fair organizers.

As China is in the midst of a green transformation, its traditional exports — like household appliances and industrial equipment — are also making room for a fresh wave of technologically advanced and eco-friendly products, further meeting the needs of buyers from both developed and developing markets, said Han Yonghui, a professor specializing in foreign trade at Guangzhoubased Guangdong University of Foreign Studies.

Emerging markets represented by Southeast Asia, the Middle East and Latin America, with their vast market potential and promising development prospects, are attracting a growing number of Chinese enterprises seeking business opportunities, according to a report jointly released by Deloitte and WorldFirst, an international payment services provider.

As the internationalization of Chinese manufacturers and traders reaches a more mature stage, an increasing number of enterprises are embarking on a deeper level of internationalization — transitioning from product exports to establishing operations overseas — according to the report released on Monday in Guangzhou.

This involves contract fulfilment supported by the integration of "local entities, local operations and local supply chains". For instance, according to data from WorldFirst, the number of Chinese merchants using the payment platform to expand their overseas operations in the first quarter surged 56 percent year-on-year.

Between 2018 and 2023, China maintained high growth rates of exports to its major trading partners in the Association of Southeast Asian Nations, the Middle East and Latin America, with compound annual growth rates generally exceeding 10 percent, according to the report.

"Over years of development, we have seen an increased number of trade partners from emerging markets," said Li Zhaoying, CEO of ChillSun Technology Co.

The company, based in Huizhou, Guangdong, is attending the Canton Fair. "In addition to maintaining sustainable growth in developed markets, we are making efforts to reach more trade deals with buyers from emerging markets, especially those from member countries of ASEAN," said Li.

Xiao Lu, deputy director of the department of foreign trade at the Ministry of Commerce, said China's new trade growth drivers are gaining momentum. Armed with accumulated capital and technology, Chinese companies are eager to demonstrate their innovation and technological strengths, leveraging digital and green concepts to shape the future direction of the market.

"For instance, China-made new energy vehicles are now reaching over 170 countries and regions worldwide," Xiao said.

Over a million new products and items with proprietary intellectual property rights will be showcased at the Canton Fair this time, including a range of humanoid robots, smart devices and autonomous driving products making their debut, said the Ministry of Commerce.