SHANGHAI began construction of what will be one of the world's largest exhibition facilities yesterday.
The China Expo Convention & Exhibition Complex will have 400,000 square meters of indoor space and 100,000 square meters of outdoor areas - double the size of the Shanghai New International Expo Center, currently the city's largest exhibition facility.
Commerce Minister Chen Deming and Shanghai Mayor Han Zheng yesterday witnessed the inauguration of China Expo Co Ltd, which will manage the construction and operation of the new complex.
"It will become a very competitive exhibition entity, and help to accelerate Shanghai's pace to become a global trading center," said Wang Zhiping, president of China Expo Co Ltd.
Located in Qingpu District in the Hongqiao Business Park, the new complex is expected to be finished in five years and will then host important events such as the China International Industry Fair and the Shanghai International Automobile Exhibition.
It will also aim to promote close connections between foreign and domestic businesses.
Shanghai Vice Mayor Ai Baojun said the new complex will strengthen the city's position as a global exhibition center.
"Shanghai has established a good reputation in the exhibition industry after successfully hosting the World Expo 2010. The new facility will further bolster our strength," Ai said.
Shanghai's renting rate among exhibition sites is up to 60 percent, far above the nation's average of 25 percent and the world's 35 percent, Ai said.
Under the city's Five-Year Plan (2011-2015) for the industry, Shanghai aims to double the size of its exhibition space to 15 million square meters by 2015, and devote 80 percent of the area to hosting international fairs.
Also yesterday, Shanghai announced the establishment of the Shanghai International Technology Exchange Center and opened the China International Trading Center Platform by launching www.sh-itc.net, a portal to serve traders.
The technology exchange center in the Hongqiao Business Park aims to spur trading of technology through promoting information collection, resources integration, professional training, rule familiarization and global collaboration in technology exchanges.
Last year, China's trade in technology was worth US$40.1 billion, or 1.35 percent of total trade value, according to the Ministry of Commerce, and there is huge potential of more technology exchanges with overseas markets, the ministry said.
The trading center platform is expected to become the country's authoritative portal to promote trade.