GUANGZHOU, Oct. 17 (Xinhua) -- The change of name of the bi-annual Chinese export commodities fair embodies China's efforts to achieve a basic balance between imports and exports, says Commerce Minister Bo Xilai.

Bo was speaking at the two-week event, also known as Canton Fair, which is being held in Guangzhou, capital of south China's Guangdong Province.

China's domestic market was expanding rapidly and was capable of accommodating more imports from around the world, Bo said.

Launched in 1957, the event is to be rebranded as the "Chinese Import and Export Commodities Fair" from the 101st fair next spring. "Then it will become more powerful and influential," Bo said.

"Though only one word will be added to the fair's name, the change signifies that the business event with a history of 50 years will have its content and function doubled," he said.

The fair's annual transaction volume exceeded 60 billion U.S. dollars, with nearly 200,000 overseas buyers attending each event.

Some Chinese companies taking part in the ongoing fair believe the name change will encourage overseas businesses in the Chinese market, while offering Chinese enterprises opportunities to import advanced technologies and products. Enditem