Recently Guangzhou Municipal Commission of Commerce unveiled the general situation of the technology introduction in the first four months this year at its official website. The data shows that Guangzhou signed 219 technology introduction contracts, declining by 8.75 percent compared with that in the same period of the previous year which was 240; and the contracted amount reached US$486 million, up 7.78 percent year-on-year, indicating increase of the single contract amount. Experts of foreign trade analyzed that the technology introduction is a part of the service trade and has maintained growth of a certain degree in recent years. China has long been blockaded on technology and has to rely on introducing intermediate products and assembling with supplied parts, processing with supplied materials and samples, and compensation trade to expand the foreign trade. The increase of technology import indicates that Guangzhou’s foreign trade growth mode is changing from labor-intensive to technology-intensive. Guangzhou’s efforts of strengthening technology import reflect the upgrade of foreign cooperation and will help the local enterprises to absorb and innovate in the introduced foreign technology.

 

Source: Excerpts from Nanfang Daily, May 19, 2015