Conference seeks to boost domestic demand

As China's foreign trade wanes, it is increasingly looking toward domestic consumption to shore up the economy.

China General Chamber of Commerce announced on Friday it will open the country's largest marketing conference - China Marketing Conference (2012) - between Sept 16 and 18 at China National Convention Center in Beijing.

The country's largest non-governmental commercial organization said the event is expected to provide an arena for representatives from Chinese commodity traders and local government officials to discuss cooperation and seek possibilities for investment in marketing projects, according to the organizing committee.

Luo Yulong, secretary general of the China General Chamber of Commerce, said the event is jointly sponsored by the commerce chamber, China Development Bank, Asean-China Center and Invest HK, a division set up by the government of the Hong Kong Special Administration Region to attract business.

"The development of Chinese consumption requires a reform of the country's marketing mechanism and an upgrading of its wholesale and retailing facilities," Luo said.

According to Luo, most of the country's commodity trading markets now operate and profit from rents by leasing counters to small businesses. As a result, the country's more than 80,000 commodity trading markets act as a go-between for small businesses and the vast Chinese market.

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