The operator of the Canton Fair announced on Thursday it would provide a 50 per cent refund on booth fees for all Chinese exporters taking part in the exhibition, a move made to mitigate the effects of sky-high tariffs from US President Donald Trump.
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It is the first time in the history of the trade show – China’s oldest and largest – that organisers have offered such a substantial reduction in fees.
The refund is part of a broader initiative led by the central government intended to support export-oriented enterprises in the heat of the trade war.
After the refund, fees for a standard booth will range from 7,500 to 11,000 yuan (US$1,030 to US$1,510). Exhibitors showcasing products under the “Rural Revitalization Specialties” and “Service Robotics” categories will be granted full fee exemptions.
Over 30,000 Chinese companies taking part in the spring session of the fair, which began on April 15 and runs through Monday, stand to benefit.
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The semi-annual event, held each spring and autumn, is considered a barometer for the health of China’s exporters. By the end of the fair’s second phase on Sunday, over 220,000 overseas buyers had attended, a record high.